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

“A morass of imprecise language”: UNCITRAL Model Law under fire at English recognition hearing

“A morass of imprecise language”: UNCITRAL Model Law under fire at English recognition hearing

The UNCITRAL Model Law on cross-border insolvency and its accompanying documents possess a “morass of imprecise language”, an English court has heard at a hearing over the termination of a UK recognition order for an “indisputably solvent” investment fund.

South African flag carrier enters business rescue

South Africa’s struggling state-owned airline South African Airways (SAA) has entered business rescue proceedings under a US$1.3 billion debt burden.

Singapore court recognises Chapter 11 despite “serious concerns” over foreign rep

Singapore court recognises Chapter 11 despite “serious concerns” over foreign rep

The High Court of Singapore has recognised the Chapter 11 bankruptcy of an American toy drone maker, despite raising “serious concerns” about the fitness to serve of its foreign representative, who is himself subject to Chapter 7 proceedings in Texas.

Sidley and nine other firms accused of helping Ponzi scheme

Sidley and nine other firms accused of helping Ponzi scheme

The liquidation trustee of collapsed Ponzi scheme The Woodbridge Group has sued Sidley Austin and nine other firms for allegedly helping the company defraud investors.

Heads-up: Stephen Moeller-Sally at Ropes & Gray in New York

“While India seems ripe with a lot of opportunity, there’s also a feeling that China is primed for a wave of restructurings": The co-head of Ropes & Gray’s restructuring practice Stephen Moeller-Sally talks to GRR about the professionalisation of distressed investing, the challenge of managing tensions in creditor groups, and why he believes foreign funds are going to be more active in US restructurings.

Weil elects four new restructuring partners

Weil elects four new restructuring partners

US firm Weil Gotshal & Manges has elected four new partners to its business finance and restructuring practice in New York and London.

ABI International, Paris: “Why can’t we all just get along?”

ABI International, Paris: “Why can’t we all just get along?”

The UNCITRAL model law on recognition of insolvency-related judgments could “fix” the impact caused by the decisions in Rubin and Gibbs if enacted in the UK, panellists at the ABI’s international conference in Paris have said.