Administration

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

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

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

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

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

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

The joint administrators of Nortel Networks Polska have secured termination and discharge orders from the High Court in London to bring an end to its 11-year administration in England.

26 August 2020

Creditors have approved Virgin Atlantic’s ground-breaking restructuring plan at four virtual meetings, with 99% of trade creditors lending their support.

25 August 2020

Members of FRP Advisory have been appointed administrators of Debenhams’ creditor-owned parent company with an eye towards winding it up, amid the continuing administration and potential sale of its operating entities.

24 August 2020

Scandal-hit UAE hospital operator NMC Healthcare is planning to file for administration in Abu Dhabi’s financial free zone, four months after its London-listed holding company entered administration in England.

20 August 2020