A team from Norton Rose Fulbright offers a comparative analysis of the treatment of foreign and domestic tax debts across three different European restructuring processes, looking at whether they permit such debts to be compromised, and whether that may influence a debtor’s choice of restructuring jurisdiction. They also note that cross-border recognition of tax compromises has yet to be tested in the EU, leaving open the question of whether such compromises would be effective.
15 March 2024
Bob Wessels discusses the breadth of a limitation in the European Insolvency Regulation on an insolvency practitioner’s duty to cooperate across borders.
01 March 2024
Recent appointee to the Cayman Court of Appeal Justice Sir Anthony Smellie KC tells GRR about the legislative changes he oversaw in the jurisdiction during his 24-year tenure as Cayman Islands chief justice, the “critical importance” of court-to-court cross-border cooperation, and the cases he is looking forward to hearing in his new role.
19 February 2024
India’s Insolvency and Bankruptcy Code has helped cure “almost life-threatening” levels of non-performing assets faster than anybody anticipated, an international audience heard this weekend. As the country gears up to become the world’s third largest economy, the question is how to sustain growth for the next 25 years, and the challenge is encouraging foreign private investment in its debt.
12 February 2024
Investors, financiers, customers, employees and regulators are increasingly taking an interest in ESG issues, putting pressure on businesses with their money, their feet and the law. A cross-border team from Norton Rose Fulbright asks whether positive action on things like climate risk can be seen as a new type of directors' duty and considers the personal liability risks that might arise from breaching it.
08 February 2024
Kramer Levin restructuring co-head Amy Caton discusses why she thinks creative creditors are driving an increase in liability management transactions, how climate change may have helped her niche practice in municipal bonds and whether Puerto Rico’s electric utility PREPA might finally exit bankruptcy this year.
01 February 2024
Lawyers in São Paulo tell GRR that new bankruptcy rules proposed by Brazil’s government earlier this month are a good first step, but they need to be fleshed out before they will fulfil their aims of making liquidation processes more efficient, reducing litigation and giving creditors greater control.
31 January 2024
McDermott Will & Emery partners from the UK, US, Germany and France try to predict what 2024 might have in store for the restructuring sector in their respective jurisdictions, following several years of global unpredictability. Above all, they anticipate changes in what a restructuring is – and what it might be used for.
24 January 2024
Jeantet partner Jean-François Adelle in Paris delves into French care home operator Orpea’s restructuring plan, the first that used a cross-class cramdown mechanism in France to order a debt-for-equity swap. Adelle advised foreign banks holding schuldschein debt in the matter and says the case highlights the precautions unsecured creditors need to take in relation to accelerated safeguard proceedings.
23 January 2024
Norton Rose Fulbright lawyers consider how the UK’s Part 26A restructuring plan has opened up opportunities for “cram up” in unitranche structures – a type of hybrid structure that brings together senior and subordinated debt under one loan.
18 January 2024
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