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

Features

Lessons learned from judging Lehman

Lessons learned from judging Lehman

11 April 2016

One week in September 2008 changed the life of Judge James Peck. He talks to GRR about the proposed changes for the restructuring of systemically important financial institutions since Lehman, and suggests ways to enhance international cooperation between bankruptcy courts and regulators in the event of another crisis of that scale.

Asset recovery column: Is insolvency the nuclear bomb of asset recovery?

Asset recovery column: Is insolvency the nuclear bomb of asset recovery?

01 March 2016

In the first of a series of columns on asset recovery, Edward Davis, a founding member of Astigarraga Davis in Miami and repeat winner of Who’s Who Legal’s Asset Recovery Lawyer of the Year award since 2013, considers asset tracing in the context of insolvency and how the two distinct legal practices can help each other.

Restructuring the eurozone

Restructuring the eurozone

01 March 2016

GRR recently met Spanish academic Ignacio Tirado, a specialist in sovereign insolvency, in Madrid’s Ritz Hotel - a venue that belies any sign of a eurozone crisis. There, the professor from the Autonomous University of Madrid discussed the the need for an international treaty on sovereign debt restructuring, as well as the pros and cons of the EU’s post-crisis financial stability mechanism.

Sovereign debt column: Where we are now with collective action clauses

Sovereign debt column: Where we are now with collective action clauses

01 March 2016

Andrew Shutter, a partner at Cleary Gottlieb Steen & Hamilton in London, argues that the ability to impose the wishes of the majority creditors on the minority by operation of law, often used in corporate insolvencies, can also be beneficial in sovereign debt restructurings.

LONDON: Assessing the EU's Single Resolution Mechanism

LONDON: Assessing the EU's Single Resolution Mechanism

19 February 2016

Distressed debt investors, advisors and turnaround management professionals from across the globe met in January to discuss the benefits and pitfalls of the EU's Single Resolution Mechanism: one of the main pillars of Europe's post-financial crisis banking union, whose purpose is to ensure an orderly resolution of failing banks with minimal costs for taxpayers and the economy.

Baha Mar: A missed cross-border restructuring opportunity?

Baha Mar: A missed cross-border restructuring opportunity?

05 February 2016

Last year, the Supreme Court of the Bahamas dismissed an application to recognise Chapter 11 proceedings commenced in a Delaware court by the developers of a failed US$3.5 billion hotel and casino complex known as Baha Mar. Sophia Rolle-Kapousouzoglou, a partner at Lennox Paton in Nassau, queries whether Baha Mar could have been an international restructuring, considers the specific obstacles to such an approach in the Bahamas, and asks what practitioners can learn from the case when the same opportunities crop up in the future.

MIAMI: A pontification on the restructuring of corporate groups

MIAMI: A pontification on the restructuring of corporate groups

05 February 2016

Hundreds of bankruptcy judges gathered in Miami in September where they discussed, among other things, emerging ideas for the restructuring of multinational corporate groups – including why the pope could be an excellent allocator of assets.

LONDON: Clash of insolvency and employment laws

LONDON: Clash of insolvency and employment laws

15 January 2016

A recent UK Insolvency Service report addressed a perceived clash between insolvency and employment laws: the result of a throwback directive from the predecessor to the EU. Jeremy Goldring, a partner at King & Wood Mallesons in London, discusses.

IWIRC’s Woman of the Year 2015: Sheila Smith

IWIRC’s Woman of the Year 2015: Sheila Smith

14 January 2016

Sheila Smith, former leader of Deloitte’s restructuring services for the Americas, was named 2015 Woman of the Year in Restructuring by the International Woman’s Insolvency and Restructuring Confederation (IWIRC) in November. She spoke to GRR about championing the promotion of women in the industry, her unusual career path – and how to hold a cocktail.

MIAMI: It’s good to talk - court-to-court communication in cross-border bankruptcy proceedings

MIAMI: It’s good to talk - court-to-court communication in cross-border bankruptcy proceedings

14 January 2016

Judges from Bermuda, Ireland and the UK met their US counterparts in Miami in September to discuss the history of court-to-court cooperation in bankruptcy proceedings – with Bermuda’s “common law, common sense” approach in the absence of statutory provisions being widely praised.

MIAMI: IWIRC tackles energy sector woes and public debt

MIAMI: IWIRC tackles energy sector woes and public debt

14 January 2016

Nearly 200 women in insolvency and restructuring met in Miami last autumn, where they discussed the regulatory and financing problems at the root of the beleaguered energy industry and considered whether Puerto Rico’s debt crisis could really benefit from a restructuring under Chapter 9 of the US Bankruptcy Code like Detroit’s.

CAPE TOWN: Africa roundtable examines how to improve secured lending

CAPE TOWN: Africa roundtable examines how to improve secured lending

14 January 2016

Restoring financial sector stability through effective insolvency regimes was the theme of the 2015 Africa Roundtable organised by INSOL International and the World Bank, where discussions also focused on ways to enhance secured lending to African companies. Rick Chesley, a partner and US co-chair of the restructuring practice at DLA Piper, reports from South Africa.