Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events
15 December 2017
Hong Kong’s official receiver, Phyllis McKenna, explained to delegates at GRR Live that long-awaited corporate rescue proposals in the special administrative region won’t be a debtor-in-possession regime like the US, and more recently Singapore – but they are taking inspiration from Australia.
22 November 2017
The Gibbs rule - that a contractual debt can only be compromised under the law governing it - has received a fair amount of negative press since a Singapore court declined to apply it in Pacific Andes last year. But in his keynote at GRR Live Hong Kong last month, Companies Court judge Jonathan Harris said the rule had been helpful locally in providing a “sufficient connection” for the sanctioning of schemes relating to foreign companies.
16 November 2017
What level of corruption is necessary to stop a US court granting Chapter 15 recognition to a foreign company? And do US avoidance provisions have international reach? A panel of four well-known names in the US tackled these questions in the context of Russian bankruptcies and courts split on extraterritoriality.
08 November 2017
In a multinational group insolvency, how do you safeguard and maximise the value of healthy parts of the business? Speakers at GRR Live New York compared the bankruptcies of telecoms group Nortel and imaging software company Kodak, concluding that Nortel benefited from selling the right kind of intellectual property, at the right time.
03 November 2017
A panel of American lawyers sitting in Ireland discussed why foreign companies in distress are increasingly choosing the US as the destination for their restructuring – and told delegates how to ensure they get their case heard in an American bankruptcy court once they’ve chosen the US as a jurisdiction.
02 November 2017
Panellists at the first GRR Live event in New York discussed whether jurisdictional competition for control of global insolvency proceedings is a positive development, taking in subjects from forum shopping to Brexit and recent developments at UNCITRAL.
23 October 2017
The European Union’s Single Resolution Mechanism (SRM) rose to its first challenge – the resolution of Spain’s Banco Popular – in summer 2017, but obstacles to the smooth functioning of the regulation could still arise when it is applied to cases that cross Europe’s borders, according to speakers at the Single Resolution Board’s second annual conference in Brussels.
20 October 2017
As massive new markets emerge in Asia and elsewhere, how can Greece remain relevant to NPL investors? That was the question posed in a keynote presentation by David Edmonds, financial advisory global head at Deloitte, at DDC Financial’s European Investment Summit in Athens last week.
20 October 2017
The EU Commission Directive proposal on preventive restructuring frameworks contains some "extremely useful" measures but could have minimal impact in some member states, according to speakers on the opening panel of INSOL Europe's 2017 congress in Warsaw.
19 October 2017
A panel at the inaugural GRR Live in Hong Kong considered the future of schemes of arrangement – and the future availability of other restructuring mechanisms in the special administrative region – against practical realities such as the court’s unwillingness to sanction the use of provisional liquidators solely for restructuring purposes.
18 October 2017
On 17 October, GRR held its first conference in Hong Kong at offices of Freshfields Bruckhaus Deringer, featuring a keynote speech by Hong Kong Companies Court Judge Jonathan Harris.
17 October 2017
Ten international insolvency brains came together at the United Nations building in Vienna to argue their case for what UNCITRAL’s Working Group V should pick up next: from a model law on sovereign debt restructuring, to an UNCITRAL-sponsored “law to die by”.