Administration

Failure to notify floating charge holder does not void administration, English court rules

An English court has ruled that a failure to notify a floating charge holder of an administration does not invalidate the proceedings, after considering conflicting case law on the issue.

16 October 2020

Hyflux receives expression of interest from US investor

A US private equity firm has made a US$150 million investment offer to embattled Singaporean water treatment company Hyflux, days before a judicial management application is set to be heard in the Lion City’s High Court.

13 October 2020

Australian court reinterprets Cape Town Convention ruling on appeal

Virgin Australia’s administrators may no longer have to fund the return of airline engines to their owner in the US, after a federal appeal panel weighed in on what it means to “give possession” under the Cape Town Convention.

12 October 2020

UK announces connected pre-pack scrutiny laws

The UK government has revealed plans to introduce independent scrutiny of pre-pack administration sales to connected parties, after promising a review this summer: a move that lawyers and practitioners tell GRR will improve transparency, but requires balance.

08 October 2020

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

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