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Insolvency
ASW Law’s distinguished 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 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 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