News

Alvarez & Marsal appointed as UK energy market feels the heat

Alvarez & Marsal partners have been appointed administrators to two UK energy groups in 24 hours and the firm is understood to be in talks with other suppliers too, as the UK faces a string of bankruptcies in the retail energy sector.

24 September 2021

Former administrators avert £19 million misfeasance claims

A pair of Deloitte-turned-Teneo partners have defeated misfeasance claims arising out of the administration of a storage group more than six years ago, after an English judge struck them out and partially dismissed breach of duty claims against Clyde & Co.

24 September 2021

Philippine Airlines seeks local recognition of Chapter 11

The flag carrier airline of the Philippines has retained a local law firm to help it seek recognition of its Chapter 11 bankruptcy, as part of its attempts to restructure a US$6 billion debt pile.

24 September 2021

Section 109 opinion issued ahead of Omani citizen’s Chapter 15 appeal

A Florida court has ruled that a foreign debtor does not need to meet the eligibility requirements for being a debtor under section 109 of the US bankruptcy code, setting up a clash with a Second Circuit appeal court.

23 September 2021

Dutch Supreme Court questioned on WHOA for first time

The Supreme Court of the Netherlands has been asked to rule on the treatment of pension claims in WHOA procedures, after an Amsterdam court heard the topic had arisen in multiple restructurings.

23 September 2021

Administrator and former directors to represent claimant in arbitration

A Latvian bank's insolvency administrator can represent it in an arbitration against the Baltic state – but an ancillary claim over whether his appointment constituted a treaty breach should be argued by the bank’s former directors, an arbitral tribunal has ruled.

23 September 2021

Angolan-owned energy company enters bankruptcy in Amsterdam

UPDATED: A Dutch energy company owned by scandal-hit Angolan billionaire Isabel dos Santos has been placed into bankruptcy in the Netherlands.

22 September 2021

Luckin Coffee launches Cayman scheme, settles US class action

China’s Luckin Coffee has filed a scheme of arrangement petition in the Cayman Islands to implement a restructuring support agreement it reached with senior noteholders earlier in the year, and has also settled a US class action.

22 September 2021

IWIRC names Asia Woman of the Year 2021, launches Indonesia network

The International Women's Insolvency and Restructuring Confederation has named Mamta Binani, who oversaw the first resolution under India’s Insolvency and Bankruptcy Code, as its fourth Asia Women of the Year in Restructuring – two days after it launched a new network in Indonesia.

22 September 2021

Ukrainian trustee seeks UK recognition amid fraud suit

A bankruptcy trustee appointed over a Ukrainian banker’s assets in Kiev is seeking recognition in the UK, where the debtor is facing a separate bankruptcy petition and litigation over fraud allegations.

21 September 2021

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