Apr 2023
Richard Evans, Robert Briant and Charles Goldblatt of Conyers BVI acted as counsel to the Joint Provisional Liquidators of All Year Holdings Limited (AYH), Charlotte Caulfield and Paul Pretlove of Interpath Advisory, to complete the successful restructuring of the Company and conclude the Provisional Liquidation which was commenced in December 2021.
AYH operates as a holding company that, through its direct and indirect subsidiaries, focuses on the development, construction, acquisition, leasing and management of residential and commercial income producing properties in Brooklyn, New York. The group’s assets are valued at over US$1 billion and include a luxury hotel and luxury rental complex. AYH had some US$1.6 billion of secured and unsecured debt payable to bondholders.
The restructuring and sale of AYH involved the “light touch” BVI Provisional Liquidation, which was commenced to support the Company’s restructuring efforts and Chapter 11 Proceedings in the United States. The restructuring involved a Court approved plan of arrangement under BVI law resulting in a squeeze out merger of existing shareholders in exchange for the shareholders of the purchaser.
Conyers BVI worked alongside Weil, Gotshal & Manges LLP in New York (who had conduct of the Chapter 11 Proceedings), Hugh Wright, Cassandra Ronaldson and Deondra Wisdom of Interpath Advisory and Asaf Ravid and Ephraim Diamond (the Company’s authorised managers).