NY court approves Russian buyout of bankrupt Cypriot tanker fleet

A New York bankruptcy judge has approved the sale of Cyprus-registered Arctic tanker operator Primorsk International Shipping’s fleet to a Russian shipping company for US$215 million.

11 July 2016

Reforms in Hong Kong and the Netherlands as new Malaysian regime awaits signature

Hong Kong has adopted bail-in legislation and the Netherlands has amended its approach to directors’ liability in recent weeks, as sweeping changes await passage in Malaysia.

08 July 2016

Lawyers react to India’s new cross-border recognition mechanism

India’s new Bankruptcy Code includes provisions allowing Indian courts to cooperate with foreign courts in cross-border proceedings - but some lawyers have concerns the new law in its current form may bring procedural burdens.

08 July 2016

Veteran chair of bankruptcy group dies at 85

The veteran chair of US firm Anderson Kill’s bankruptcy and restructuring group, Arthur Olick, has passed away aged 85 from complications due to multiple sclerosis.

08 July 2016

Delaware court recognises Toshiba-Samsung joint venture’s Korean proceedings

Updated: A court in Delaware has granted interim Chapter 15 protection for a unit of an international joint venture between Asian electronics giants Toshiba and Samsung.

07 July 2016

Italy has "room to manoeuvre" around BRRD as pressure mounts to clean up NPLs

Italy's government has reportedly been exploring options to circumvent EU law and use state funds to revitalise its banking sector, following the recent bailout of two banks by the state-backed Atlante rescue fund - but lawyers say the country is manoeuvring within its legal limits.

07 July 2016

Australia's Forge Group in advanced talks for more litigation funding

The liquidator of bankrupt Australian construction company Forge Group is in advanced discussions to seek a second bout of litigation funding, as its investigations into the conduct of a major Singaporean contractor face delays.

06 July 2016

German court finds contractual close-out netting invalid in insolvency

The German Federal Court of Justice has ruled that a close-out netting agreement between two German companies and a UK affiliate of Lehman Brothers is not legally effective, repealing a lower court decision to the contrary.

06 July 2016

English court refuses stay on swaps trigger pending Spanish bankruptcy

An English court has declined to delay four banks from trying to enforce swaps contracts against Spanish property investor Marme Group, pending its ongoing insolvency proceedings in Spain – despite claims by the group that the contracts are invalid due to Euribor rigging.

05 July 2016

Deloitte appoints new corporate restructuring leaders

Deloitte has appointed Boston’s Michael Epstein as its global managing director for restructuring services and New York-based Kirk Blair as US corporate restructuring group leader.

05 July 2016

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