Centre of main interests

Hong Kong must depart from "English" approach to common law recognition

The “restricted” view that common law recognition favours proceedings in a debtor’s place of incorporation does not serve Hong Kong well, Mr Justice Harris has said in a decision adjourning the recognition of soft-touch provisional liquidators appointed in “questionable” circumstances in Bermuda.

11 March 2021

Saudi-owned African telecoms group seals UK plan meetings

A pan-African telecoms group that shifted its COMI from Mauritius to England in January has filed restructuring plan proceedings in London to secure new money to tide it over while it completes a sales process.

19 February 2021

No guarantees: Tiger Resources Unpacked

Featured in Unpacked

GRR investigates how the Australian parent of a Congolese copper miner became the first company in the common law world to implement a guarantor’s scheme of arrangement, against a “well-funded, well-advised” opposing creditor and where restructuring in the Democratic Republic of the Congo or England was deemed possible, but impractical.

12 February 2021

English court will hear Galapagos claim amid international challenges

An English court will hear a claim for declaratory relief concerning the validity of the Galapagos group’s controversial 2019 restructuring after finding that an “anchor defendant” in the form of a non-participating high yield note trustee gave it jurisdiction over a Luxembourg fund and a German insolvency administrator.

20 January 2021

Heated debate as Galapagos jurisdictional wrangles exchanged

A Luxembourg fund and a German insolvency administrator that are challenging the Galapagos group’s 2019 UK restructuring in the US and Europe, have laid out before an English court why they shouldn’t be joined in a claim for declaratory relief that the restructuring was valid.

18 December 2020

Oil driller KCA Deutag allowed to convene English scheme meeting

A court in London has convened a single meeting of creditors for a scheme of arrangement restructuring US$1.9 billion of international oil and gas drilling company KCA Deutag's debt - after asking its counsel to be cautious of increasing work fees.

15 October 2020

Dutch senate approves amended scheme

Local lawyers in the Netherlands tell GRR they expect the new Dutch scheme to be used frequently in the new year, after the country’s upper house of parliament rubber-stamped legislation that will bring it into being.

07 October 2020

Germany announces draft restructuring law in line with EU directive

German lawyers have cautiously welcomed a preventative restructuring regime outlined in a long-awaited draft bill that they hope will enable company rescues outside of insolvency and stymie the flow of companies who have headed abroad.

24 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

Australian court recognises pilot’s Hong Kong bankruptcy in tricky COMI case

An Australian court has recognised the Hong Kong bankruptcy estate of an airline pilot, despite expressing concerns over the determination of his centre of main interests.

12 August 2020

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