Topic: Insolvency

Dos Santos company enters bankruptcy after Dutch award

A Dutch energy company owned by embattled Angolan billionaire Isabel dos Santos has been placed into bankruptcy by a court in the Netherlands, in the wake of an arbitral tribunal’s finding that it acquired assets worth €650 million through “grand corruption”.

23 September 2021

ICSID panel splits representation of insolvent claimant

An ICSID tribunal has ruled that an insolvency administrator can represent a Latvian bank in an arbitration against the Baltic state – but that an ancillary claim over whether his appointment was itself a treaty breach should be argued by the bank’s former directors.

20 September 2021

Third-party funding gets “super priority” status in Singapore restructuring

A Singapore court has ruled that funding provided by Omni Bridgeway to help a struggling commodity trader pursue an arbitration in Hong Kong should be granted super-priority status in the context of the trader’s debt restructuring.

03 September 2021

ArcelorMittal targets Essar “alter ego” over billion-dollar award

Luxembourg-based steelmaker ArcelorMittal has filed a new suit in a New York federal court to unwind allegedly fraudulent transfers made by Indian conglomerate Essar to avoid enforcement of a US$1.4 billion ICC award.

20 August 2021

Hong Kong court enforces against Chinese state entity

A Hong Kong court has enforced a Lebanese steel trader’s LCIA award against a Chinese state-owned entity that was found to have used “guerrilla tactics” in the arbitration after its parent company went bankrupt.

17 August 2021

UAE healthcare group preps for London arbitration

The administrators of an insolvent Emirati healthcare group have agreed to a London arbitration to resolve disputes over insurance receivables that a Dubai bank has claimed as security for an Islamic finance deal.

21 July 2021

Brazilian airline’s award debtor seeks bankruptcy protection

A group of distressed investment funds have sought bankruptcy protection in New York to prevent a Brazilian airline from enforcing a decade-old ICC award worth US$60 million against their assets.

09 July 2021

Russia can present new evidence in Yukos challenge

A Canadian appeal court has ruled that Russia can submit new evidence in its bid to set aside a jurisdictional award in a US$700 million Energy Charter Treaty case brought by a Yukos investor.

07 July 2021

Award creditor liquidated in India over alleged fraud

An Indian quasi-judicial entity has ordered the liquidation of Devas Multimedia and blocked it from enforcing a billion-dollar ICC award against a state-owned entity based on allegations of fraud.

28 May 2021

LCIA clause enforced in UAE healthcare insolvency

A court in Abu Dhabi’s financial free zone has stayed claims by the administrators of an insolvent Emirati healthcare group against a Dubai bank on the basis that they fall within the scope of an LCIA arbitration clause in an Islamic finance agreement.

28 May 2021

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