Europe column: The Dutch WHOA as a successful tool in international restructurings

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, examines the Dutch leg of cash machine manufacturer Diebold Nixdorf’s Chapter 11 proceeding after two key decisions were finally published last month.

06 November 2023

Paul Hastings hires European restructuring co-head in London

A managing director at global investment firm KKR is set to join Paul Hastings as the co-head of its European restructuring group, according to a source with knowledge of the move.

03 November 2023

“Good news” for administrators as UK Supreme Court decides they aren’t officers

An administrator is not an “officer” of a company and cannot be held criminally liable for making employees redundant without proper notice, the UK Supreme Court has clarified, in a decision that insolvency practitioners have described as “noteworthy” and reassuring.

03 November 2023

Sunac Ch15 recognition delayed as court seeks COMI clarity

A New York judge has asked representatives of Chinese real estate developer Sunac’s holding company to provide more evidence to show its centre of main interests is in Hong Kong and not mainland China, delaying a decision on whether to recognise its Hong Kong scheme.

02 November 2023

Former Skadden restructuring head launches boutique advisory firm

Featured in Heads-Up

Pre-pack pioneer and former longtime chair of Skadden Arps Slate Meagher & Flom’s global restructuring group Jay Goffman and former UBS global restructuring head Steve Smith have started what they tell GRR is a unique “pre-restructuring” advisory boutique in New York.

02 November 2023

Barcelona-headquartered Lecta secures English scheme meeting

Global paper manufacturer Lecta has obtained permission to hold a single meeting for creditors to vote on its second English scheme of arrangement in three years, which is part of a wider group refinancing.

02 November 2023

Another German real estate group secures English plan meetings after COMI shift

UPDATED: An English High Court judge has convened three creditor meetings for a Part 26A restructuring plan for German real estate group Aggregate, but warned practitioners they need to give creditors proper notice and to stop pushing issues to sanction.

01 November 2023

Bankrupt PDVSA-owned insurer files bond default claim against Venezuela

The Bermudian liquidators of an insurer owned by Venezuelan state oil company PDVSA have filed a US$110 million claim against the South American country in New York after it defaulted on two sets of bonds.

01 November 2023

GRR Live, Restructuring in Asia: Fireside chat with Madam Justice Linda Chan

In a fireside chat with Hong Kong’s Official Receiver Phyllis McKenna, the Hong Kong High Court's Madam Justice Linda Chan advocated adopting the UNCITRAL Model Law and heralded the potential impact of a new arrangement with Mainland China due next year, for the mutual enforcement of civil and commercial judgments.

01 November 2023

Ch11 claimants seek Judge Isgur recusal over Judge Jones relationship

Personal injury claimants in the Chapter 11 case of a US hand sanitizer company have asked the presiding judge in Texas to recuse himself due to his alleged “personal relationship” with Judge David Jones, who announced his intention to step down from the bench earlier this month after he admitted to being in an undisclosed romantic relationship with a former Jackson Walker partner.

31 October 2023

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