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

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UAE banking authority launches insolvency initiative as new law remains distant

UAE banking authority launches insolvency initiative as new law remains distant

05 April 2016

A recently announced initiative by the UAE Banks Federation (UBF) giving insolvent small and medium-sized enterprises a 90-day pre-bankruptcy workout period is welcome, but highlights unaddressed issues in the UAE’s insolvency legislation, lawyers have told GRR.

Hogan Lovells hires from DLA Piper in Australia

Hogan Lovells hires from DLA Piper in Australia

05 April 2016

Hogan Lovells has hired DLA Piper restructuring partner Scott Harris to practise in its Perth and Sydney offices.

Metals miner fights to keep Jamaican subsidiary's bankruptcy in the US

Metals miner fights to keep Jamaican subsidiary's bankruptcy in the US

04 April 2016

US mining and metallurgy company Noranda Aluminium is denying suggestions by one of its creditors that the bankruptcy proceedings of its Jamaican subsidiary do not belong in a Missouri court.

Morgan Lewis hires former Tokyo judge

Morgan Lewis hires former Tokyo judge

04 April 2016

Morgan Lewis & Bockius has added a former Tokyo High Court judge and adviser to financial services group Nomura Securities, as of counsel in Japan.

Ashurst helps Bank of Cyprus restructure property developer’s loans

Ashurst helps Bank of Cyprus restructure property developer’s loans

04 April 2016

Ashurst has advised Bank of Cyprus in the €400 million restructuring of one of Cyprus’s largest real estate and property developers and selected subsidiaries.

San Bernardino reaches settlement with Luxembourg creditor in Chapter 9 dispute

San Bernardino reaches settlement with Luxembourg creditor in Chapter 9 dispute

01 April 2016

The city of San Bernardino in California has agreed a settlement with a Luxembourg creditor, putting an end to court proceedings that were delaying completion of the city’s Chapter 9 bankruptcy adjustment plan.

Linklaters names new global restructuring co-chairs

Linklaters names new global restructuring co-chairs

01 April 2016

Linklaters partners Rebecca Jarvis and Richard Bussell have been named as the new co-chairs of the firm’s global restructuring and insolvency practice.

Chilean court says local restructure of Italy’s Enel must follow related party transactions rules

Chilean court says local restructure of Italy’s Enel must follow related party transactions rules

01 April 2016

A Chilean appeals court has ruled that the restructuring of a group of Latin American companies belonging to Italian utility Enel must be treated as a related party transaction, after a minority shareholder successfully sued the Chilean securities regulator over its interpretation of the deal.

UK court gives Hellas liquidators go-ahead for Guernsey serve-out

UK court gives Hellas liquidators go-ahead for Guernsey serve-out

31 March 2016

The liquidators of Luxembourg company Hellas II will be able to pursue fraud claims against its former owners in Guernsey, after the English High Court upheld a previous ruling permitting service outside of the jurisdiction.

Ratings agency says Basel mortgage suggestions could stir EU insolvency reform

Ratings agency says Basel mortgage suggestions could stir EU insolvency reform

31 March 2016

New York ratings agency Fitch has published a response to new proposals made by the Basel Committee on Banking Supervision, claiming its suggestions on mortgage foreclosure may spur insolvency regime reform in the EU.

Community round-up: laterals and directorship appointments across US and UK

Community round-up: laterals and directorship appointments across US and UK

31 March 2016

Proskauer Rose and Burges Salmon have made lateral hires, in the US and UK respectively, while Deloitte has added a new senior vice president in its corporate restructuring group in the past few weeks. Meanwhile, New York-based bankruptcy claims agent Prime Clerk has appointed a Weil Gotshal & Manges senior associate as director and hired a new director of solicitation and public securities.

BVI court gives Madoff investor a second chance at clawback

BVI court gives Madoff investor a second chance at clawback

30 March 2016

Liquidators of Fairfield Sentry, an investment fund that was among the biggest investors in the Bernie Madoff Ponzi scheme, will get a second chance at clawback litigation after a British Virgin Islands court refused to accept that claims already rejected in the BVI were “bound to fail” in New York.