The Importance Of A Functional Relationship Between Provisional Liquidators And Management In A Bermuda Restructuring

Following our recent advisory on the Bermuda Supreme Court decision in the matter of Up Energy Development Group Limited Supreme Court (Comm) Bda 2016: No. 183, which clarified the basis for the appointment of provisional liquidators ("PLs") in furtherance of a restructuring in Bermuda ( click here to view), the parties remained at odds over the identity of the nominated PLs which ought to be appointed.

The residual differences between the petitioner and Up Energy Development Group Limited (the "Company") were resolved by the Chief Justice by appointing the Company's Hong Kong nominee, Mr Osman Mohammed Arab and Mr Lai Wing Lun of RSM Corporate Advisory (Hong Kong) Limited ("RSM") together with the petitioner's Bermuda nominee, Mr Roy Bailey of EY Bermuda Ltd.