Insolvency

Australian report shows interdependency of Greensill administrations

Greensill’s Australian liquidators have said they can’t provide estimates on potential returns for its unsecured creditors, because they depend on future dividends in the UK and German administrations, among other factors.

22 July 2021

Simmons & Simmons sets up new German restructuring team

Simmons & Simmons has hired a partner from Allen & Overy with credits on the Steinhoff restructuring, to lead a new German restructuring and insolvency team in Frankfurt.

19 July 2021

Distressed investors win English jurisdictional battle against France’s Cassini

Three funds managed by distressed investors SVP Global and Attestor Capital have secured an English court ruling against insolvent French events organiser Cassini, over its failure to release key information under an English law-governed loan agreement.

19 July 2021

Wirecard’s Indian forex subsidiary sold

The German administrator of scandal-hit payments processor Wirecard has agreed to sell an Indian subsidiary of the company, as he continues to offload assets held around the world.

07 July 2021

Berlin logistics conglomerate to acquire insolvent German retailer

European retailer Adler Modemärkte has filed an insolvency plan before a court in southern Germany, after entering into an investment agreement that would see Berlin-based Zeitfracht take it over.

07 July 2021

No take-up of EIR’s group insolvency rules

Not a single significant cross-border case has successfully gone through the EU’s group coordination proceedings, a new study has found, four years after the recast European Insolvency Regulation came into force.

30 June 2021

Clearstream facing €500 million Air Berlin claim following Brexit

The German insolvency administrator of UK-registered airline Air Berlin is set to file a €497.8 million claim against Luxembourgish shareholder Clearstream Banking, claiming it is now the airline’s “personally liable partner” following Brexit.

28 June 2021

Mumbai NCLT approves Jet Airways rescue plan

A consortium led by UK-registered asset manager Kalrock Capital and Indian businessman Murari Lal Jalan has won approval for its plan to rescue Mumbai-based Jet Airways.

22 June 2021

KPMG challenges proposed £15 million FRC fine over Silentnight pre-pack

KPMG and its now-retired partner David Costley-Wood should not face “overly punitive” £15.5 million fines and sanctions for their conduct in the “historic” pre-pack sale of bedmaker Silentnight, South Square’s Mark Phillips QC has told a Financial Reporting Council disciplinary tribunal.

22 June 2021

Restructuring expert rejected in first for Dutch scheme

In what appears to be the first decision of its kind, a court in the Central Netherlands has rejected a request to appoint a restructuring expert over a struggling technology business.

21 June 2021

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