News

Puerto Rico passes emergency debt moratorium as creditors turn the screw

Puerto Rico governor Alejandro García Padilla has passed an emergency law to pause all payments on the island’s US$73 billion debt amid pressure from creditors.

07 April 2016

Simpson Thacher partner named New York bankruptcy judge

A senior litigation partner at Simpson Thacher & Bartlett in New York has been appointed bankruptcy judge in the Southern District of New York.

07 April 2016

EU sets standards for bank resolutions under the BRRD

The European Commission has adopted a delegated regulation to help it introduce specific regulatory and technical standards for bank resolutions conducted under the EU’s new Bank Recovery and Resolution Directive, which came into effect at the start of last year.

06 April 2016

Luxembourg fund recovers €1.3 million from “bankruptcy remote” Lehman company

A Luxembourg investment company has been allowed to redeem €1.3 million from a “bankruptcy remote” orphaned entity incorporated by Lehman Brothers in Ireland, after a decision by the England and Wales High Court.

06 April 2016

Community round-up: new heads and hires in US and Canada

US law firms Nelson Mullins Riley & Scarborough and Hahn & Hessen have appointed a new practice head and hired special counsel, respectively, while Canada’s BCF Business Law has added a new lawyer in Quebec City, and offshore firm Harneys has announced the secondment of a Bermudian litigator to Hong Kong.

06 April 2016

UAE banking authority launches insolvency initiative as new law remains distant

A recently announced initiative by the UAE Banks Federation (UBF) giving insolvent small and medium-sized enterprises a 90-day pre-bankruptcy workout period is welcome, but highlights unaddressed issues in the UAE’s insolvency legislation, lawyers have told GRR.

05 April 2016

Hogan Lovells hires from DLA Piper in Australia

Hogan Lovells has hired DLA Piper restructuring partner Scott Harris to practise in its Perth and Sydney offices.

05 April 2016

Metals miner fights to keep Jamaican subsidiary's bankruptcy in the US

US mining and metallurgy company Noranda Aluminium is denying suggestions by one of its creditors that the bankruptcy proceedings of its Jamaican subsidiary do not belong in a Missouri court.

04 April 2016

Morgan Lewis hires former Tokyo judge

Morgan Lewis & Bockius has added a former Tokyo High Court judge and adviser to financial services group Nomura Securities, as of counsel in Japan.

04 April 2016

Ashurst helps Bank of Cyprus restructure property developer’s loans

Ashurst has advised Bank of Cyprus in the €400 million restructuring of one of Cyprus’s largest real estate and property developers and selected subsidiaries.

04 April 2016

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