Administration

Two UK Lehman entities extend their administrations – again

Two UK Lehman Brothers companies have obtained extensions of their administrations for a fourth time, arguing their ability to pay creditors is contingent on a contractual indemnity and a recent Court of Appeal decision on the ranking of subordinated debts in the group.

29 October 2021

Investors lose joint Australia-New Zealand appeal over commingled assets

Investors in collapsed Antipodean stockbroker Halifax have failed to overturn complementary court decisions in Australia and New Zealand over the distribution of the group’s commingled assets, after appeal courts in both jurisdictions sat in another ground-breaking joint hearing.

27 October 2021

GFG owes 34 "buckets" of debt to Greensill’s UK arm, report says

The UK administrators of Greensill’s main trading entity have revealed that Sanjeev Gupta’s GFG Alliance owes the company US$590 million, while the group’s US unit is nearing a Chapter 11 plan confirmation hearing amid creditor opposition.

22 October 2021

EU was right to clear Air Berlin asset sales, General Court rules

The European Commission rightfully approved easyJet and Lufthansa’s acquisitions of airport landing slots from insolvent Air Berlin, and EU court has ruled, rejecting appeals by a Polish airline.

21 October 2021

Community roundup: hires for Mintz, A&M and Corrs as Freshfields lawyer called to the Bar

Boston-headquartered law firm Mintz has recruited new faces in Chicago and Texas, and Alvarez & Marsal has bolstered its UK restructuring group, while a Freshfields lawyer has moved to Erskine Chambers and Australia’s Corrs Chambers Westgarth has hired from Paul Hastings in London.

01 October 2021

UK energy collapses continue as firms get more mandates

Another three UK energy providers have ceased to trade, with Alvarez & Marsal and Womble Bond Dickinson winning yet more appointments.

30 September 2021

Former administrators avert £19 million misfeasance claims

A pair of Deloitte-turned-Teneo partners have defeated misfeasance claims arising out of the administration of a storage group more than six years ago, after an English judge struck them out and partially dismissed breach of duty claims against Clyde & Co.

24 September 2021

Administrator and former directors to represent claimant in arbitration

A Latvian bank's insolvency administrator can represent it in an arbitration against the Baltic state – but an ancillary claim over whether his appointment constituted a treaty breach should be argued by the bank’s former directors, an arbitral tribunal has ruled.

23 September 2021

Nortel’s main French arm to end English administration

The largest French arm of Nortel Networks is set to terminate its “unique” 12-year English administration, eight months after a court in Versailles closed its secondary liquidation.

20 September 2021

Greensill’s UK administration recognised in US

Greensill’s main trading entity has obtained recognition of its UK administration in New York, where US coal miner Bluestone Resources had already agreed to suspend a fraud suit against two of its senior managers for 90 days – though not for the entire length of the Chapter 15 stay.

15 September 2021

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