In terms of recovery all venues are likely to be highly inconvenient.
Update: See subsequent post.
According to news reports on Bloomberg, on 21 October Awal Bank filed for Chapter 11 bankruptcy in the Southern District Court of Manhattan listing assets of between US$50 million to US$100 million and liabilities of more than US$1 billion.
That would not seem to augur well for creditors. Though it should come as no surprise.
Earlier Awal had filed under Chapter 15 of the US Bankruptcy Code. That Chapter is used when a company asserts its proceedings are taking place under a foreign jurisdictions laws and procedures broadly equivalent (in fairness) to US procedures. It will be interesting to see what arguments were advanced for moving the proceedings to the USA. Forum non conveniens?
Posts
No comments:
Post a Comment