Europe column: who is the “foreign representative” under the UNCITRAL Model Law?

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses an issue that came before a Dutch court in a case GRR reported on a few days ago: who is the foreign representative under the UNCITRAL Model Law?

04 September 2023

New York judge to seek aid from China in Schahin unjust enrichment suit

A US judge has agreed to issue a letter of request to a Chinese court to help the Brazilian administrators of oil and gas group Schahin secure documents to support their unjust enrichment claims against a host of international banks.

01 September 2023

JOLs appointed over Cayman fund after two-year battle with fund manager

Kroll’s Cosimo Borrelli and Mitchell Mansfield have been confirmed as joint official liquidators of Global Fixed Income Fund, after a Cayman judge rejected objections from shareholders that they were biased towards a minority stakeholder – Taiwanese “ultra-high net worth individual” Bruno Wang.

01 September 2023

Latham and Baker McKenzie advise as Babylon sells UK arm

Digital health group Babylon has entered administration in England and sold its UK operations to a Miami-headquartered at-home medical testing company, with Latham & Watkins and Baker McKenzie both taking roles.

31 August 2023

VanMoof bought out of bankruptcy after securing Ch15 stay

A subsidiary of motorsport technology company McLaren Applied has agreed to buy Dutch e-bike manufacturer VanMoof out of bankruptcy, two days after the company secured a temporary Chapter 15 stay to halt an injury claim brought against a non-debtor subsidiary in New York.

31 August 2023

Canadian art group secures Ch15 recognition to stall JV dispute

A Canadian immersive art exhibit company has secured US recognition of a restructuring it launched in Ontario last month, blocking an action brought against it over a failed joint venture.

30 August 2023

Second Singaporean crypto scheme sanctioned becomes first to take effect

The operator of Singaporean cryptocurrency platform Vauld has secured sanction of a scheme of arrangement that will be the first such scheme to take effect in the Lion City, after another crypto lender, Zipmex’s, fell through.

30 August 2023

Mallinckrodt files for bankruptcy again, subpoenaed over "suspicious orders"

Beleaguered Irish pharmaceutical group Mallinckrodt has secured several first day orders in its prepackaged Chapter 11 proceedings in Delaware, two days after it disclosed it has been subpoenaed over its sale of controlled substances.

30 August 2023

Dutch court issues reasons for unprecedented Ch11-style stay

A Dutch court has issued its reasons for granting shipping group Vroon an unprecedented worldwide stay on enforcement, which had a similarly far-reaching effect to the Chapter 11 automatic stay and helped the shipping group complete its parallel English scheme and WHOA restructuring.

29 August 2023

Haya achieves second scheme sanction in England

A subsidiary of Spanish distressed real estate loans manager Haya Holdco has obtained sanction of its second English scheme of arrangement in as many years, allowing it to distribute the €136 million proceeds of sale of its main operating subsidiary to secured noteholders.

29 August 2023

Unlock unlimited access to all Global Restructuring Review content