Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

Conference reports

A golden age for China’s bankruptcy law?

A golden age for China’s bankruptcy law?

02 September 2016

Year-on-year drops in economic growth and a ballooning debt bubble have placed China in a debt-to-GDP “danger zone”, similar to Japan in the late 1980s, and the UK and US ahead of 2008. With a banking crisis potentially on the horizon, the International Insolvency Institute (III) gathered a selection of speakers from around the world to examine the challenges facing China and its trading partners in this new era.

BRUSSELS: six points to consider when shifting COMI

BRUSSELS: six points to consider when shifting COMI

23 August 2016

A recent debate in Brussels considered the virtues of different insolvency regimes in the US and EU for the purpose of choosing a centre of main interest (COMI) – and found that forum shoppers are probably best off in America.

The III arrives in Asia

The III arrives in Asia

15 August 2016

Increasing creditor participation in typically debtor-friendly Japan; new out-of-court workout rule rules in China and Korea; and Singapore’s recently announced ambition to become an international debt restructuring hub were all topics of discussion when the International Insolvency Institute (III) hosted its first-ever conference in Asia in June.

BRUSSELS: protecting the wealth of Europe

BRUSSELS: protecting the wealth of Europe

13 July 2016

The development of pre-insolvency mechanisms alongside formal tools such as schemes of arrangement has been a valuable response to complex financial issues and should be borne in mind by regulators attempting to harmonise regimes, speakers said at a conference in Brussels on 16 to 17 June.

NEW YORK: Brazil’s bankruptcy law must evolve as restructuring cases skyrocket

NEW YORK: Brazil’s bankruptcy law must evolve as restructuring cases skyrocket

05 July 2016

Legal uncertainty, corruption investigations and an undiversified financial system continue to affect clients’ confidence in Brazil’s 10-year-old bankruptcy laws, but a growing body of jurisprudence is gradually ironing out some of the kinks in the restructuring process, agreed lawyers at the Latin Lawyer - GRR Restructuring Summit in New York last month.

LONDON: Lawyers warn of proposed new US intercompany debt rules

LONDON: Lawyers warn of proposed new US intercompany debt rules

27 June 2016

Newly proposed intercompany debt regulations in the US could result in many debt instruments between related parties being characterised as equity, lawyers warned at a recent seminar, as they explored the impact of the potential changes on cross-border transactions.

Top São Paulo judge urges less procedural approach to restructuring

Top São Paulo judge urges less procedural approach to restructuring

23 June 2016

Daniel Carnio Costa, a bankruptcy judge at the First Bankruptcy Court of Brazil in São Paulo, called on his colleagues to ensure the social and economic benefits of corporate restructuring take precedence over the interests of the creditors and debtors, in a keynote speech at the Latin Lawyer - GRR Restructuring Summit earlier this month.

NEW YORK: Potential PDVSA default could resemble Argentina’s protracted holdout battle

NEW YORK: Potential PDVSA default could resemble Argentina’s protracted holdout battle

20 June 2016

Panellists speaking at the first Latin Lawyer - GRR Restructuring Summit held in New York earlier this month were split over whether Venezuelan state-owned oil company PDVSA is on track for an imminent default: but there was broad agreement that the legal aftermath will share many similarities with Argentina’s highly litigious 15-year sovereign debt battle.

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

NEW YORK: Distressed M&A deals in Latin America need cleaner strategies to soothe creditors

16 June 2016

Lawyers representing debtors in distressed M&A deals in Latin America need to provide clearer communication strategies and valuation plans to avoid troubling creditors, guests at the first Latin Lawyer – GRR Restructuring Summit in New York heard last Monday.

READING: Comparing bank resolution regimes in the US & Europe

READING: Comparing bank resolution regimes in the US & Europe

15 June 2016

The traditional dichotomy between banking resolution and corporate resolution is obsolete, said speakers at a conference at the University of Reading, as they considered the practical, political and legal challenges that have distorted the development of a new regulatory landscape for financial institutions post-2008.

NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

NEW YORK: DIP financing has broken ground in Latin America but remains “dysfunctional”

10 June 2016

A number of recent high-profile cross-border restructurings have brought changes to the way Latin American lawyers approach debtor-in-possession financing, but applicable laws remain “dysfunctional” according to a panel at Latin Lawyer – GRR Restructuring Summit in New York last Monday.

PRAGUE: Cleaning up non-performing loans in the CEE region

PRAGUE: Cleaning up non-performing loans in the CEE region

07 June 2016

Banks in central and eastern Europe looking to restructure or dispose of non-performing loans can help attract investors by providing high-quality data, adhering to international sales standards and trying to anticipate problems before they arise, panellists noted in Prague in March. Ultimately, though, the main driver of investment is a favourable legal environment and an experienced local servicing industry.