24 November – LAWFUEL – The Law News Network – Norton Rose, the international law firm, has advised KPMG LLP on the repatriation of Daewoo Motor Company Limited’s English assets to its Korean receiver, as part of Daewoo’s restructuring.
This is one of the first instances in which an English court has transmitted proceeds to a foreign receiver that have been raised by provisional liquidators appointed in England. This follows a recent case, Re HIH Casualty & General Insurance Ltd & Others [2005] EWHC 2125 (Ch), which established the precedent for a foreign company to recover English assets.
Hamish Anderson, Head of Insolvency, Norton Rose commented:
“This hearing brings to a culmination our action on a novel provisional liquidation and underscores our continued role as one of the foremost firms acting on cross-border insolvency cases.”
Finbarr O’Connell and Richard Heis of KPMG LLP are the provisional liquidators of Daewoo Motor Company Limited. The Norton Rose team was led by Hamish Anderson, assisted by James Stonebridge, Angelina Soon and Benji Field.
This is not the first time that Norton Rose has advised the provisional liquidators of Daewoo on a precedent-setting legal procedure. In 2001, Norton Rose advised on the appointment of the provisional liquidators. This established that an English court can appoint provisional liquidators to assist in the restructuring of a foreign-owned company. Previously, English liquidators were only appointed to assist overseas liquidators wind up a company.
