Latest WHOA decision rules on Biofuel Plant owner’s subordinated debt

A Dutch biofuel plant owner has secured sanction of its WHOA restructuring plan despite objections from the province of Overijssel, which claimed it was wrongly classified as a subordinated creditor.

06 October 2021

Privy Council reinstates Black Swan jurisdiction

The UK Privy Council has confirmed that common law courts have the power to grant “free standing” freezing injunctions against parties they have personal jurisdiction over to assist enforcement of an existing or prospective foreign judgment, in a decision that one firm says “will be an anthology for all freezing injunction cases going forward”.

05 October 2021

Sidley hires Kirkland partner on the East Coast

Preparing for creditor patience to run out and a spike in demand for restructuring lawyers next year, Sidley Austin has recruited a Kirkland & Ellis partner to its New York and Washington, DC offices.

05 October 2021

Landmark Lehman sub-debt ruling appeal begins

A Scottish Lehman Brothers entity has given evidence on the first day of a multi-way appeal against a landmark decision that a British court made last year on the distribution of subordinated liabilities between two other UK Lehman companies.

04 October 2021

Insolvency forum shopping and the case of Investin

Partner Stephen Alexander and associate Stephan Venter at Mourant in Jersey examine the growing practice of insolvency forum shopping and explain how Jersey’s Royal Court approached the subject in the recent Investin case.

04 October 2021

China Fishery permitted to hold UK restructuring plan meetings

A Peruvian arm of industrial fishing conglomerate China Fishery Group has been allowed to convene two creditor meetings for its UK restructuring plan, while the BVI liquidators of another part of the group have asked a US court to dismiss the Chapter 11 proceedings of a Pacific Andes subsidiary.

01 October 2021

US recognition sought for alleged Australian-Israeli tax scam

The liquidator of a group of companies owned by an Australian family, who are embroiled in an alleged international tax avoidance scheme with Israeli banks, has sought Chapter 15 relief in New York.

01 October 2021

Community roundup: hires for Mintz, A&M and Corrs as Freshfields lawyer called to the Bar

Boston-headquartered law firm Mintz has recruited new faces in Chicago and Texas, and Alvarez & Marsal has bolstered its UK restructuring group, while a Freshfields lawyer has moved to Erskine Chambers and Australia’s Corrs Chambers Westgarth has hired from Paul Hastings in London.

01 October 2021

HNA Group’s mainland reorganisation recognised in Hong Kong

Chinese conglomerate HNA Group’s Hainan-based reorganisation has been recognised in Hong Kong, marking the first-ever recognition of a mainland rescue process in the Special Administrative Region.

30 September 2021

UK energy collapses continue as firms get more mandates

Another three UK energy providers have ceased to trade, with Alvarez & Marsal and Womble Bond Dickinson winning yet more appointments.

30 September 2021

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