Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
20 March 2017
Athens was recently back in the headlines following a public disagreement between the Eurozone and the International Monetary Fund on future bailouts. In this edition of the sovereign debt column, Lee C Buchheit, a partner at Cleary Gottlieb Steen & Hamilton in New York, reflects back on Greece’s landmark 2012 debt restructuring, which he helped to craft.
10 March 2017
Ed Davis and Annette Escobar, founding member and partner at Astigarraga Davis in Miami, look at the limits to bringing fraudulent transfer and avoidance claims within Chapter 15 proceedings, as well as some of the loopholes to get around those limits.
01 March 2017
Legislative changes in Singapore and the EU, Brexit, and the increasing importance of jurisdictions servicing debt linked to China: could these developments shake up London and New York’s pre-eminent positions as hubs of cross-border insolvency and restructuring work? GRR invited 10 guests to find out.
27 February 2017
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses new European rules on insolvency registration.
20 February 2017
Partners Rebecca Jarvis, Nick Le Masurier and Jo Windsor of Linklaters in London consider a recent landmark court ruling that poured cold water on the use of share or debt splitting strategies to block an English scheme of arrangement - and ask whether the time may have come to revisit the majority in number test in UK schemes.
17 February 2017
Hanjin Shipping Co, once the largest container transport company in Korea and a major player in the global supply chain, was officially declared bankrupt on 17 February, closing a difficult court-managed rehabilitation process that saw ships seized in international ports, while other vessels, crew and cargo were stranded offshore. GRR looks back on the six-month proceedings, and talks to maritime and insolvency lawyers on why speed and preparation are of the essence in getting courts to cooperate across borders, control disputes and protect a company’s assets.
17 February 2017
Pulkit Gupta, director at Ernst & Young in Delhi, talks through the new Indian Insolvency and Bankruptcy Code, arguing that while it is not perfect, it’s the best law India could have hoped for in the current circumstances.
03 February 2017
It was in the context of a Chinese fishery group’s collapse that the Singapore High Court called last September for the “reformulation” of the century-old common law Gibbs rule, arguing that it was outdated. Is the 1890 rule, that a discharge or compromise of debt can only be effective when done in accordance with its governing law, past its use by date? GRR investigates.
20 January 2017
Andrew Shutter, partner at Cleary Gottlieb Steen & Hamilton in London, considers the future of sovereign debt restructuring in the face of pari passu injunctions – that is, court orders preventing certain creditors from receiving payments if other creditors have not been paid in full.
12 January 2017
Ed Davis and Annette Escobar, founding member and partner at Astigarraga Davis in Miami, discuss some of the challenges in obtaining cross-border relief and asset recovery against individuals and holding companies in Chapter 15 recognition before the US courts.
21 December 2016
Look Chan Ho, head of restructuring and insolvency in Asia for Freshfields Bruckhaus Deringer, participated in a panel in September that considered Singapore as an international centre for debt restructuring – and included a timely discussion on the relevance of the hundred-year-old common law Gibbs rule. Here, he discusses developments inside and outside the conference room.
19 December 2016
As Europe’s over-leveraged banks scramble to clean up their balance sheets in line with enhanced banking regulation, opportunities abound for non-performing loan (NPL) investors and workout experts, according to speakers at the latest NPL Connect in Berlin.