Hydrodec Group – reconsidering COMI?

Goodwin partner Simon Thomas and associate Emily Lockhart discuss the key takeaways from a “somewhat curious” recent Australian ruling, which dismissed an application brought by UK-incorporated oil re-refining company Hydrodec Group for recognition of its use of the UK’s new moratorium tool as a foreign main proceeding under the UNCITRAL Model Law.

28 October 2021

Interpath adds from SME adviser Bibby Financial Services

Interpath, the independent advisory firm spun out of KPMG’s restructuring practice, has hired Ben Smith as a director in its debt advisory team, from Bibby Financial Services.

13 August 2021

Dutch cooling-off period extended, unequal treatment permitted

The Court of the Hague has extended a WHOA cooling-off period and permitted unequal treatment of unsecured creditors where it was necessary to make sure Dutch bank Rabobank cooperates with a restructuring plan.

28 July 2021

NMC Healthcare administrators prep for London arbitration

NMC Healthcare’s ADGM administrators and Dubai Islamic Bank have agreed to a London arbitration to resolve their disputes over insurance receivables the bank claims it is entitled to as security.

16 July 2021

A&O advises on controlled Dutch scheme liquidation

The former holding company of international outdoor clothing group AS Adventure has been liquidated after securing a cooling-off period under Dutch scheme proceedings, which allowed it to formulate a liquidation plan while the rest of the group was sold through a share pledge enforcement.

15 July 2021

UK moratoriums can be recognised under Australia’s Model Law

The new UK moratorium tool is a foreign proceeding recogniseable under the UNCITRAL Model Law, an Australian court has found – while refusing to stay local winding-up proceedings against the moratorium company.

29 June 2021

Oslo-listed Prosafe taps Clifford Chance and Schjødt for Singapore restructuring

Clifford Chance and Norwegian firm Schjødt are advising Oslo-listed accommodation vessel operator Prosafe in a US$1.1 billion debt restructuring that has so far taken in a moratorium in Singapore and a recognition application in Scotland.

24 June 2021

“Total shave” for Videocon creditors as Mumbai court approves CIRP plan

Operational creditors of the Indian conglomerate Videocon have not had a haircut so much as a “total shave”, the NCLT in Mumbai has found, as it told the group to increase pay-outs to MSMEs but nevertheless approved a resolution plan that will see Vendata group entity Twin Star Technologies become Videocon’s new owner for next to “nothing”.

21 June 2021

Thai Airways plan gets court approval

Thai Airways’ rehabilitation plan has received court approval in Bangkok, after opposition from two creditors was rejected.

16 June 2021

NMC Healthcare announces creditor support for ADGM restructuring

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone will press ahead with deeds of company arrangement for 35 of the group’s entities, after announcing creditor support this week.

09 June 2021

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