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

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Stearns exits bankruptcy after judge overrules objections

Stearns exits bankruptcy after judge overrules objections

15 November 2019

Having taken advice from outgoing Skadden restructuring co-head Jay Goffman, US mortgage lender Stearns Holdings has exited Chapter 11 after a US judge approved its rescue plan and dismissed objections.

Pre-pack pioneer Jay Goffman to leave Skadden

Pre-pack pioneer Jay Goffman to leave Skadden

15 November 2019

Jay Goffman, the long-time chair of Skadden Arps Slate Meagher & Flom’s global restructuring group, is set to retire from the firm early next year.

Carey Olsen opens Singapore practice with Harneys hire

Carey Olsen opens Singapore practice with Harneys hire

15 November 2019

Harneys partner James Noble has joined fellow offshore firm Carey Olsen to head its new restructuring practice in Singapore – less than a year after he established Harneys’ practice in the same city.

Miami Chapter 15 for jailed Taiwanese-British IT executive

Miami Chapter 15 for jailed Taiwanese-British IT executive

14 November 2019

The joint trustees of Ji-Chuen Jason Tsai, a “thoroughly dishonest” bankrupt Taiwanese-British businessman, have applied for Chapter 15 recognition to track his real estate assets in the US.

UK government meets crown preference critics after Brexit warning

UK government meets crown preference critics after Brexit warning

14 November 2019

The UK government has met with insolvency industry groups after they warned its planned revival of crown preference would render its Brexit preparations “incoherent”.

ABI, New York: Brazil and Argentina considering JIN guidelines

ABI, New York: Brazil and Argentina considering JIN guidelines

14 November 2019

Brazil and Argentina are likely to become the first Latin American jurisdictions to adopt the Judicial Insolvency Network’s guidelines on court-to-court communication, delegates heard at an event put on by the American Bankruptcy Institute last week.

Gibraltar clawback bid hits Brussels Recast hurdle

Gibraltar clawback bid hits Brussels Recast hurdle

13 November 2019

Gibraltar’s supreme court has partly blocked local liquidators from clawing back assets located in Spain, in a decision touching on jurisdictional issues between the Brussels Recast Regulation and the European Insolvency Regulation.

Bahrain and Saudi Arabia recognised in World Bank’s Ease of Doing Business list

Bahrain and Saudi Arabia recognised in World Bank’s Ease of Doing Business list

13 November 2019

The World Bank's Ease of Doing Business Index has praised Bahrain and Saudi Arabia for reforms to their insolvency regimes, but criticised India for a recent reform to the Insolvency & Bankruptcy Code that it said would make resolving insolvencies harder.

Kirkland & Ellis advising Mamas & Papas and Pizza Express

Kirkland & Ellis advising Mamas & Papas and Pizza Express

13 November 2019

A week after taking the lead role in the Mothercare administration, Kirkland & Ellis has been retained by the joint administrators of rival UK-based baby care retailer Mamas & Papas and by struggling restaurant group Pizza Express.

Linklaters and Ashurst help as British Steel rescued from the scrap heap

Linklaters and Ashurst help as British Steel rescued from the scrap heap

12 November 2019

Linklaters and Ashurst have joined Clifford Chance advising on the sale of British Steel’s UK, French and Dutch operations to Chinese industrial conglomerate Jingye: a move designed to rescue the group, which entered compulsory liquidation in the UK in May.

Lehman sub-loan priority trial begins in London

Lehman sub-loan priority trial begins in London

12 November 2019

A 12-day combined trial has begun in London that will determine the priority for distribution of three loan agreements between two English companies in the former Lehman Brothers group.

UK slipper retailer’s liquidators seek Tar Heel foothold

UK slipper retailer’s liquidators seek Tar Heel foothold

12 November 2019

The joint liquidators of a UK-based online footwear retailer have filed Chapter 15 proceedings in North Carolina, after being threatened with a class action suit in the US.