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Yukos bankruptcy denied recognition in Netherlands

Yukos bankruptcy denied recognition in Netherlands

22 January 2019

The Dutch Supreme Court has refused to recognise oil and gas company Yukos’s Russian bankruptcy, ending a long-running battle for control of the Russian oil company’s international assets.

EU directive does not protect account holder’s transfer ahead of bank insolvency

EU directive does not protect account holder’s transfer ahead of bank insolvency

21 January 2019

A Latvian bank account holder, who tried to transfer money hours before the bank entered insolvency, cannot rely on an EU directive aimed at reducing systemic risk to complete the transfer, the European Court of Justice has ruled.

Alleged Australian-Israeli tax avoidance scheme exits Chapter 15

Alleged Australian-Israeli tax avoidance scheme exits Chapter 15

21 January 2019

A New York court has closed Chapter 15 proceedings for a group of Australian lenders implicated in an alleged international tax avoidance scheme with Israeli banks, after the companies’ liquidators withdrew subpoenas for their directors.

Gambling addiction thefts see lawyer jailed

Gambling addiction thefts see lawyer jailed

21 January 2019

An Australian lawyer who authored the Personal Insolvency Professionals Association’s code of conduct has been jailed for six years, after stealing A$9 million from a client to fuel his gambling addiction.

Alix vehicle and McKinsey go to mediation over disclosure allegations

Alix vehicle and McKinsey go to mediation over disclosure allegations

18 January 2019

Bankruptcy courts in Texas and Virginia have jointly ordered the restructuring arm of McKinsey and a special purpose vehicle belonging to AlixPartners founder Jay Alix to mediation, over Alix’s allegations that McKinsey concealed disqualifying financial interests before taking on restructuring instructions.

Jakarta boutique opens Singapore arm with KordaMentha hire

Jakarta boutique opens Singapore arm with KordaMentha hire

17 January 2019

Indonesian turnaround boutique AJCapital Advisory has opened up its first international office in Singapore, hiring KordaMentha’s Luke Furler to lead it.

Court approves RSA, DIP financing for Aegean Marine

Court approves RSA, DIP financing for Aegean Marine

17 January 2019

A New York court has endorsed a revised debtor-in-possession facility and restructuring support agreement for Greek ship fuel supplier Aegean Marine proposed by its major shareholder, after previously disgruntled bondholders got on board.

Borrelli Walsh contempt claim to proceed against individual KPMG partners

Borrelli Walsh contempt claim to proceed against individual KPMG partners

17 January 2019

KPMG partners refusing to hand over documents relating to an insolvent medical supplier face contempt of court proceedings in Hong Kong, but a court has ruled that the company’s liquidators – Borrelli Walsh – cannot sue the firm as a whole.

HSF and Bryan Cave on Flybe rescue

HSF and Bryan Cave on Flybe rescue

16 January 2019

Herbert Smith Freehills and Bryan Cave are advising on a rescue deal for British airline Flybe.

Gibson Dunn advises bondholders on US lawsuit against Venezuela

Gibson Dunn advises bondholders on US lawsuit against Venezuela

16 January 2019

Gibson Dunn & Crutcher is acting for two Cayman Islands-based funds in lawsuits filed against the Venezuelan government, bringing the fight to recover the state’s overdue bonds to the US.

Sidley adds counsel in Dallas

Sidley adds counsel in Dallas

15 January 2019

Togut Segal & Segal’s Charles Persons has swapped New York for Texas, with a move to Sidley Austin as counsel in its Dallas office.

Chapter 11 thrown out as ploy to dodge asset sale

Chapter 11 thrown out as ploy to dodge asset sale

15 January 2019

The Delaware bankruptcy court has dismissed an international technology company’s Chapter 11 case, saying it was designed to avoid a court-sanctioned asset sale and served “no valid bankruptcy purpose”.