Regional news: Europe

In what is believed to be the first decision relating to the new Dutch scheme, the Court of The Hague has ordered a two-month moratorium on creditor actions against an anonymised retail company.

15 January 2021

UPDATED: A German clothes retailer with international stores has filed preliminary insolvency proceedings, marking the first test of Germany’s newly strengthened self-administration rules.

15 January 2021

The administrators of Lehman Brothers’ European arm have sought directions on when events of default cease to continue under the International Swaps and Derivatives Association’s Master Agreement, in circumstances where two aerospace manufacturers have been using them to avoid paying out on interest rate swaps for over a decade.

15 January 2021

AlixPartners has announced seven promotions across its restructuring group in the US and Europe, and hired McKinsey & Co partner Karsten Lafrenz in Germany.

14 January 2021

The cross-class cram-down mechanism introduced in the UK last year has been applied for the first time, after the English High Court sanctioned three restructuring plans for Dutch subsea services provider DeepOcean Group.

13 January 2021

A subsidiary of Bermuda-incorporated, Jersey-headquartered miner Petra Diamonds has had its English scheme sanctioned, with the judge assuming it could be recognised in the EU since the proceedings were commenced before the UK’s Brexit transition period closed.

12 January 2021

Updated: European firm Jeantet has established a restructuring practice with a four-lawyer team from France's Fidal in Paris; while White & Case has hired from Clifford Chance in Japan and GÖRG from Anchor Rechtsanwälte in Germany.

11 January 2021

A British property organisation has urged the UK government to overhaul company voluntary arrangements, as Kirkland & Ellis was revealed to be advising on a challenge to British coffee chain Caffè Nero’s use of the procedure.

08 January 2021

UK-headquartered Quantuma has acquired a Cayman Islands-based advisory firm recently founded by asset recovery specialist Angela Barkhouse, stating it wants to replicate its past success expanding internationally in Cyprus and Mauritius.

07 January 2021

Car rental group Hertz has sought US recognition of an English scheme of arrangement with help from Richards Layton & Finger and White & Case; while the UK administrators of a drainage technology company have secured an emergency stay on US litigation.

07 January 2021