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Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, laments the “unpredictable” regime in the Netherlands for parties from outside the EU – an issue evidenced by a recent case between Dutch and Indian companies.
07 December 2017
The Gibbs rule - that a contractual debt can only be compromised under the law governing it - has received a fair amount of negative press since a Singapore court declined to apply it in Pacific Andes last year. But in his keynote at GRR Live Hong Kong last month, Companies Court judge Jonathan Harris said the rule had been helpful locally in providing a “sufficient connection” for the sanctioning of schemes relating to foreign companies.
22 November 2017
Partner Ignacio Buil, senior associate Carlos Ara and associate Guillermo Ruiz Medrano at Cuatrecasas in London, take a magnifying glass to a recent Spanish court ruling that exempted some creditors of energy company Abengoa from the terms of its homologated restructuring plan, in our latest pre-insolvency column in association with TMA Europe.
17 November 2017
Amid news that Venezuela has called foreign creditors to a meeting in Caracas on 13 November, Mark Walker, head of sovereign advisory at Millstein & Co, and senior restructuring partner Richard Cooper of Cleary Gottlieb Steen & Hamilton offer an in-depth analysis of the current situation in the state, and put forward the case for restructuring.
10 November 2017
Partner Paul Apáthy, senior associate Rowena White and Katherine Mackellar at Herbert Smith Freehills in Sydney discuss a trio of forthcoming Australian restructuring and insolvency law reforms, including new safe harbour protections for directors; restrictions on ipso facto clauses; and a crackdown on “phoenixing” – the transfer of assets from a near-insolvent company to avoid paying creditors.
30 October 2017
Etelka Bogardi, a partner in the financial services regulatory group at Norton Rose Fulbright in Hong Kong, looks at the region’s new bank resolution framework that came into effect in July, and assesses what it has meant in practice for distressed financial institutions in its first three months.
24 October 2017
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, explains the meaning of the public policy exception to automatic recognition of foreign insolvency judgments under the European Insolvency Regulation.
23 October 2017
Ten international insolvency brains came together at the United Nations building in Vienna to argue their case for what UNCITRAL’s Working Group V should pick up next: from a model law on sovereign debt restructuring, to an UNCITRAL-sponsored “law to die by”.
17 October 2017
Justice Jonathan Harris of the Hong Kong High Court met GRR in August to discuss some of his recent landmark decisions, particularly Z-Obee and Rennie Produce in which he assisted foreign liquidators.
16 October 2017
New restructuring legislation and the involvement of new types of lenders and advisers earlier in the restructuring process have opened different work opportunities for law firms than were available a decade ago. GRR has analysed data collected during our GRR 100 research to show where restructuring and insolvency departments have been getting their work from in recent years and how this differs from the origins of instructions in the past.
13 October 2017
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