News

“A matter of real public importance”: Jersey investor seeks appeal of universalism ruling

A Jersey-based investment vehicle has claimed that a local court’s decision to allow one of its creditors to present a winding up petition against it in England gives rise to uncertainty over the role of universalism in Jersey insolvency proceedings.

20 October 2021

III, New York: thought leadership project assesses restructuring responses to covid-19

An International Insolvency Institute panel has presented the results of a thought leadership project it set up in 2020 to assess public and private restructuring responses to the covid-19 pandemic and discuss new ways of dealing with the economic fallout - from government-run emergency restructuring entities, to distressed asset funds underwritten by the public purse.

20 October 2021

Prosafe schemes sanctioned in Singapore

Norwegian vessel operator Prosafe has won court approval for its two schemes of arrangement in Singapore, freeing up the road ahead for the group to progress a Norwegian restructuring process it launched last month.

19 October 2021

Creditors replace Pacific Andes Hong Kong affiliate's liquidators

A Briscoe Wong Advisory team has replaced Vision AS Limited as liquidators of a Hong Kong affiliate of Chinese-owned industrial fishing group Pacific Andes, after a local court affirmed that independent creditors’ views on who should be appointed should be given more weight than the views of creditors connected to the debtor.

19 October 2021

Teneo launches Asia-Pacific restructuring business

New York-headquartered Teneo, which acquired Deloitte’s UK restructuring arm in May, is launching an Asia-Pacific restructuring business with the appointments of partners from EY and White & Case.

18 October 2021

English High Court sides with Cineworld landlord over lockdown arrears

The English High Court has ruled in favour of a landlord seeking back payments of rent accrued by companies in the Cineworld cinema chain during the UK government’s pandemic lockdowns – rejecting arguments that the leases at hand implied arrears would be suspended while the cinemas were out of use.

18 October 2021

Does the UK have a new “business judgment test”?

Should the growing enthusiasm of the English courts in challenging commercial aspects of cases be a cause for concern? Morrison & Foerster restructuring head Howard Morris, counsel Amrit Khosa and trainee Julia Kotamäki examine the recent cases of subprime lender Amigo Loans and oil company Hurricane Energy, in which the High Court refused to sanction the proposed restructurings.

18 October 2021

SEC harmed public investors, says Hertz counsel

Counsel to car rental company Hertz, which emerged from bankruptcy in June, says the US Securities and Exchange Commission harmed the interests of public investors when it intervened in the company’s share sale last summer.

15 October 2021

Steinhoff’s contested South African scheme set for January hearing

Three weeks after an Amsterdam court confirmed its Dutch composition plan, retail conglomerate Steinhoff has revealed its contested South African scheme has been listed for a week-long sanction hearing in January – while it also faces uncertainty from a pending liquidation application.

15 October 2021

Singapore and Malaysia implement cooperation protocol

Singaporean and Malaysian lawyers have welcomed a “ground-breaking” new protocol on court-to-court communication and cooperation in cross-border insolvency matters between the two countries.

15 October 2021

Get unlimited access to all Global Restructuring Review content