Administration
Former Patisserie Valerie administrators seek declaratory relief
UPDATED: Café chain Patisserie Valerie’s former KPMG administrators have asked a UK court to declare valid their decision to put the group into creditors’ voluntary liquidation in late 2019 without actually consulting all creditors, amid a costs dispute with FRP – the chain’s now-compulsory liquidators.
23 November 2021
AirAsia X creditors vote for initially contested scheme
Creditors of the Malaysian budget airline AirAsia X have voted in favour of what was a contested scheme of arrangement that imposes a more than 99% haircut on unsecured debts.
15 November 2021
Australia’s highest court hears Cape Town Convention question
Australia’s highest court last week heard arguments on what it means to “give possession” under the Cape Town Convention in a dispute over who should pay for the return of jet engines leased by Virgin Airlines.
10 November 2021
Quantuma hires from RSM in London, takes on Savants administration
Business advisory firm Quantuma has hired a former RSM partner in London, weeks after the firm was appointed to oversee the administration of UK-headquartered insolvency boutique Savants Restructuring.
10 November 2021
Stephenson Harwood hires from Wedlake Bell in London
Stephenson Harwood has recruited a contentious insolvency partner from Wedlake Bell, who tells GRR she is already seeing an increase in fraud investigations in relation to the UK government’s coronavirus support measures.
09 November 2021
Kuwaiti family vehicle’s liquidators obtain discovery in New York
A New York judge has authorised the Cayman liquidators of a Kuwaiti family’s investment vehicle to seek discovery in the US, in a bid to locate tens of millions of dollars in assets that were allegedly moved away at the hands of its CEO.
09 November 2021
Sir David Richards joins One Essex Court
Former English Court of Appeal judge Sir David Richards has joined One Essex Court in London with plans to take appointments as an arbitrator, as he says the growth in cross-border cases has led experts to see arbitration as a sensible way of resolving disputes in restructurings.
08 November 2021
Global Brands Group prepares Bermudian winding up
UPDATED: Hong Kong-listed retail wholesaler Global Brands Group says it is preparing to wind up its ultimate holding company in Bermuda, while three of its UK subsidiaries have entered administration in England and another affiliate has filed for insolvency in Germany.
04 November 2021
Suspected Ponzi schemer’s bankruptcy recognised in New York
A New York bankruptcy court has recognised the Israeli insolvency proceedings of investment company EGFE Israel and its CEO – a “wanted” alleged fraudster who is suspected to be behind one of the largest Ponzi schemes in Israeli history.
03 November 2021
FCA wins appeal over Carillion regulatory action
The UK’s financial regulator does not need court permission to take certain regulatory action against collapsed construction group Carillion, an English High Court judge has ruled.
29 October 2021