Administration

Probuild administrators get extra time to sell subsidiaries

The Deloitte administrators of Australian construction group Probuild have obtained a three-month extension to hold a second meeting of creditors, as they edge closer to selling three of its subsidiaries.

21 March 2022

ADGM recognises NMC’s UK administrators, as UAE process draws to a close

UK-based NMC Health’s English administrators have obtained what is believed to be the first ever recognition decision from a court in Abu Dhabi’s financial free zone, as the UAE administrators of the beleaguered healthcare group’s operating companies made a landmark announcement that they would exit administration before the end of the month.

18 March 2022

Australia’s highest court interprets Cape Town Convention Protocol in airline’s favour

The Cape Town Convention Aircraft Protocol’s obligation on airline debtors to “give possession” of aircraft assets to lessors following an insolvency-related event means no more than to simply provide lessors with an opportunity to take control of them, Australia’s Highest Court has found.

16 March 2022

Amigo secures “landmark” scheme decision in London

English guarantor loan provider Amigo has won a ground-breaking order allowing it to convene meetings for creditors to vote on two alternative schemes of arrangement, while the UK financial watchdog continues an investigation into mis-selling.

15 March 2022

Hogan Lovells advising as Russia sanctions claim first investment bank

Special administrators have been appointed over a London-headquartered investment bank, after it was left with serious liquidity issues when Russia introduced capital controls earlier this week in response to Western sanctions.

04 March 2022

Deloitte, KWM on Australian Probuild administration

King & Wood Mallesons is advising administrators from Deloitte who were appointed over the Australian construction group Probuild last week, after its South African parent pulled the plug on funding.

03 March 2022

Linklaters advises British home retailer on administration sale

British billionaire Mike Ashley’s Frasers Group has bought online retailer Studio Retail out of administration after Teneo’s Daniel Smith and Daniel Butters were appointed as joint administrators last week.

03 March 2022

What’s next for the UK energy sector in 2022?

Predicting an increase in creative financings, restructurings and M&A activity in the volatile energy sector, the co-heads of McDermott Will & Emery’s London restructuring group Aymen Mahmoud and Mark Fennessy and energy counsel Elisabeth Moseley discuss the UK regulator’s reaction to the energy crisis and set out options for distressed companies.

24 February 2022

Creditor challenge against seldom-used UK moratorium rejected

In the first English court decision to consider the new moratorium provisions enacted in the UK in 2020, Sir Alastair Norris has rejected a challenge from a Thai creditor against moratoria secured by a group of companies that operate some of the UK’s best-known upmarket restaurants.

17 February 2022

DIFC court declines to recognise Abu Dhabi personal bankruptcy

A court in the Dubai International Financial Centre, which recently signed up to the UNCITRAL Model Law, has refused to recognise the Abu Dhabi personal bankruptcy proceedings of the chairman of investment group KBBO, criticising his trustees.

16 February 2022

Get unlimited access to all Global Restructuring Review content