Administration

Petropavlovsk minority shareholders lose bid to adjourn sale

Minority shareholders of London-listed gold producer Petropavlovsk have failed to persuade an English judge to adjourn its sale to a Russian metals producer, days after he allowed the transaction to go ahead in the wake of UK and EU sanctions.

05 August 2022

Russian entity can buy gold miner Petropavlovsk, English court rules

In the face of delays for obtaining a sanctions licence, gold miner Petropavlovsk’s administrators have received court permission to pursue a share purchase agreement that will see the debtor taken over by a Russian metals producer whose CEO was sanctioned by the EU in July.

02 August 2022

Cinema chain Vue secures English scheme meeting ahead of planned pre-pack

London-headquartered cinema chain Vue has secured the right to convene a single meeting of creditors for an English scheme to borrow new money, which should allow it to pursue a wider financial restructuring through a pre-packaged administration before a looming autumn deadline.

27 July 2022

Interpath expands offshore with Kalo merger

The UK’s Interpath Advisory has acquired Caribbean-based Kalo Advisors, marking its expanse into three jurisdictions outside the UK in a little under three months.

20 July 2022

Russian gold miner Petropavlovsk enters English administration

London-listed Russian gold producer Petropavlovsk has entered administration in England after UK-imposed sanctions left it unable to withdraw funds from its Russian subsidiaries and caused its main lender Gazprombank to demand full repayment of a loan.

18 July 2022

Abengoa companies enter pre-insolvency after state aid refused

Spanish engineering conglomerate Abengoa has placed a slew of its companies – including the holding entities for the operating parts of the group – into pre-insolvency proceedings, after a failed bid for state aid scuppered its restructuring plan with an American fund.

05 July 2022

UK administrators fend off Rhino misfeasance claims again on appeal

Deloitte-turned-Teneo partners Clare Boardman and Matt Smith have successfully fended off misfeasance claims against them over their administration of UK storage group Rhino for a second time, as appeal judges also dismissed breach of duty claims against Clyde & Co in their entirety.

21 June 2022

Joint administrators can sell George Best hotel free of security

The joint administrators of a property developer behind an incomplete Northern Ireland hotel named after the late footballer George Best have won court approval to sell the property as if it were not subject to security.

17 June 2022

UK proposes new insolvency regime for stablecoin failures

Insolvency practitioners have welcomed UK government proposals to introduce a regime to manage stablecoin failures, with one adviser telling GRR the move presents an opportunity for the UK to become a global leader in the crypto space.

01 June 2022

English court: administrator appointments over sanctioned entities can ensure compliance

While some practitioners have been reluctant to take appointments over entities hit by Russian sanctions, the High Court in London has ruled that administrators can be “critically important” and strengthen the prospects of sanctions being complied with.

10 May 2022

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