Offshore Litigation

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Offshore Litigation

The Offshore Litigation Blog is where you will find recent case updates, offshore litigation news, offshore filings lists, interviews and even some insights into island life, written by Harneys litigators from around the world.

Contributors

Jonathan Addo
Jonathan Addo
  • Jonathan Addo

  • Partner
  • British Virgin Islands
Jeremy Child
Jeremy Child
  • Jeremy Child

  • Partner
  • London
Julie Engwirda
Julie Engwirda
  • Julie Engwirda

  • Partner
  • Hong Kong
Peter Ferrer
Peter Ferrer
  • Peter Ferrer

  • Partner
  • British Virgin Islands
Claire Goldstein
Claire Goldstein
  • Claire Goldstein

  • Partner
  • British Virgin Islands
Hazel-Ann Hannaway
Hazel-Ann Hannaway
  • Hazel-Ann Hannaway

  • Partner
  • British Virgin Islands
Nick Hoffman
Nick Hoffman
  • Nick Hoffman

  • Partner
  • Cayman Islands
Andrew Johnstone
Andrew Johnstone
  • Andrew Johnstone

  • Partner
  • Hong Kong
Paula Kay
Paula Kay
  • Paula Kay

  • Partner
  • Hong Kong
Phillip Kite
Phillip Kite
  • Phillip Kite

  • Partner
  • London
Vicky Lord
Vicky Lord
  • Vicky Lord

  • Partner
  • Shanghai
Paul Madden
Paul Madden
  • Paul Madden

  • Partner
  • Cayman Islands
Henry Mander
Henry Mander
  • Henry Mander

  • Partner
  • Cayman Islands
Ian Mann
Ian Mann
  • Ian Mann

  • Partner
  • Hong Kong
William Peake
William Peake
  • William Peake

  • Partner
  • London
Lorinda Peasland
Lorinda Peasland
  • Lorinda Peasland

  • Consultant
  • Hong Kong
Chai Ridgers
Chai Ridgers
  • Chai Ridgers

  • Partner
  • Hong Kong
Nicola Roberts
Nicola Roberts
  • Nicola Roberts

  • Partner
  • Hong Kong
Paul Smith
Paul Smith
  • Paul Smith

  • Partner
  • Cayman Islands
Andrew Thorp
Andrew Thorp
  • Andrew Thorp

  • Partner
  • British Virgin Islands
Jessica Williams
Jessica Williams
  • Jessica Williams

  • Partner
  • Cayman Islands
Jayson Wood
Jayson Wood
  • Jayson Wood

  • Partner
  • Cayman Islands

Akhmedova v Akhmedov and others – The requirements for relief under section 423 of the English Insolvency Act

In the recent English judgment in Tatiana Akhmedova v Farkhad Teimur Ogly Akhmedov & others [2021] EWHC 545 (Fam), a high-profile and long-running divorce case, the English Court examined the requirements for relief to be granted under section 423 of the English Insolvency Act 1986.

Joyce Yuen, Ian Mann,
William Peake, Lachlan Greig,
Hazel-Ann Hannaway, Katie Pearson

Mutual Recognition and Assistance related to Insolvency Proceedings between the Courts of the People’s Republic of China and the Hong Kong SAR

In a highly significant development, on 14 May 2021 Yang Wangming, vice-president of the Supreme People’s Court and Hong Kong Secretary for Justice, Teresa Cheng signed a “record of meeting” implementing an arrangement between the courts of the mainland and the Hong Kong SAR concerning mutual recognition of corporate insolvencies.

Andrew Johnstone, Vicky Lord,
Peter Ferrer, Katie Pearson

Restructuring culture needs to change – Hong Kong Court leads the way

In the recent case of In the Matter of China Bozza Development Holdings Limited, Mr Justice Harris of the Hong Kong High Court recognised a Cayman Islands light touch PL but refused to grant that PL assistance. This was because there was no viable restructuring proposal, and there appeared to be a breach of the well-established route to common law recognition and restructuring as developed in Z-Obee, in order to obtain a de facto moratorium of enforcement action by creditors in Hong Kong. The case echoes the recent “scanty in the extreme” restructuring proposal in Lamtex Holdings Limited where a similarly hopeless restructuring proposal led to the application for recognition being flatly refused. Further, the company appeared to have little regard to the interests of creditors in its proposals.

Ian Mann, Julie Engwirda,
William Peake, Katie Pearson

It’s time for offshore jurisdictions to have cross class cram downs in the restructuring toolkit

The recent case of Re Gategreoup concerned a “plan” within the new English Part 26A of the 2006 Act, implemented by the Corporate Governance and Insolvency Act 2020, where cross-class cram downs are available. This restructuring option is not yet available offshore, but Harneys believes that it should be - by way of legislative change.

Ian Mann, Katie Pearson,
Chai Ridgers, Claire Goldstein,
Jayson Wood

Cape Town Convention matters not a Blot for MAB Leasing Limited

As reported in our previous blog, the High Court of England and Wales made a convening order regarding the scheme of arrangement (the Scheme) of MAB Leasing Limited (the Company), a company incorporated in Malaysia as part of the group which operated Malaysian Airlines. The Company leased aircrafts under 52 lease agreements which were all governed by English law, and the scheme creditors were the lessors under those agreements.

Leona Healey, Lorinda Peasland,
Peter Ferrer, Chai Ridgers

Creditor petitions and attempts to adjourn in the times of COVID: In re GBC Oil Company Ltd

A short decision recently released by the Financial Services Division of the Cayman Islands Grand Court serves as a helpful reminder of certain principles concerning creditor petitions presented on the grounds of a company’s inability to pay its debts: In re GBC Oil Company Ltd.

James Eggleton, Jessica Williams,
Paula Kay, Jeremy Child

Common law recognition of foreign insolvency proceedings survives in the BVI, and assistance is statutory

In the recent case of Net International, the BVI Court of Appeal held that common law recognition of foreign insolvency proceedings continues to exist post the enactment of the BVI Insolvency Act. However, assistance will depend on whether the country involved is a designated country pursuant to the legislative provisions.

Ian Mann, Julie Engwirda,
John McCarroll SC, Jeremy Child