Legal
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The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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The former employees are accused of co-ordinating an “unlawful” team move and conspiring to steal clients.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Celestial Aviation Services received $501.5mn relating to 14 aircraft that were stranded in Russia as a result of the ongoing conflict with Ukraine.
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The eight-day trial will look at prevention of access wordings, policy limits and furlough payments.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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