News

ECJ clears up clawback confusion in cross-EU cases

The European Court of Justice recently issued a preliminary ruling on the use of the EU Insolvency Regulation’s article 13 to defend a clawback action, in the case of an insolvent Finnish sports brand and the Dutch arm of Nike.

16 December 2015

MoFo grows London practice as it seeks to set up cross-border hub

Morrison & Foerster has hired two partners in its London restructuring practice, as it seeks to make the office a hub for cross-border work.

16 December 2015

Willkie Farr hires from Paul Hastings in Paris

Willkie Farr & Gallagher has hired partner Lionel Spizzichino from Paul Hastings in Paris.

16 December 2015

Abengoa could become Spain’s largest ever bankruptcy as it files for insolvency

Spanish renewable energy company Abengoa has begun insolvency proceedings in a Seville court and hired Linklaters as counsel, as minority shareholders demand compensation from the group for not informing them of its plans.

16 December 2015

Brazil’s Lupatech gets nod for second global group restructuring

Creditors of Brazilian oil logistics company Lupatech Group have agreed to the terms of the company’s new restructuring plan, its second in as many years.

16 December 2015

Italy speeds through bank rescue plan before EU rules apply

Italy has announced emergency plans to restructure four “bad banks”, weeks before new European bank rescue regulations come into force.

16 December 2015

Canadian steelmaker crumples under global supply pressure

Canada’s Essar Steel Algoma has filed for bankruptcy protection in US and Canadian courts, just eight months after exiting a restructuring process filed last year and in the midst of a civil action by a raw material supplier.

16 December 2015

Argentina passes law to codify UN principles on sovereign debt

Argentina has passed a law adopting the recently agreed UN Basic Principles on Sovereign Debt Restructuring into law.

16 December 2015

India publishes new restructuring bill to streamline insolvency

An Indian law reform committee has published recommendations and a draft bill to modernise the country’s bankruptcy laws – but the new bill says little about cross-border insolvencies.

16 December 2015

Boeing trial begins against Russia’s “alter egos” over bankrupt satellite launcher

A trial is under way in a US court to decide whether aircraft manufacturer Boeing can seek compensation from US subsidiaries of Russia’s state space vehicle company as its “alter-egos”, in a US$350 million dispute over the bankruptcy of a failed satellite joint venture.

16 December 2015

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