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European banks may choose pre-insolvency proceedings over NPL sales, says TMA panel

European banks may choose pre-insolvency proceedings over NPL sales, says TMA panel

27 February 2017

The EU’s proposed pre-insolvency regime may deter the sale of distressed loans, even at a time when potential buyers have access to “unlimited funds”, argued panellists at TMA Europe’s East European Conference last week.

Abengoa restructuring draws to a close in Peru

Abengoa restructuring draws to a close in Peru

27 February 2017

The Peruvian arm of embattled Spanish renewables company Abengoa is finalising the terms of a collateral package after reaching an agreement with its major creditors in October. Meanwhile, US-based Abengoa entities have submitted a liquidation plan to a court in Missouri.

Community round-up: TMA UK appoints new president, firms hire in US and Australia

27 February 2017

The Turnaround Management Association in the UK has appointed a new president, while US and Australian firms have made lateral hires in recent weeks.

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.

Fieldfisher opens in Amsterdam with insolvency partner hires

Fieldfisher opens in Amsterdam with insolvency partner hires

24 February 2017

European law firm Fieldfisher has launched a new office in Amsterdam with five partners from Dutch firm Kennedy Van der Laan.

Electronics group swaps Hong Kong for Bermuda's “more flexible” regime

Electronics group swaps Hong Kong for Bermuda's “more flexible” regime

24 February 2017

Courts in Hong Kong and Bermuda have sanctioned the transfer of an insolvency proceeding from one jurisdiction to the other, allowing an electronics group to make use of provisional liquidation as a restructuring mechanism in the Caribbean country.

High court awards US$150 million to Singularis liquidators from Japanese-owned stockbroker

High court awards US$150 million to Singularis liquidators from Japanese-owned stockbroker

24 February 2017

An English court has allowed the Cayman liquidators of Singularis, a company belonging to Saudi billionaire Maan Al Sanea, to claw back US$150 million from a Japanese-owned stockbroker after it “negligently” handed Singularis funds to other Al Sanea entities at the businessman’s request.

Minter Ellison practice head joins Melbourne boutique

Minter Ellison practice head joins Melbourne boutique

23 February 2017

Minter Ellison’s Australian head of restructuring Ian Walker has joined corporate boutique Brian Ward as a principal in Melbourne.

Women in Restructuring

Women in Restructuring

23 February 2017

The April 2017 issue of Global Restructuring Review will be given over to an in-depth survey on the women working at all levels of the restructuring industry. If you would like to be involved, read on.

Jersey requests English court’s help with £1.3bn insolvency case

Jersey requests English court’s help with £1.3bn insolvency case

22 February 2017

The chief executive officer of the Royal Court of Jersey - known as Jersey's Viscount - has requested the assistance of the High Court of England and Wales in a £1.3 billion insolvency case.

UK High Court dismisses $178m claim against Korean shipbuilder

UK High Court dismisses $178m claim against Korean shipbuilder

22 February 2017

The world’s fourth largest shipbuilder STX Offshore, which is currently in rehabilitation proceedings in its native Korea, has fended off a US$178 million claim for undelivered ships in the English High Court that was allowed to continue outside a moratorium in the UK applied upon recognition of the Korean proceedings.

Cayman court gets round “Emmadart” principle in helicopter group restructuring

Cayman court gets round “Emmadart” principle in helicopter group restructuring

22 February 2017

A Cayman Islands court has allowed directors of helicopter group CHC to appoint provisional liquidators over the group’s parent without shareholder authorisation, finding a way to get around the authority of the common law Emmadart principle.