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

Directors breached fiduciary duty by pursuing arbitration and litigation, says Singapore appeal court

The former directors of an insolvent Singaporean shipping company have had their liability for breaches of fiduciary duty upheld by Singapore’s Court of Appeal – but for different reasons than in the original judgment.

Niki creditors back new sales offer after Austrian and German administrators agree to cooperate

Interest accrued during failed Dutch restructuring process can be claimed in bankruptcy

No appeal for failed contempt claim against Grant Thornton partner

Greece breached TFEU obligations in unlawful state aid case

New York court approves Toisa settlement after rejecting trustee concerns

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.

Insolvency mediation around the globe

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.

Canada-headquartered DIY group seeks US recognition after high temperatures cause sales slump

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.

GRR meets Rome Court of Appeal president Luciano Panzani

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.

VIDEO: GRR lifetime achievement award - Bruce Leonard 1944-2017

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.

GRR Live, Hong Kong: Corporate rescue proposals due in 2018 to be influenced by Australian administration

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.