Recognition

Holland & Knight advises as BVI fund targets Delaware borrower

The liquidators of a British Virgin Islands fund have lodged a breach of contract claim against Delaware-registered borrower Tremont International in New York, where they secured Chapter 15 recognition in 2019.

27 May 2022

Interview: Volker Beissenhirtz, treasurer of new German insolvency association

German restructuring professionals and court personnel have formed a new association aimed at improving the country’s restructuring and insolvency laws and court processes. Its new treasurer Volker Beissenhirtz tells GRR how the group plans to achieve its goals.

26 May 2022

Galapagos faces UK winding up following EU Insolvency Regulation judgment

Senior creditors of the Galapagos group have applied to wind it up in the UK despite ongoing insolvency proceedings in Germany, citing a European Court of Justice decision from March that interpreted the European Insolvency Regulation against the backdrop of two potential COMI shifts and Brexit.

24 May 2022

Liquidators of BVI funds linked to 1MDB win recognition in Florida

The joint liquidators of three 1MDB-linked British Virgin Islands funds have secured recognition of their appointments in Miami, pledging to obtain discovery in the US to help with their recovery efforts.

18 May 2022

The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA

Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.

17 May 2022

Ireland opts in to updated EU regulation annexes

Ireland has belatedly opted into the updated version of the recast European Insolvency Regulation, and will now automatically recognise the new Dutch and German schemes along with a host of other new and expected European restructuring tools in the regulation’s revised annexes.

16 May 2022

Westbrook and Paulus: “We are concerned about the future of insolvency”

Leading lights of the insolvency community Jay Westbrook and Christoph Paulus say they are concerned about what they see as an abuse of bankruptcies to shield third parties from liability.

05 May 2022

Katten hires Avonhurst partner in London

A former Morrison & Foerster partner, who helped establish the London chapter of the International Women’s Insolvency & Restructuring Confederation, has joined Katten Muchin Rosenman’s growing UK restructuring group.

03 May 2022

Cayman court rules on when a beneficial owner can pursue winding up

A Cayman court has issued its reasons for permitting the 1MDB-linked beneficial owner of shares in a local investment vehicle, to convert the vehicle's voluntary liquidation into a court-supervised winding up, where proceedings to vindicate share rights can normally only be brought by a registered shareholder under Cayman law.

03 May 2022

Russian trustee ordered to pay security for bankrupt's legal fees in remitted recognition action

An English court has made an “exceptional” ruling that the Russian trustee overseeing the personal bankruptcy of former Vneshprombank owner Georgy Bedzhamov should pay a security to cover his costs of defending a recognition application, which has been remitted to the High Court after being set aside on appeal.

29 April 2022

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