Administration

Nortel’s main French arm to end English administration

The largest French arm of Nortel Networks is set to terminate its “unique” 12-year English administration, eight months after a court in Versailles closed its secondary liquidation.

20 September 2021

Greensill’s UK administration recognised in US

Greensill’s main trading entity has obtained recognition of its UK administration in New York, where US coal miner Bluestone Resources had already agreed to suspend a fraud suit against two of its senior managers for 90 days – though not for the entire length of the Chapter 15 stay.

15 September 2021

Amicus administrators secure cramdown

A disgruntled creditor of UK lender Amicus Finance has failed to block a restructuring plan introduced by its administrators, after the English High Court agreed to impose a cross class cramdown.

19 August 2021

Greensill Capital seeks recognition to stop US lawsuit

Greensill’s main trading entity has sought recognition of its UK administration in New York to block a fraud suit brought against it by US coal miner Bluestone Resources – while its bankrupt US unit has received court approval to sell its working capital provider.

19 August 2021

Arrium lenders lose landmark case in Australia

Three international banks and a New York-based investor have lost their claims against the former directors of collapsed Australian miner Arrium, following a landmark ruling in the Supreme Court of New South Wales.

17 August 2021

NMC group update reveals creditor vote date

The NMC group has announced it will hold meetings of creditors for its 35 deeds of company arrangement on 1 September, in a detailed update also noting the various proceedings it has been pursuing - and fighting - in onshore and offshore courts across the UAE.

13 August 2021

Amicus administrators seek cramdown amid conflict accusations

The administrators of UK lender Amicus Finance have asked an English court to sanction the company’s restructuring plan, requesting that it cram down a disgruntled creditor that alleges they are conflicted.

11 August 2021

Stephenson Harwood advising as Australian miner enters UK administration

The London-listed parent of an Australian mining company has entered administration in England after an overly leveraged balance sheet left it unable to pay its debts.

10 August 2021

KPMG fined £13 million for Silentnight misconduct

The UK's Financial Reporting Council has “severely reprimanded” KPMG and fined it £13 million for its conduct in the decade-old pre-pack sale of bedmaker Silentnight, describing a “deeply troubling” scenario in which now-retired partner David Costley-Wood misled his client and the Pension Protection Fund to help prospective client HIG Capital acquire the bedmaker after dumping its pension scheme.

05 August 2021

Amicus creditor denied disclosure ahead of cramdown hearing

A disgruntled creditor of UK lender Amicus Finance has failed to secure information on a share sale carried out when it entered administration, ahead of a sanction hearing on a restructuring plan requiring cross-class cramdown.

02 August 2021

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