Administration
Amicus administrators secure cramdown
A disgruntled creditor of UK lender Amicus Finance has failed to block a restructuring plan introduced by its administrators, after the English High Court agreed to impose a cross class cramdown.
19 August 2021
Greensill Capital seeks recognition to stop US lawsuit
Greensill’s main trading entity has sought recognition of its UK administration in New York to block a fraud suit brought against it by US coal miner Bluestone Resources – while its bankrupt US unit has received court approval to sell its working capital provider.
19 August 2021
Arrium lenders lose landmark case in Australia
Three international banks and a New York-based investor have lost their claims against the former directors of collapsed Australian miner Arrium, following a landmark ruling in the Supreme Court of New South Wales.
17 August 2021
NMC group update reveals creditor vote date
The NMC group has announced it will hold meetings of creditors for its 35 deeds of company arrangement on 1 September, in a detailed update also noting the various proceedings it has been pursuing - and fighting - in onshore and offshore courts across the UAE.
13 August 2021
Amicus administrators seek cramdown amid conflict accusations
The administrators of UK lender Amicus Finance have asked an English court to sanction the company’s restructuring plan, requesting that it cram down a disgruntled creditor that alleges they are conflicted.
11 August 2021
Stephenson Harwood advising as Australian miner enters UK administration
The London-listed parent of an Australian mining company has entered administration in England after an overly leveraged balance sheet left it unable to pay its debts.
10 August 2021
KPMG fined £13 million for Silentnight misconduct
The UK's Financial Reporting Council has “severely reprimanded” KPMG and fined it £13 million for its conduct in the decade-old pre-pack sale of bedmaker Silentnight, describing a “deeply troubling” scenario in which now-retired partner David Costley-Wood misled his client and the Pension Protection Fund to help prospective client HIG Capital acquire the bedmaker after dumping its pension scheme.
05 August 2021
Amicus creditor denied disclosure ahead of cramdown hearing
A disgruntled creditor of UK lender Amicus Finance has failed to secure information on a share sale carried out when it entered administration, ahead of a sanction hearing on a restructuring plan requiring cross-class cramdown.
02 August 2021
DLA Piper and GLAS push Gupta holding companies into administration
A team from DLA Piper acting for GLAS Trust Corporation has placed two Sanjeev Gupta-owned companies that hold aluminium assets in Europe into administration in the UK.
30 July 2021
FTI Consulting expands in Australia
FTI Consulting has bolstered its Australian restructuring team with the hire of four senior managing directors from Deloitte and PwC – including a former Virgin Australia administrator.
28 July 2021