UK energy suppliers’ officeholders secure directions on novel issues

UK energy companies who take responsibility for a failed supplier’s customers can claim back any credit balances they assume from its insolvent estate, according to a decision handed down by Mr Justice Zacaroli that has clarified a whole host of previously unresolved legal issues for the officeholders of 10 collapsed suppliers.

14 November 2022

Europe column: COMI and ascertainability by third parties

Bob Wessels comments on Lord Justice Lewison’s concurring opinion in the recent English Court of Appeal centre of main interests decision in East-West Logistics v Melars Group.

14 November 2022

Jefferies hires London co-heads from Rothschild and Lazard

New York-headquartered investment bank Jefferies is expanding in London with former co-heads of restructuring for the EMEA region from Lazard and Rothschild & Co.

14 November 2022

Crypto’s “Lehman” moment? FTX enters Chapter 11 after filings in Bahamas and Australia

The world’s second largest cryptocurrency institution FTX has filed for bankruptcy protection in the US after a tumultuous week, with lawyers expecting fresh regulation for digital assets among what some are calling crypto’s “Lehman” moment.

11 November 2022

INSOL at 40: president Scott Atkins discusses INSOL’s future plans as it hits a milestone age

INSOL International turned 40 this year and is using the opportunity to reimagine itself so it is still relevant in decades to come. GRR caught up with INSOL’s president Scott Atkins, global co-head of restructuring at Norton Rose Fulbright in Sydney, to talk about the association’s new 2030 strategy and how it is reframing itself from a regular membership organisation to a group with a broader societal impact, at a time when the global economic environment points to significant disruption.

11 November 2022

Hong Kong court sanctions guarantor’s scheme, ditches deed of contribution requirement

A Hong Kong court has sanctioned a guarantor’s scheme of arrangement for the first time, noting that it preferred the Singaporean approach to guarantor’s schemes over the English one, which usually requires a deed of contribution to establish “ricochet” claims between borrower and guarantor to discharge the third-party borrower’s debts.

11 November 2022

Fried Frank partner joins Jones Day in New York amid latest promotions round

Jones Day has recruited a longtime Fried Frank Harris Shriver & Jacobson partner who advised fashion brand Jack Wills on its pre-packaged sale to British retail giant Sports Direct – and announced partnership promotions for four of its US restructuring lawyers.

10 November 2022

E-House’s Cayman scheme sanctioned, US recognition set for next week

Chinese real estate services provider E-House has obtained court sanction of a Cayman scheme restructuring US$600 million in notes, a week after it secured creditor approval.

10 November 2022

Mediation agreed after judge blocks California from cutting clinic operator’s funds

California’s health authority has agreed to mediate with a struggling clinic operator and its unsecured creditors, two weeks after a US bankruptcy judge called it out for threatening to put the lives of Californian citizens at risk.

10 November 2022

Eversheds advises Next in pre-pack administration sale

Eversheds Sutherland is advising British home and fashion retailer Next in its acquisition of online furniture outlet via a pre-packaged administration sale.

09 November 2022

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