Created: Jul 08, 2025 07:57 AM
Rhys Williams, of law firm Conyers (File photograph)
A Supreme Court ruling that allowed the sale of US Holdings Ltd’s main asset before liquidation is being hailed by legal experts as a turning point in how Bermuda’s courts oversee high-stakes decisions made by insolvency professionals.
The controversial deal, worth about $2.04 million, transferred shares in Madagascar Oil Ltd and Madagascar Oil SA to BMK, the majority shareholder. The sum was only enough to cover liquidators’ fees and legal costs, leaving the company’s largest unsecured creditor, Outrider Master Fund LP, empty-handed.
Outrider had argued the sale was a transfer at an undervalue and claimed it violated…