Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

Conference reports

International Insolvency Forum, St Petersburg: Building bridges with UNCITRAL

International Insolvency Forum, St Petersburg: Building bridges with UNCITRAL

16 May 2019

The UNCITRAL Model Law on Enterprise Group Insolvency will be ready for adoption in July, the commission’s secretary Anna Joubin-Bret has said.

GRR Live, Hong Kong: new questions for international insolvencies

GRR Live, Hong Kong: new questions for international insolvencies

25 April 2019

Hong Kong’s restructuring scene is one of the most cross-border in the world, with three quarters of its listed companies incorporated offshore and most restructurings having a mainland China connection. But the territory still lacks a statutory regime for cross-border recognition – as recently brought into focus in the restructuring of Singaporean engineering company CW Group. What does this mean for international insolvencies in the region?

ABI, Washington DC: The challenges of pursuing assets abroad

ABI, Washington DC: The challenges of pursuing assets abroad

23 April 2019

The General Data Protection Regulation (GDPR) has made it harder to get discovery in the EU, while it’s so easy in the US that some Latin American insolvency practitioners know about debtors’ foreign assets before the debtor even knows a foreign proceeding has been opened against them. Panellists from Florida, the Cayman Islands and Hong Kong recently discussed how to overcome the challenges of pursuing overseas assets.

GRR Live Singapore - in pictures

GRR Live Singapore - in pictures

04 April 2019

Milbank partners David Zemans and Jacqueline Chan chaired the second GRR Live in Singapore this week looking at some of the cases that have tested the city-state’s new restructuring regime so far, and examining the huge growth in activity in India.

GRR Live Singapore: How to turn a bad hand around

GRR Live Singapore: How to turn a bad hand around

04 April 2019

Last weekend saw a rare public demonstration in Singapore by retail bondholders who say they've been shut out of the restructuring process for water treatment company Hyflux. Amid news Hyflux’s proposed rescue plan has collapsed, delegates at GRR Live earlier this week shared ideas on how to turn a bad hand in a restructuring into a winning one.

GRR Live, Offshore: In pictures

GRR Live, Offshore: In pictures

14 March 2019

The Second Edition of GRR Live Offshore in the Cayman Islands closed against the backdrop of a setting Caribbean sun, after speakers and delegates had examined questions of modified universalism, comity and the determination of centre of main interests.

GRR Live, Offshore: Cooperation is key – Judge Carey on the state of modified universalism

GRR Live, Offshore: Cooperation is key – Judge Carey on the state of modified universalism

14 March 2019

Assessing the current state of modified universalism, Judge Kevin Carey from the Delaware bankruptcy court discussed how a new UNICTRAL Model Law could push the UK away from the territorialism of Rubin and Gibbs, and considered the potential impact on international comity of a recent US appeal court decision on extraterritorial avoidance.

GRR Live, New York: Towards Chapter 11 with the changing face of creditors

GRR Live, New York: Towards Chapter 11 with the changing face of creditors

26 February 2019

The EU’s new restructuring directive is based on UK schemes and Chapter 11, while planned reforms for a post-Brexit UK will borrow from Chapter 11, ostensibly to keep up with the EU. Speakers at GRR Live New York concluded that we are taking steps towards convergence, mostly as a result of the changing face of creditors.

GRR Live, New York: Uncertainty will be weaponised

GRR Live, New York: Uncertainty will be weaponised

26 February 2019

Cross-border insolvencies are growing in number and bringing with them new challenges to jurisdiction and recognition that raise doubts on the continued validity of old common law rules. Unless the world moves towards a borderless, more harmonised system the uncertainty will be weaponised, a panel at GRR Live New York warned.

INSOL Europe, Athens: Annual congress tackles new technologies

INSOL Europe, Athens: Annual congress tackles new technologies

26 February 2019

Greece’s economic struggles, what makes an ideal insolvency law, and the risks and rewards of emerging technologies were the topics on the agenda, as restructuring and insolvency professionals gathered in Athens last October for INSOL Europe’s 2018 annual congress.

ABI International, Milan: Is the US diverging from the rest of the world?

ABI International, Milan: Is the US diverging from the rest of the world?

06 February 2019

Are jurisdictions around the world converging towards a shared ideal of rescue culture, and is the US moving away from it? Panellists at an American Bankruptcy Institute conference in Milan discussed reforms around the world and focused their attention on the EU, Singapore and Delaware.

Greater China Restructuring Forum: a market-based solution to China’s excess credit?

Greater China Restructuring Forum: a market-based solution to China’s excess credit?

17 January 2019

China has been working hard to develop a distressed debt market in recent years – so much so that it may be the largest single asset class investment opportunity globally, according to one investor. All it needs is buyers.