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

Features

Marblegate: what does it mean for European restructurings?

Marblegate: what does it mean for European restructurings?

18 April 2017

The US Second Circuit Court of Appeal recently reversed a controversial district court decision on noteholder protections under the Trust Indenture Act, finding that a for-profit education provider’s restructuring did not violate the law. Keenly watched by noteholders in the US, the decision has various implications for overseas parties too, as Weil Gotshal & Manges partners Andrew Wilkinson, Alexander Wood, Patrick Bright and Nitin Konchady, and consultant Kate Stephenson, note.

The fall and rise of the clawback claim under Cayman Islands law

The fall and rise of the clawback claim under Cayman Islands law

10 April 2017

Appleby partner Jeremy Walton, senior associate Jeremy Snead and associate Andrew Jackson discuss the future of voidable preference claims under Cayman Islands law and the implications for custodians, in light of a recent judgment from the Cayman Islands Court of Appeal.

Can Singapore’s new regime help tackle Asia’s looming wall of debt?

Can Singapore’s new regime help tackle Asia’s looming wall of debt?

04 April 2017

As a wall of debt comes due in the Asian bond markets, Singapore is making a timely play to become a regional and international restructuring hub. With the first steps – upgrades to the country's restructuring and insolvency laws – being implemented, Herbert Smith Freehills' Paul Apáthy and Emmanuel Chua take a closer look at the plan’s progress and what it could do to assist companies, creditors and investors.

Sovereign debt column: The Greek debt restructuring of 2012

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.

Asset recovery column: Open issue - potential claims for fraudulent transfer and avoidance

Asset recovery column: Open issue - potential claims for fraudulent transfer and avoidance

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.

International debt restructuring: can other jurisdictions compete with London and New York?

International debt restructuring: can other jurisdictions compete with London and New York?

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.

Europe column: Insolvency registers

Europe column: Insolvency registers

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.

Dee Valley: Limits on a dissenting minority blocking a scheme of arrangement

Dee Valley: Limits on a dissenting minority blocking a scheme of arrangement

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.

Rough waters: why Hanjin’s rehabilitation process sank

Rough waters: why Hanjin’s rehabilitation process sank

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.

India's Insolvency and Bankruptcy Code 2016: a paradigm shift

India's Insolvency and Bankruptcy Code 2016: a paradigm shift

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.

Is the common law Gibbs rule outdated?

Is the common law Gibbs rule outdated?

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.

Sovereign debt column: side stepping the pari passu injunction

Sovereign debt column: side stepping the pari passu injunction

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.