Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
Special managers assisting the liquidator of defunct construction firm Carillion have billed over £20 million since the company filed for compulsory liquidation, UK politicians have heard, as questions were raised over whether the “Big Four” accounting firms should be broken up to encourage competition.
Abu Dhabi-based Noble Group shareholder Goldilocks has filed a suit against the commodities trader and six of its current and former directors and managers in Singapore – including just-stepped-down founder Richard Elman – accusing them of manipulating the company’s accounts.
A Hong Kong court has found that provisional liquidators can pursue debt restructurings provided they are appointed to preserve assets, clarifying a controversial precedent set by the Court of Appeal in the 2006 Legend decision.
Slovenia’s Supreme Court has rejected a request to recognise the extraordinary administration proceedings of neighbouring Croatia’s Agrokor conglomerate as a foreign insolvency proceeding.
The movie studio co-founded by disgraced Hollywood producer Harvey Weinstein has filed for bankruptcy, five months after The New York Times published an article detailing allegations of sexual harassment against him.
The Singaporean guarantor of Indonesian coal miner Berau Group is seeking to stave off creditor lawsuits in New York through a Chapter 15 recognition of its US$950 million debt restructuring.
Pre-teen accessories chain Claire’s Stores has retained Weil Gotshal & Manges and Richards Layton & Finger in the US to advise on its balance-sheet restructuring, after filing for Chapter 11 protection in Delaware.
The proceeds of a Singaporean food distributor’s leftover commingled pepper stock should be distributed using a rolling charge method rather than a “single-block” pari passu method, the Lion City’s High Court has ruled.
Embattled toymaker Manley Toys has won what is understood to be the first Chapter 15 recognition of a contested Hong Kong voluntary liquidation, after a two-year court fight with Toys “R” Us and another manufacturer.
Gerhard Rudolph, former co-managing partner and head of litigation at Baker McKenzie in Johannesburg who provided advice to affiliates of bankrupt electricity company Westinghouse, has joined Allen & Overy alongside 11 other litigators.
With the past year bringing new challenges to the EU’s Bank Resolution and Recovery Directive, GRR investigates why some bank restructurings appear to have followed the directive more closely than others – and what opposition to certain resolutions has demonstrated about the ability of European authorities to achieve their goals.
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.
Last year, Singapore introduced debtor-in-possession financing into its restructuring regime, generating disquiet among some large banks who were concerned about superpriority lenders leapfrogging their secured creditor status. But panellists at GRR Live welcomed the new tool, predicting it would be accepted in good time – and telling users they should not be put off by the outcome of the first test case, Re Attilan.
Takayuki Maruyama and Naoki Kondo
Low Poh Ling and Wilson Zhu