Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
Creditors of Austrian airline Niki have backed a bid by its former owner to buy the insolvent carrier’s assets in a sales process arranged by the company’s Austrian and German administrators, who agreed to cooperate last week after a scramble over the company’s centre of main interests (COMI).
Lawyers have described how an “interesting” judgment from the Netherlands’ highest court could benefit unsecured creditors in finding that interest accrued during failed suspension of payments proceedings can be claimed later in bankruptcy.
Guernsey’s Court of Appeal has refused to let British property mogul Robert Tchenguiz appeal orders that cleared Grant Thornton restructuring partner Stephen Akers of contempt of court.
Greece failed to take “all measures necessary” to recover unlawful state aid awarded to a now-insolvent Greek textile company, breaching its obligations under the Treaty of the Functioning of the European Union (TFEU), an EU court has ruled.
A US bankruptcy court has approved a settlement agreement that shakes up the board of Bermuda-registered oil services shipper Toisa and appoints a Zolfo Cooper partner as its chief restructuring officer, dismissing an objection raised by the US Trustee’s Office.
Jacob (“Jack”) Esher, a principal in the cross-border mediation and consulting firm CBInsolvency who served as a primary mediator for international disputes in the Lehman Brothers case for over six years, looks at the historic use of ADR in bankruptcy cases and argues for a greater role for mediators in light of recent efforts by legislators and judges to harmonise their approaches to insolvency.
A Canadian company and its US subsidiary that provide equipment to prepare homes for storms have filed for Chapter 15 protection in Delaware, citing “abnormally warm North American temperatures” as one of the reasons for restructuring.
European insolvency practitioners may soon have added data protection responsibilities; Italy is considering adopting the UNCITRAL Model Law; Slovak company directors face stricter liability under new rules; and Serbia has given secured creditors new powers in its bankruptcy procedures.
A UK court has said it lacks jurisdiction, in the presence of the Gibbs rule, to grant the foreign representative of an Azeri bank an extended moratorium in England preventing creditors with English-law governed debt from enforcing their contractual rights in the UK after the Azeri restructuring process ends.
A judge in Singapore has rejected a Malaysian interior design company’s bid lift a stay of proceedings and pursue a garnishee order against a Singaporean company that is in the process of winding up.
GRR met Judge Luciano Panzani, the president of the Court of Appeal in Rome, at INSOL Europe’s annual congress in Warsaw in October, where he was speaking as part of the organisation’s Judicial Wing. He offered his views on the most important aspects of Italy’s newly approved insolvency reforms (which he helped to draft), the difficulties with court-to-court communication in civil law countries, and the problem of non-performing loans in the Italian banking system.
The late Bruce Leonard, founder of the International Insolvency Institute (III), received posthumous honours at GRR's Charity Awards on 21 June, in the form of a poignant film tribute recorded a few days earlier at a meeting of the very organisation he helped found.
Hong Kong’s official receiver, Phyllis McKenna, explained to delegates at GRR Live that long-awaited corporate rescue proposals in the special administrative region won’t be a debtor-in-possession regime like the US, and more recently Singapore – but they are taking inspiration from Australia.
Takayuki Maruyama and Naoki Kondo
Low Poh Ling and Wilson Zhu