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Changes for financial institutions in Ukraine’s restructuring and recoveries market

Changes for financial institutions in Ukraine’s restructuring and recoveries market

13 December 2019

Until recently Ukraine has been known as a high-risk country, provoking creditors’ fears of being caught up in a default with zero prospect of recovery. But Iryna Kalnytska, head of the restructuring and claims practice at Ukrainian firm GOLAW, says the situation has changed substantially over the past few years with reforms to Ukraine’s Bankruptcy Code and new legislation on creditors’ rights.

O’Melveny makes up New York restructuring partner

O’Melveny makes up New York restructuring partner

13 December 2019

O’Melveny & Myers has promoted Matthew Hinker to partner in its bankruptcy and restructuring practice in New York.

Deloitte and BDO brought in as ex-Steinhoff retailer collapses

Deloitte and BDO brought in as ex-Steinhoff retailer collapses

13 December 2019

Australian retail chain Harris Scarfe has entered receivership, less than a month after South African conglomerate Steinhoff sold it to Sydney-based private equity firm Allegro Funds.

Pooled BVI liquidations seek US recognition

Pooled BVI liquidations seek US recognition

12 December 2019

The liquidators of three British Virgin Islands companies tied up in an alleged US$200 million fraud conducted by a former mayor of São Paulo have filed for US recognition, days after a local court authorised the pooling of their liquidations.

Hong Kong appeal court upholds joint venture exclusion

Hong Kong appeal court upholds joint venture exclusion

12 December 2019

The Hong Kong Court of Appeal has allowed a construction company to exclude its joint venture partner from a government project, finding the partner’s provisional liquidators could not rely on winding-up legislation to overturn the exclusion.

Duff and Phelps hire new managing director in UK

Duff and Phelps hire new managing director in UK

12 December 2019

Global advisory firm Duff and Phelps has hired a new managing director to join its restructuring practice in Manchester.

Trustee fee increase unconstitutional, SunEdison says

Trustee fee increase unconstitutional, SunEdison says

11 December 2019

US renewable energy company SunEdison is suing the US Trustee for what it claims are unconstitutional fees in its Chapter 11 bankruptcy proceedings.

Indian retailer Koovs sold to London-based creditor

Indian retailer Koovs sold to London-based creditor

11 December 2019

Indian online retailer Koovs has been bought out of administration by a London-based special purpose vehicle set up by its chairman and largest secured creditor, British peer Waheed Alli.

Borrelli Walsh hires from Deloitte in Shanghai

Borrelli Walsh hires from Deloitte in Shanghai

11 December 2019

Borrelli Walsh has hired a new head of its Shanghai practice, Deloitte director Vincent Lee.

Indian banks push London court for bankruptcy order against Kingfisher boss

Indian banks push London court for bankruptcy order against Kingfisher boss

10 December 2019

Creditors of Indian tycoon Vijay Mallya are seeking a bankruptcy order against the former Kingfisher Airlines and Force India boss in an attempt to enforce a Bangalore court’s £1 billion debt recovery order.

Avianca reaches restructuring deal with creditors

Avianca reaches restructuring deal with creditors

10 December 2019

A host of firms including Greenberg Traurig and Milbank are advising on a debt restructuring for Colombian-Panamanian aviation group Avianca.

BVI court issues first judgment on pooling liquidations

BVI court issues first judgment on pooling liquidations

10 December 2019

The estates of three companies tied up in a “substantial fraud” allegedly carried out by São Paulo’s former mayor can be pooled, a British Virgin Islands court has ruled, in the first published judgment of its kind.