Centre of main interests

Endo secures recognition in Canada after patent set-back in US appeal court

Two Canadian affiliates of Irish-registered pharmaceutical group Endo have obtained recognition of the group’s New York bankruptcy proceedings in Toronto as it lost an appeal in the US to block a generic version of its best-selling drug.

30 August 2022

Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted

Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.

17 August 2022

Maltese Evan Group lays foundations for cross-border StaRUG case

Malta-registered real estate company Evan Group has petitioned a Düsseldorf court to open a German StaRUG restructuring process, ahead of a €125 million bond repayment that looms at the end of the month.

07 July 2022

Weil advising as Scandi flag carrier lands in New York bankruptcy court

Scandinavian flag carrier SAS has jetted to New York to seek Chapter 11 relief after strike action grounded half its fleet.

05 July 2022

Common law recognition not available for solvent liquidations, Hong Kong court confirms

Mr Justice Harris has granted a trio of Cayman court-appointed provisional liquidators the power to act as agents of a solvent, offshore-incorporated mutual fund in Hong Kong, while clarifying that his recent comments on common law recognition being assessed on COMI grounds are not relevant to solvent liquidations.

04 July 2022

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

Eagle Hospitality's Ch11 denied recognition in Singapore

A Singapore court has declined to recognise a real estate investment trust’s Chapter 11 restructuring under the local implementation of the UNCITRAL Model Law, finding the law only applies to corporate entities and does not extend to a collective investment scheme.

24 June 2022

Hong Kong court declares adoption of COMI criteria for assessing recognition requests

Hong Kong’s Mr Justice Harris has made a case for the adoption of centre of main interest (COMI) criteria over place of incorporation when considering the recognition of foreign officeholders, in a 45-page decision that practitioners say aligns Hong Kong’s common law recognition regime with international standards.

23 June 2022

Galapagos faces UK winding up following EU Insolvency Regulation judgment

Senior creditors of the Galapagos group have applied to wind it up in the UK despite ongoing insolvency proceedings in Germany, citing a European Court of Justice decision from March that interpreted the European Insolvency Regulation against the backdrop of two potential COMI shifts and Brexit.

24 May 2022

Europe column: independent territorial insolvency proceedings under the recast Insolvency Regulation

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses what happens in the rare case that a territorial insolvency proceeding is opened prior to any main insolvency proceedings.

12 April 2022

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