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Spain Worked Out: The highs and lows of homologation

Spain Worked Out: The highs and lows of homologation

21 January 2020

Spain had no pre-petition restructuring tool until 2009. Its first attempt to create one was rather limited. The legislation wasn’t clear on the requirements for the petition itself, and Spanish courts construed it in very different ways, with some interpreting it as granting a temporary moratorium during which the debtor could attempt to strike a deal, but after which it would still be required to enter insolvency proceedings at the end.

DLA Piper advising as UK department store Beales collapses

DLA Piper advising as UK department store Beales collapses

21 January 2020

DLA Piper is acting for KPMG as joint administrators of UK department store Beales, which has become the latest victim of the “tough” retail climate.

Doncasters Group seeks recognition in Delaware

Doncasters Group seeks recognition in Delaware

21 January 2020

Three days after the High Court in London convened a pair of scheme meetings for its first- and second-lien lenders, Dubai-owned alloy manufacturer Doncasters Group has filed Chapter 15 proceedings in Delaware.

Payless puts best foot forward after second Chapter 11

Payless puts best foot forward after second Chapter 11

20 January 2020

Global discount footwear retailer Payless ShoeSource has emerged from its second Chapter 11 bankruptcy in three years.

English court finds jurisdiction over Gibraltarian companies under EIR

English court finds jurisdiction over Gibraltarian companies under EIR

20 January 2020

An English court has found that both European and domestic insolvency laws allow it to place Gibraltar-incorporated companies into insolvency proceedings, even if their centre of main interests lie in Gibraltar rather than the UK.

Cayman fund seeks protection in New York amid SEC complaint

Cayman fund seeks protection in New York amid SEC complaint

20 January 2020

A Cayman Islands fund is seeking US recognition of its Cayman liquidation, as the US Securities and Exchange Commission investigates allegations that its investment adviser orchestrated a “wide-ranging fraudulent scheme”.

BVI court orders liquidation after dismissing “biased” arbitration allegations

BVI court orders liquidation after dismissing “biased” arbitration allegations

17 January 2020

A BVI court has ordered the liquidation of a Russian-owned investment company, rejecting allegations that its debt stemmed from “tainted and biased” arbitration proceedings.

Borrelli Walsh promotes in Hong Kong and Singapore

Borrelli Walsh promotes in Hong Kong and Singapore

17 January 2020

Borrelli Walsh has appointed three directors across its Hong Kong and Singapore offices.

Weil Gotshal advising as scheme meetings convened for Doncasters Group

Weil Gotshal advising as scheme meetings convened for Doncasters Group

17 January 2020

The High Court in London has convened a pair of scheme meetings for indebted international alloy manufacturer Doncasters Group, with Weil Gotshal & Manges and Latham & Watkins advising.

Lebara completes restructuring

Lebara completes restructuring

16 January 2020

Six months after bondholders took control of the company through a “ground-breaking” coercive share pledge enforcement, UK telecoms group Lebara has completed its capital restructuring.

Australian retailer Jeanswest enters administration as company looks for new fit

Australian retailer Jeanswest enters administration as company looks for new fit

16 January 2020

Hong Kong-owned retailer Jeanswest has appointed Sydney-based KPMG partners Peter Gothard and James Stewart as voluntary administrators as it looks to rescue its Australian business.

Guernsey courts given power to wind up foreign companies

Guernsey courts given power to wind up foreign companies

16 January 2020

Guernsey practitioners have welcomed new amendments to the island’s insolvency regime, which include giving courts the power to wind up foreign companies.