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Restructuring & Insolvency
ASW Law’s distinguished restructuring & insolvency department regularly provides Bermuda law advice and court representation to liquidators, creditors, regulators and interested parties, in both local and cross-border, contentious and non-contentious, insolvency and restructuring matters.
Our Head of Restructuring & Insolvency, Kehinde George, is ranked by the independent legal directories as a ‘global leader’ for insolvency, restructuring and (re)insurance, and has over 25 years’ experience practising insolvency law and restructuring in Bermuda.
ASW Law’s restructuring & insolvency lawyers are repeatedly instructed in the most prominent and complex insolvency and restructuring matters in Bermuda, including the following, to name a few:
Manhattan Re-insurance Company v Eastport Insurance Company Ltd. [1994] Bda LR 18 – winding up – application to declare dissolution of company void – application to be restored to the register of companies – liquidation – proof of debt – scheme of arrangement – evidence of indebtedness – existing debt or prospective debt
Belvedere Insurance Company Limited (in liquidation) v Caliban Holdings Limited [2000] Bda LR 42 – preliminary issue – winding up – illegal dividend – debt due and owing – statutory interpretation – reduction in capital – compliance with Companies Act – unjust enrichment – constructive trust). On appeal: [2001] Bda LR 2 – dividend payment caused Belvedere to become insolvent – approval by Minister for reduction of statutory capital – retroactive approval – strict compliance – preliminary matter
Hopewell International Insurance Limited v Gold Medal Insurance Company [2001] Bda LR 32 – scheme of arrangement – captive insurance companies – true meaning and effect of provisions of the scheme – although Scheme is not a contract, the court interprets it as if it were a contract – principles of construction – run-off – definition of “convene” – final distribution – estoppel
Re Global Crossing Ltd. [2002] Bda LR 44 – whether joint provisional liquidators are entitled to costs incurred in restructuring – statutory priority
UBS AG Labuan Branch, East Asia Fund Limited v Cathay Overseas Co Limited [2003] Bda LR 6 – winding up – application for stay – arbitration – option agreement
Annuity & Life Reassurance Ltd v Manufacturers Life Insurance Company (Barbados Branch) [2003] Bda LR 16 – statutory demand – application for order restraining Manulife from presenting petition to the Court based upon statutory demand – letters of credit – whether abuse of process as there is no debt – meaning of “debt”
James Henry Ting, et al v. Nicolas Timothy Cornforth Hill as liquidator of Akai Holding Limited and Kong Wah Holdings Limited [2004] Bda LR 7 – damages for breach of settlement agreement and oral agreement – application for injunction restraining the defendants from pursuing any other claims against the Plaintiff. On appeal: [2004] Bda LR 32 – liquidation of company – scheme of arrangement – examination – construction of settlement agreement – definition of “claim” – costs
Fidelity Advisor Series VIII and others v APP China Group Ltd [2007] Bda LR 35 – fraud – application to set aside order for scheme of arrangement – admissibility of records of telephone calls – estoppel – tort of deceit
Walsh and Taal v Horizon Bank International Limited (in liquidation) [2008] Bda LR 16 – fraud – beneficial ownership of offshore bank – tracing claim – scope of investment authority – breach of fiduciary duty – conspiracy
Re Stewardship Credit Arbitrage Fund Ltd; BNY AIS Nominees Ltd and others v Stewardship Credit Arbitrage Fund Ltd. [2008] Bda LR 67 – redemption of shares – action for disputed debt leading to insolvency of fund company – petition to wind up company – fraud
In the matter of Highland Crusader Fund II, Ltd – Commercial Court No: 352 of 2010 – winding up petition – restraining of winding up petition – contested winding up hearing
In the Matter of IRC Re, Limited Matter No. 50 of 2011 Commercial Court – winding-up of company
In the matter of the liquidation of Founding Partners Global Fund [2011] S.C. (Bda) 190 Civ (8 April 2011) – cross-border insolvency – turnover of assets in Bermuda – Caymanian liquidation – whether Cayman liquidator or U.S. receiver should be recognised