16-Sep-16
START DATE
END DATE
20-Sep-16
UP ENERGY DEVELOPMENT GROUP LIMITED
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda
Commercial Court Insolvency
Hon. Chief Justice Ian Kawaley
Mr. Christian Luthi (Conyers Dill & Pearman Limited)
Insolvent restructuring creditor interests management oversight
FACTS OF THE CASE:
Credit Suisse AG, Singapore Branch (Petitioner) applied to appoint Joint Provisional Liquidators (JPLs) to monitor the implementation of an insolvent restructuring by the board of Up Energy Development Group Limited. The Company opposed the application, arguing that the majority of unsecured creditors supported restructuring without JPLs. The Court had to determine whether independent oversight was necessary.
SUMMARY:
(1) Should JPLs be appointed to supervise an insolvent restructuring? (2) Should the majority of unsecured creditors' wishes be determinative? (3) Was the restructuring process transparent and in creditors' best interests?
OUTCOMES:
Mr. Keith Robinson (Appleby Bermuda Limited)
RULED IN FAVOUR OF:
Credit Suisse AG, Singapore Branch (Petitioner)
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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UP ENERGY DEVELOPMENT GROUP LIMITED
Credit Suisse AG, Singapore Branch (Petitioner) applied to appoint Joint Provisional Liquidators (JPLs) to monitor the implementation of an insolvent restructuring by the board of Up Energy Development Group Limited. The Company opposed the application, arguing that the majority of unsecured creditors supported restructuring without JPLs. The Court had to determine whether independent oversight was necessary.