Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
Older, established retail brands in the UK have been suffering in recent years and could now face further negative effects from Brexit. Against this backdrop, Claire Williams, an associate at Debevoise & Plimpton, looks at how retention of title clauses in retailers’ contracts with suppliers can complicate matters, particularly in the absence of cross-border harmonisation for these legal instruments.
A Brazilian court has chosen PricewaterhouseCoopers as judicial administrator, along with Brazilian firm Wald e Associados Advogados as its counsel, to carry out the country’s largest ever court-administered bankruptcy for telecoms company Oi.
A Canadian court recently recognised Israeli bankruptcy proceedings relating to Canadian property developer Urbancorp as foreign main proceedings, in what it described as “a very unusual situation” since the property developer’s centre of main interests (COMI) is not in Israel.
A group of hedge funds whose New York suit was stayed by the passage of the Puerto Rico Oversight Management and Stability Act (PROMESA) have initiated further litigation, alleging the island territory breached the act just hours after it was passed.
Carey Olsen has promoted an insolvency specialist to counsel in Guernsey, as Scotland’s Accountant in Bankruptcy appointed two restructuring heavyweights to its advisory board.
DLA Piper has become the first major international law firm to open an office in Puerto Rico describing it as a “vote of confidence” in the territory, which is struggling under the burden of more than US$70 billion in debt.
An English court overseeing the bribery case of a small company found guilty of “egregious criminality”, has handed down a reduced fine explaining that the SME would otherwise be forced into insolvency.
The Grand Court of the Cayman Islands has barred a Japanese creditor of a bankrupt Cayman investment fund from pursuing separate winding-up proceedings in Barbados.
The Court of Justice of the European Union has ruled that Bank of Slovenia was justified in wiping out swathes of bondholder debt and equity capital in the 2013 bailout of five major banks.
A US district court has declined to lift a protective order issued by the bankruptcy court hearing the Madoff liquidation, which precludes discovery on the compensation arrangements between the trustee for the case and his law firm, BakerHostetler.
Partner Céline Domenget Morin and associate Romain de Ménonville from White & Case in Paris discuss the different types of amicable rescue proceedings in France and argue that the European Commission should look to them as it seeks to establish an efficient and effective common insolvency framework.
Business advisory firm FTI Consulting has recruited six new members in its US performance improvement team, which sits within the larger corporate finance and restructuring practice.
September 7-11, 2016, The Hard Rock, San Diego, United States
September 18-23, 2016, Washington, D.C., United States