Stoneway parent files Chapter 11 as group prepares new restructuring plan

Canadian power plant owner Stoneway Capital is preparing to announce a new restructuring plan after its British Virgin Islands-registered parent joined it in Chapter 11 proceedings in New York.

26 October 2021

China Medical Technologies liquidators to proceed with claims against Bank of China

The liquidators of Cayman-incorporated China Medical Technologies can bring dishonest assistance, knowing receipt and fraudulent trading claims against the Bank of China, after a court refused to strike them out – but the bank did escape an unjust enrichment claim.

25 October 2021

Shuffling the cards in the historically debtor-driven French scheme

Partner Timothée Gagnepain and associate Lucille Madariaga at McDermott Will & Emery in Paris examine France’s recent transposition of the EU’s restructuring directive and argue that it strikes a new balance, taking France from a debtor-friendly regime, to leaning more towards the benefit of secured creditors.

25 October 2021

III appoints Norton Rose Fulbright partner as president

The International Insolvency Institute has appointed Norton Rose Fulbright’s John Martin in Sydney as its president, to succeed Pachulski Stang Ziehl & Jones partner Debra Grassgreen.

22 October 2021

GFG owes 34 "buckets" of debt to Greensill’s UK arm, report says

The UK administrators of Greensill’s main trading entity have revealed that Sanjeev Gupta’s GFG Alliance owes the company US$590 million, while the group’s US unit is nearing a Chapter 11 plan confirmation hearing amid creditor opposition.

22 October 2021

France’s new flash insolvency proceeding for SMEs

Alexandra Szekely, a partner at Le 16 Law in Paris, examines a new flash insolvency proceeding for small and medium sized companies that is now available under French law.

22 October 2021

NMC Healthcare seeks ADGM help for onshore recognition

The administrators of NMC Healthcare have sought a declaratory order from an Abu Dhabi court to help them seek recognition in onshore courts of deeds of company arrangement that were approved last month.

21 October 2021

Dutch court rejects energy broker’s cooling-off request

A Dutch court has denied a WHOA cooling-off request from a door-to-door gas and electricity supply broker, finding it was “insufficiently plausible” the company could meet its current obligations during the stay.

21 October 2021

EU was right to clear Air Berlin asset sales, General Court rules

The European Commission rightfully approved easyJet and Lufthansa’s acquisitions of airport landing slots from insolvent Air Berlin, and EU court has ruled, rejecting appeals by a Polish airline.

21 October 2021

Deutsche Bank wins guarantor arguments in Lehman Brothers sub-debt appeal

Lehman Brothers’ US holding company must reduce its claim as assignee of a subordinated loan debt in a UK Lehman entity’s estate by what it had already paid to the original creditor as the debt’s guarantor, the English Court of Appeal has ruled, overturning parts of a landmark decision that a British court made last year on the distribution of subordinated liabilities between Lehman entities.

20 October 2021

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