Administration

Should Jersey have a corporate rescue regime?

Partner Stephen Alexander and associate Max Galt at Mourant in Jersey set out why a traditionally creditor-friendly offshore jurisdiction like Jersey, with its commercially minded and flexible Royal Court, would still benefit from introducing a statutory reorganisation process.

24 September 2020

African Minerals Limited: using a scheme to unlock value for all creditors

Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.

22 September 2020

British reinsurer seeks US recognition of EY administrators

The English administrators of UK reinsurer CX Re have applied for Chapter 15 recognition to stay litigation brought against it by Maryland landlords caught up in lead paint exposure claims.

18 September 2020

First times for Virgin in courts

In Virgin Australia's insolvency, a federal court has issued the first ruling on an administrator’s obligation to “give possession” under the Cape Town Convention, as creditors approved its sale to Bain Capital; meanwhile, Virgin Atlantic received the first Chapter 15 recognition of a new English restructuring plan.

04 September 2020

Wirecard sells assets in UK, Brazil and Germany

Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.

01 September 2020

Nortel’s Polish arm to end decade-long administration

The joint administrators of Nortel Networks Polska have secured termination and discharge orders from the High Court in London to bring an end to its 11-year administration in England.

26 August 2020

Trade creditors approve Virgin Atlantic’s restructuring plan

Creditors have approved Virgin Atlantic’s ground-breaking restructuring plan at four virtual meetings, with 99% of trade creditors lending their support.

25 August 2020

Kirkland, FRP advise in administration of Debenhams’ parent

Members of FRP Advisory have been appointed administrators of Debenhams’ creditor-owned parent company with an eye towards winding it up, amid the continuing administration and potential sale of its operating entities.

24 August 2020

Quinn Emanuel and Kirkland advising as NMC plans administration in Abu Dhabi

Scandal-hit UAE hospital operator NMC Healthcare is planning to file for administration in Abu Dhabi’s financial free zone, four months after its London-listed holding company entered administration in England.

20 August 2020

UK reinsurer enters administration in England amid US litigation

The High Court in London has appointed EY as administrators of British reinsurer CX Reinsurance, as it seeks to resolve lead paint poisoning claims in the US.

18 August 2020

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