Regional news: Europe
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
Century old car repair business declared bankrupt after WHOA failure
A Dutch auto repair company has fallen into bankruptcy after its WHOA process failed and its restructuring expert withdrew.
26 May 2022
French-Bermudian JV's creditors agree to Chinese restructuring
Creditors of a joint venture between Bermuda-registered car manufacture Brilliance Auto and France’s Renault have approved the formation of a committee to oversee a restructuring in China.
25 May 2022
Danish pharma company seeks $13 million asset sale amid US class action
A Copenhagen-based biopharmaceutical company is set to sell its assets to US pharma group KemPharm as part of a restructuring announced last week, after failing to secure European approval to market a new drug.
25 May 2022
PLMJ hires from Linklaters in Portugal
PLMJ has hired a senior counsel with restructuring and insolvency experience for its dispute resolution practice in Lisbon, from the local arm of Linklaters.
25 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
Amigo’s preferred scheme sanctioned in novel alternative scheme restructuring
Guarantor loan provider Amigo has secured sanction of its preferred of two alternative schemes of arrangement in England, almost a year to the day after a first scheme was rejected amid objections from the UK’s Financial Conduct Authority.
23 May 2022
EU court rejects Ryanair challenge against Condor state aid
Ireland’s Ryanair has lost its challenge to the German government’s bailout of Frankfurt-headquartered airline Condor after the collapse of its parent Thomas Cook.
20 May 2022
South African liquidators extend asset preservation order in UK cryptocurrency probe
The UK-based former director of a South African cryptocurrency exchange has agreed to transfer all of the exchange’s assets under his control – including a USB stick containing Ethereum – to liquidators in Pretoria, after an English court extended an asset preservation order obtained against him earlier this month.
18 May 2022
Fraud allegations lead to Ch11 filing for global software group
A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.
18 May 2022