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

Features

Sovereign debt column:
Single vote cross-series collective action clauses – a “how to” guide

Sovereign debt column: Single vote cross-series collective action clauses – a “how to” guide

11 April 2016

In his second article for GRR, Andrew Shutter, a partner at Cleary Gottlieb Steen & Hamilton in London, looks at “single limb” cross-series collective action clauses: the stick of dynamite in the sovereign debt restructuring toolbox.

WIESBADEN: International insolvency legislation – separated by a common language?

WIESBADEN: International insolvency legislation – separated by a common language?

11 April 2016

Different implementing legislation for the UNCITRAL Model Law in the US and the UK has created two countries separated by a common language, speakers argued at a recent panel in Germany – as a former Cologne bankruptcy judge argued that Germany’s own international insolvency law is sufficient to get along without the Model Law.

No city-state is an island

No city-state is an island

11 April 2016

Kannan Ramesh SC is a Judicial Commissioner of the Singapore Supreme Court with a long-time focus on cross-border insolvency and restructuring. He spoke to GRR about the city-state's adoption of the UNCITRAL Model Law, cross-border cooperation in the context of the Trans-Pacific Partnership, and why his elderly grandfather was disappointed when he became a lawyer.

SINGAPORE: Court-to-court protocols are the key to cross-border consensus

SINGAPORE: Court-to-court protocols are the key to cross-border consensus

11 April 2016

Two judges and a lawyer from China, Singapore and the US discussed how to better manage cross-border insolvencies across Asia, agreeing that court-to-court protocols are a better solution than trying to harmonise different countries’ laws.

Asset recovery column: Why fraudsters should fear cross-border insolvency

Asset recovery column: Why fraudsters should fear cross-border insolvency

11 April 2016

Founding member Ed Davis and partner Annette Escobar of Astigarraga Davis in Miami discuss how recognition of foreign insolvency proceedings under the UNCITRAL Model Law can be a very effective tool in asset recovery.

Lessons learned from judging Lehman

Lessons learned from judging Lehman

11 April 2016

One week in September 2008 changed the life of Judge James Peck. He talks to GRR about the proposed changes for the restructuring of systemically important financial institutions since Lehman, and suggests ways to enhance international cooperation between bankruptcy courts and regulators in the event of another crisis of that scale.

Restructuring the eurozone

Restructuring the eurozone

01 March 2016

GRR recently met Spanish academic Ignacio Tirado, a specialist in sovereign insolvency, in Madrid’s Ritz Hotel - a venue that belies any sign of a eurozone crisis. There, the professor from the Autonomous University of Madrid discussed the the need for an international treaty on sovereign debt restructuring, as well as the pros and cons of the EU’s post-crisis financial stability mechanism.

Sovereign debt column: Where we are now with collective action clauses

Sovereign debt column: Where we are now with collective action clauses

01 March 2016

Andrew Shutter, a partner at Cleary Gottlieb Steen & Hamilton in London, argues that the ability to impose the wishes of the majority creditors on the minority by operation of law, often used in corporate insolvencies, can also be beneficial in sovereign debt restructurings.

Asset recovery column: Is insolvency the nuclear bomb of asset recovery?

Asset recovery column: Is insolvency the nuclear bomb of asset recovery?

01 March 2016

In the first of a series of columns on asset recovery, Edward Davis, a founding member of Astigarraga Davis in Miami and repeat winner of Who’s Who Legal’s Asset Recovery Lawyer of the Year award since 2013, considers asset tracing in the context of insolvency and how the two distinct legal practices can help each other.

LONDON: Assessing the EU's Single Resolution Mechanism

LONDON: Assessing the EU's Single Resolution Mechanism

19 February 2016

Distressed debt investors, advisors and turnaround management professionals from across the globe met in January to discuss the benefits and pitfalls of the EU's Single Resolution Mechanism: one of the main pillars of Europe's post-financial crisis banking union, whose purpose is to ensure an orderly resolution of failing banks with minimal costs for taxpayers and the economy.

Baha Mar: A missed cross-border restructuring opportunity?

Baha Mar: A missed cross-border restructuring opportunity?

05 February 2016

Last year, the Supreme Court of the Bahamas dismissed an application to recognise Chapter 11 proceedings commenced in a Delaware court by the developers of a failed US$3.5 billion hotel and casino complex known as Baha Mar. Sophia Rolle-Kapousouzoglou, a partner at Lennox Paton in Nassau, queries whether Baha Mar could have been an international restructuring, considers the specific obstacles to such an approach in the Bahamas, and asks what practitioners can learn from the case when the same opportunities crop up in the future.

MIAMI: A pontification on the restructuring of corporate groups

MIAMI: A pontification on the restructuring of corporate groups

05 February 2016

Hundreds of bankruptcy judges gathered in Miami in September where they discussed, among other things, emerging ideas for the restructuring of multinational corporate groups – including why the pope could be an excellent allocator of assets.