EU directive does not protect account holder’s transfer ahead of bank insolvency

A Latvian bank account holder, who tried to transfer money hours before the bank entered insolvency, cannot rely on an EU directive aimed at reducing systemic risk to complete the transfer, the European Court of Justice has ruled.

Gambling addiction thefts see lawyer jailed

An Australian lawyer who authored the Personal Insolvency Professionals Association’s code of conduct has been jailed for six years, after stealing A$9 million from a client to fuel his gambling addiction.

US is biggest risk to global economy

The biggest risk to global economic growth is not a trade war or excessive Chinese debt: it’s the US economy, says Matthew Hoffer, managing partner at Swiss advisory firm Spire Strategy.

Australia’s Maddocks sets up Sydney practice with K&L Gates hire

Australian firm Maddocks is hiring a former K&L Gates partner in Sydney to lead its first insolvency and restructuring team outside of Melbourne.
Alix vehicle and McKinsey go to mediation over disclosure allegations

Bankruptcy courts in Texas and Virginia have jointly ordered the restructuring arm of McKinsey and a special purpose vehicle belonging to AlixPartners founder Jay Alix to mediation, over Alix’s allegations that McKinsey concealed disqualifying financial interests before taking on restructuring instructions.
Greater China Restructuring Forum: a market-based solution to China’s excess credit?

China has been working hard to develop a distressed debt market in recent years – so much so that it may be the largest single asset class investment opportunity globally, according to one investor. All it needs is buyers.

Features

On the map: Cayman worked out

Cheaper than other financial centres, fast and flexible when necessary and with planned reforms on the horizon; can Cayman compete? GRR investigates

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Community

Jakarta boutique opens Singapore arm with KordaMentha hire

Indonesian turnaround boutique AJCapital Advisory has opened up its first international office in Singapore, hiring KordaMentha’s Luke Furler to lead it.

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Data & Surveys

GRR 100 2018

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Conference Reports

GRR Live Hong Kong: Harris J on mutual recognition and pushback on Singapore moratoria

Mr Justice Jonathan Harris, the judge in charge of Hong Kong’s company law and insolvency law cases, used his keynote at GRR Live to call for a mutual recognition protocol for insolvency orders between mainland Chinese courts and their Hong Kong counterparts, and to raise scepticism over the cross-border moratorium provisions in Singapore’s recent restructuring reforms – the subject of his recent decision in CW Technologies.

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