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Brazilian clothing company completes country’s largest extrajudicial reorganisation

Brazilian clothing company completes country’s largest extrajudicial reorganisation

13 July 2016

Brazilian clothes retailer Colombo has completed a 1.6 billion reais (US$480 million) debt restructuring, in what is thought to be the largest extrajudicial reorganisation in the country’s history.

BRUSSELS: protecting the wealth of Europe

BRUSSELS: protecting the wealth of Europe

13 July 2016

The development of pre-insolvency mechanisms alongside formal tools such as schemes of arrangement has been a valuable response to complex financial issues and should be borne in mind by regulators attempting to harmonise regimes, speakers said at a conference in Brussels on 16 to 17 June.

Community round-up: PwC promotes in the UK, firms build out down under

Community round-up: PwC promotes in the UK, firms build out down under

13 July 2016

PricewaterhouseCoopers has promoted four new partners in its business recovery services team across the UK this week, while firms in Australia and New Zealand have made lateral hires.

Davis Polk bolsters NY team with lateral hire and promotion

Davis Polk bolsters NY team with lateral hire and promotion

12 July 2016

Davis Polk & Wardwell has hired a new counsel from Milbank Tweed Hadley & McCloy and promoted one of its own associates to partner.

Brazilian court refuses to recognise BVI proceeding on public policy grounds

Brazilian court refuses to recognise BVI proceeding on public policy grounds

12 July 2016

Brazil’s Superior Court of Justice has said it won’t recognise the liquidation of a British Virgin Islands company, citing risks to the judicial recovery of the company’s Brazilian subsidiary.

Latham & Watkins poaches Ashurst partner in London

Latham & Watkins poaches Ashurst partner in London

11 July 2016

Latham & Watkins has hired Simon Baskerville from Ashurst as a partner in its finance department.

NY court approves Russian buyout of bankrupt Cypriot tanker fleet

NY court approves Russian buyout of bankrupt Cypriot tanker fleet

11 July 2016

A New York bankruptcy judge has approved the sale of Cyprus-registered Arctic tanker operator Primorsk International Shipping’s fleet to a Russian shipping company for US$215 million.

Reforms in Hong Kong and the Netherlands as new Malaysian regime awaits signature

Reforms in Hong Kong and the Netherlands as new Malaysian regime awaits signature

08 July 2016

Hong Kong has adopted bail-in legislation and the Netherlands has amended its approach to directors’ liability in recent weeks, as sweeping changes await passage in Malaysia.

Lawyers react to India’s new cross-border recognition mechanism

Lawyers react to India’s new cross-border recognition mechanism

08 July 2016

India’s new Bankruptcy Code includes provisions allowing Indian courts to cooperate with foreign courts in cross-border proceedings - but some lawyers have concerns the new law in its current form may bring procedural burdens.

Veteran chair of bankruptcy group dies at 85

Veteran chair of bankruptcy group dies at 85

08 July 2016

The veteran chair of US firm Anderson Kill’s bankruptcy and restructuring group, Arthur Olick, has passed away aged 85 from complications due to multiple sclerosis.

Delaware court recognises Toshiba-Samsung joint venture’s Korean proceedings

Delaware court recognises Toshiba-Samsung joint venture’s Korean proceedings

07 July 2016

Updated: A court in Delaware has granted interim Chapter 15 protection for a unit of an international joint venture between Asian electronics giants Toshiba and Samsung.

Italy has "room to manoeuvre" around BRRD as pressure mounts to clean up NPLs

Italy has "room to manoeuvre" around BRRD as pressure mounts to clean up NPLs

07 July 2016

Italy's government has reportedly been exploring options to circumvent EU law and use state funds to revitalise its banking sector, following the recent bailout of two banks by the state-backed Atlante rescue fund - but lawyers say the country is manoeuvring within its legal limits.