Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
Just a few weeks after the entry into force of the recast European Insolvency Regulation, the European Commission is inviting comments on a legislative proposal to change its Annex A - a list of all of the EU insolvency proceedings to which it applies - so that it includes newly-created Croatian legislation. GRR's editor Kyriaki Karadelis approached our columnist for Europe, professor Bob Wessels, for his views on the revised process for making sure that new national insolvency proceedings can receive automatic recognition.
After spending less than a year at Hong Kong outfit Howse Williams Bowers (HWB), Bertie Mehigan has left to establish his own boutique firm.
The US Court of Appeal for the Third Circuit has allowed a bankrupt airline that was taken on a "roller coaster ride of promises and assurances" by a Russian bank to claim the protection of the Worker Adjustment and Retraining Notification (WARN) Act in a lawsuit brought by its former employees.
The liquidators of a third hedge fund belonging to Cayman Islands-based group Platinum Partners Value Arbitrage have filed for Chapter 15 recognition in New York, where executives of the funds' US parent are facing fraud charges.
German airline Air Berlin has filed for insolvency after its main shareholder, Abu Dhabi's Etihad Airways, withdrew financial support, firing the start gun on a reported scramble for its more profitable assets.
DLA Piper has added Minneapolis-based Michael Fisco as a partner in its finance group, from Feagre Baker Daniels.
A court in Canada has issued a written clarification of a months-old decision extending time for an oil and gas equipment manufacturer to submit a refinancing proposal, after the company complained that news reports had "misinterpreted" the order "to cast doubt" on its business efficacy.
GRR caught up with Judge Robert Drain from the US Bankruptcy Court for the Southern District of New York in April during the American Bankruptcy Institute's annual spring meeting in Washington, DC. There, he discussed historic and future cross-border cooperation against a backdrop of the newly minted Judicial Insolvency Network Guidelines, and the controversial property requirement for making a Chapter 15 application in the US.
Recent weeks have seen the arrival of new directors at the UK Insolvency Service, among them noted silk William Trower QC, as well as regional hires at firms on both sides of the Atlantic.
Submersible rig operator Ocean Rig has won approval from a majority of its creditors to restructure via four Cayman schemes of arrangement, after a court in Grand Cayman overruled initial objections to the classification of claims brought by noteholders.
The retail sector is in the midst of a deeply disruptive shift as online shopping increasingly puts its long-term future in peril. Howard Morris, head of the business restructuring and insolvency group at Morrison & Foerster in London, argues that instead of liquidating speedily, retailers should take a leaf out of the insurance industry's book and continue to make profits as they are run down slowly.
The late Bruce Leonard, founder of the International Insolvency Institute (III), received posthumous honours at GRR's Charity Awards on 21 June, in the form of a poignant film tribute recorded a few days earlier at a meeting of the very organisation he helped found.
The European Commission is conducting its harmonisation of restructuring law across the EU by "using a sledgehammer to crack a nut" according to a speaker at the German Bar Association's sixth European Insolvency and Restructuring congress in Belgium.
Takayuki Maruyama and Naoki Kondo
Low Poh Ling and Wilson Zhu
October 4-5, 2017, Warsaw, Poland
October 5-8, 2017, Warsaw, Poland