Regional news: Europe

Judge questions relevant alternative in Hurricane Energy sanction hearing

An English court has raised questions over the “relevant alternative” that would befall UK-based oil company Hurricane Energy in the absence of its restructuring plan’s approval, as the sanction hearing continues amid shareholder objections.

22 June 2021

Mumbai NCLT approves Jet Airways rescue plan

A consortium led by UK-registered asset manager Kalrock Capital and Indian businessman Murari Lal Jalan has won approval for its plan to rescue Mumbai-based Jet Airways.

22 June 2021

KPMG challenges proposed £15 million FRC fine over Silentnight pre-pack

KPMG and its now-retired partner David Costley-Wood should not face “overly punitive” £15.5 million fines and sanctions for their conduct in the “historic” pre-pack sale of bedmaker Silentnight, South Square’s Mark Phillips QC has told a Financial Reporting Council disciplinary tribunal.

22 June 2021

Restructuring expert rejected in first for Dutch scheme

In what appears to be the first decision of its kind, a court in the Central Netherlands has rejected a request to appoint a restructuring expert over a struggling technology business.

21 June 2021

UK liquidator fights costs application by Curaçao bank director

The ex-CEO of a defunct Curaçao bank is seeking an English costs order against a UK liquidator, who allegedly drove a failed examination request by the Official Receiver to investigate fraud claims.

18 June 2021

Intu administrators given greenlight to pay creditors

The administrators of shopping centre owner Intu have won an English court’s permission to make distributions to unsecured creditors – and to extend its administration for two years in the hope that assets in Spain, India and the UK may become more advantageous.

17 June 2021

NMC Healthcare’s Abu Dhabi administrators secure English recognition

The Abu Dhabi General Market administrators of NMC Healthcare have secured recognition in England, with a London court finding the group’s insolvency proceedings constituted foreign main proceedings.

16 June 2021

Cut-off date set for Football Index customer dividends

Customers of the online gambling company Football Index will receive distributions based on dividends due at the time of its insolvency, following an English court ruling on the administration of its Jersey-based parent.

15 June 2021

Round-up: new hires for advisory firms across Europe

Alvarez & Marsal has hired a managing director from Deloitte in Germany, while RSM has lost two practitioners in Ireland and London, but added a partner in Leeds - and US global credit manager GoldenTree has welcomed a new European restructuring head in London.

15 June 2021

Indian conglomerate secures English scheme meeting

A Dutch subsidiary of Indian multinational conglomerate Jain Irrigation Systems has won permission to poll creditors on its English scheme of arrangement while the group seeks a connected restructuring in India.

14 June 2021

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