News

FTI Consulting hires from Deloitte in Montreal

FTI Consulting has made its first restructuring hire in the Canadian province of Québec, with a senior managing director who has worked at Big Four firms his entire career and has a credit on the restructuring of Canada’s largest airline.

23 November 2022

FTX Ch15 moves to Delaware as court hears “substantial amount of assets” are missing

The Bahamian joint provisional liquidators of collapsed crypto exchange FTX have agreed to move their Chapter 15 application from New York to Delaware, where the rest of the group sought Chapter 11 protection earlier this month.

22 November 2022

Lehman Brothers' European arms extend administrations as NY litigation rolls on

The joint administrators of Lehman Brothers’ main European arm have secured an extension of its administration in London, pending the outcome of litigation in New York that could force them to deal with an additional creditor claim of up to US$20.7 million.

22 November 2022

Comet liquidator wins preference claim against its former parent

The former owner of English electronics retailer Comet Group has been ordered to pay more than £89.6 million to its additional liquidator in what may be the largest unfair preference claim ever brought before the English High Court.

21 November 2022

New managing partner for Jones Day

Jones Day has announced its global disputes practice head Gregory Shumaker, who worked on Detroit’s high-profile Chapter 9 bankruptcy and carmaker Chrysler’s Chapter 11 restructuring, will become the eighth managing partner in its 130-year history.

21 November 2022

French care group presents turnaround plan as prosecutors raid homes

Disgraced international care home group Orpea has revealed a turnaround plan that it hopes to pursue in French conciliation proceedings, which could see it withdraw unprofitable locations globally and equitise around US$3.8 billion in unsecured debt.

21 November 2022

Effective cross-border restructuring in a modern commercial world: time for an alternative to the rule in Gibbs?

It may be time for an alternative to the rule in Gibbs, says Scott Atkins, president of INSOL International and Australian chair at Norton Rose Fulbright, as he examines recent jurisprudence on the 130-year-old rule from around the common law world, and the potential impact – or lack thereof – that the UK’s contemplated implementation of the UNCITRAL Model Law on the Recognition and Enforcement of Insolvency-Related Judgments will have on its operation.

18 November 2022

SGRI, Singapore: Sontchi on 16 years on the Delaware bankruptcy bench

Closing the Singapore Global Restructuring Initiative’s inaugural conference, Judge Christopher Sontchi provided 16 observations from his 16 years on the Delaware bankruptcy bench, saying judges will only ever know “a small fraction” of the truth and settlements are “almost always” better than court decisions.

18 November 2022

Cayman liquidators denied remuneration in HK, now denied leave to appeal

The Cayman liquidators of a textile group have been denied leave to appeal a costs order from a Hong Kong court that barred them from claiming remuneration against the group’s assets and rebuked them for forum shopping, disclosure breaches and “serious” misrepresentations to a Cayman judge.

18 November 2022

FTX CEO lambasts “distressing” recognition petition filed by Bahamas JPLs

FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.

17 November 2022

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