Regional news: Belgium

NautaDutilh partner charged over alleged money laundering at bankrupt retailer

Belgian prosecutors have charged NautaDutilh partner Elke Janssens in connection with a money laundering investigation into bankrupt fashion chain FNG, which collapsed following allegations of market manipulation.

22 September 2020

US and Dutch courts approve HEMA’s English scheme restructuring

Low price homeware retailer HEMA’s restructuring through English, US and Dutch courts is a “perfect example” of how European brands with complex capital structures can restructure with minimal fallout, lawyers working on the case have told GRR – but it may be the last scheme of its kind.

17 September 2020

Hema scheme approved in England

The High Court in London has sanctioned Dutch retailer Hema’s English scheme of arrangement, allowing it to restructure €600 million of senior secured notes as part of a comprehensive, multi-jurisdictional financial restructuring.

24 August 2020

Swissport scheme becomes effective with US recognition

Chinese-owned aviation services company Swissport has won Chapter 15 recognition of its English scheme in Delaware, which has now become effective.

07 July 2020

Swissport scheme sanctioned but unsecured group set to fight changes to intercreditor agreement

An English court has sanctioned a scheme for Chinese-owned aviation services company Swissport, but a group of its senior unsecured noteholders have raised issues with changes to a New York law-governed intercreditor agreement.

24 June 2020

Belgian zinc smelter restructures in London and New York

Advised by Freshfields Bruckhaus Deringer and Alvarez & Marsal, Belgian zinc smelting company Nyrstar is restructuring its €2.6 billion debt through an English scheme of arrangement and recognition in New York.

10 July 2019

Financial services employee declared bankrupt after absconding with nearly US$3 million

A former employee of a New Zealand foreign exchange and payments services company who fled to Singapore after transferring its funds to accounts he controlled, has been declared bankrupt in a case that has already sparked asset-recovery proceedings in New Zealand, Singapore, Belgium Lithuania and South Africa.

18 June 2019

New Look gets go ahead to convene scheme meetings

Global fashion retailer New Look has been given the green light to convene meetings for its creditors to vote on two schemes of arrangement that aim to deal with a £1.44 billion (US$1.88 billion) debt pile.

02 April 2019

Dutch liquidator’s third-party claim falls outside Insolvency Regulation, CJEU advocate-general argues

A Dutch liquidator’s claim against Belgian bank BNP Paribas Fortis, over a payout to a bailiff imprisoned for embezzlement, isn’t governed by the EU’s Insolvency Regulation, according to an advocate-general of the EU Court of Justice.

24 October 2018

Exelco affiliate files Chapter 15 case in Delaware after alleged US$15m diamond loss

Two weeks after a Delaware bankruptcy court dismissed its Chapter 11 case, Belgian diamond wholesaler FTK Worldwide Manufacturing has filed a Chapter 15 petition to recognise a Belgian bankruptcy order.

02 January 2018

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