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New York court approves Toisa settlement after rejecting trustee concerns

New York court approves Toisa settlement after rejecting trustee concerns

22 January 2018

A US bankruptcy court has approved a settlement agreement that shakes up the board of Bermuda-registered oil services shipper Toisa and appoints a Zolfo Cooper partner as its chief restructuring officer, dismissing an objection raised by the US Trustee’s Office.

No appeal for failed contempt claim against Grant Thornton partner

No appeal for failed contempt claim against Grant Thornton partner

22 January 2018

Guernsey’s Court of Appeal has refused to let British property mogul Robert Tchenguiz appeal orders that cleared Grant Thornton restructuring partner Stephen Akers of contempt of court.

Greece breached TFEU obligations in unlawful state aid case

Greece breached TFEU obligations in unlawful state aid case

22 January 2018

Greece failed to take “all measures necessary” to recover unlawful state aid awarded to a now-insolvent Greek textile company, breaching its obligations under the Treaty of the Functioning of the European Union (TFEU), an EU court has ruled.

Regulatory round-up: EU data protection regulation creates new duties for insolvency practitioners

Regulatory round-up: EU data protection regulation creates new duties for insolvency practitioners

19 January 2018

European insolvency practitioners may soon have added data protection responsibilities; Italy is considering adopting the UNCITRAL Model Law; Slovak company directors face stricter liability under new rules; and Serbia has given secured creditors new powers in its bankruptcy procedures.

Canada-headquartered DIY group seeks US recognition after high temperatures cause sales slump

Canada-headquartered DIY group seeks US recognition after high temperatures cause sales slump

19 January 2018

A Canadian company and its US subsidiary that provide equipment to prepare homes for storms have filed for Chapter 15 protection in Delaware, citing “abnormally warm North American temperatures” as one of the reasons for restructuring.

Cross-border relief refused in Azeri bank restructuring as English court cites Gibbs

Cross-border relief refused in Azeri bank restructuring as English court cites Gibbs

18 January 2018

A UK court has said it lacks jurisdiction, in the presence of the Gibbs rule, to grant the foreign representative of an Azeri bank an extended moratorium in England preventing creditors with English-law governed debt from enforcing their contractual rights in the UK after the Azeri restructuring process ends.

Gibraltar appeals court orders retrial of fraud case against defunct law firm’s bank

Gibraltar appeals court orders retrial of fraud case against defunct law firm’s bank

18 January 2018

The Court of Appeal for Gibraltar has reversed an earlier judgment in favour of the liquidators of collapsed offshore law firm Marrache & Co, finding that monetary relief orders obtained against a subsidiary of a Danish bank were “unjustified”.

Singapore court denies foreign creditor’s request to lift stay pending winding-up

Singapore court denies foreign creditor’s request to lift stay pending winding-up

18 January 2018

A judge in Singapore has rejected a Malaysian interior design company’s bid lift a stay of proceedings and pursue a garnishee order against a Singaporean company that is in the process of winding up.

Four partners to leave Cadwalader for Milbank

Four partners to leave Cadwalader for Milbank

17 January 2018

Cadwalader Wickersham & Taft’s co-chair of restructuring Yushan Ng is moving to Milbank Tweed Hadley & McCloy alongside three other partners.

Two Kirkland partners jump ship

Two Kirkland partners jump ship

17 January 2018

Two partners in Kirkland & Ellis’s US bankruptcy and restructuring team have departed for rival firms in New York and Chicago.

Carillion liquidator “very pleased” with private sector response as global joint venture partners look to “fill the gap"

Carillion liquidator “very pleased” with private sector response as global joint venture partners look to “fill the gap"

17 January 2018

The court-appointed liquidator of construction firm Carillion has praised the initial response of the company’s private sector customers, while joint venture partners around the world have said they will “step up to fill the gap” left by the company’s £1.5 billion collapse.

Austrian administrator reopens bidding for Niki

Austrian administrator reopens bidding for Niki

16 January 2018

The Austrian court-appointed administrator of Air Berlin subsidiary Niki has announced that she will welcome bids from investors looking to acquire the insolvent airline’s assets, despite her German counterpart’s claim last week that a sale to International Airlines Group (IAG) had “already closed”.