Regional news: Europe

Heads-up: Allen & Overy’s Katrina Buckley in London and Sigrid Jansen in Amsterdam

The co-heads of Allen & Overy’s global restructuring practice, Katrina Buckley in London and Sigrid Jansen in Amsterdam, discuss the need for a workable stay to support the UK’s Part 26A plan, and how new restructuring procedures across Europe have decreased holdout creditors’ power.

21 September 2023

Greensill’s German and UK administrators go head to head over €40 million fund

Administrators can make Part 36 settlement offers under the UK’s Civil Procedure Rules in the context of a directions application, an English judge has ruled, in a case that reveals a dispute between Greensill’s UK and German officeholders over a €40 million fund.

20 September 2023

UAE bank turns to UK after Abu Dhabi court declares personal guarantees unenforceable

The English High Court has been asked to consider whether it can enforce two UAE judgment debts that became unenforceable in Abu Dhabi when a recent law limiting the use of personal guarantees was applied retroactively.

19 September 2023

IPs welcome reforms to UK regulation, but warn of increased costs

The UK government has revealed proposed changes to regulation of the insolvency profession, including reforms to bonding and the potential introduction of a compensation scheme, which insolvency practitioners say could increase costs and lead to a “wave of unsubstantiated claims”.

13 September 2023

Digital asset manager faces Cayman liquidation following Ponzi scheme claims

European crypto asset manager Aubit International is facing a winding up petition in the Cayman Islands from the same retail investors who have accused it of orchestrating an “investment scam” in a US lawsuit.

13 September 2023

Italy’s Furla closes stores and files for bankruptcy in Canada

The Canadian branch of Italian leather goods retailer Furla has filed for bankruptcy in Ontario, three years after the group’s US arm sought Chapter 11 protection in New York due to the covid-19 pandemic.

13 September 2023

'We are here in America, we’re not in the Cayman Islands': Ascentra faces new deposition attempt

The foreign representative of Asia-focused beauty products retailer Ascentra is facing a fresh deposition attempt in an ongoing dispute centred around whether a solvent liquidation in the Cayman Islands can be recognised under Chapter 15.

12 September 2023

Ares sued for ‘rigged’ sale of LATAM’s aircraft

A global investment manager is being sued for the second time in three years for allegedly implementing a “sham foreclosure sale” of a bankrupt airline's aircraft.

12 September 2023

Mayer Brown expands in London

A former Morgan Lewis partner with a focus on secured transactions, asset-based lending and supply chain financing has joined Mayer Brown’s London team.

12 September 2023

McDermott International to file parallel UK-Dutch restructurings with Ch15 in US

Three years since Houston-headquartered oil and gas engineering group McDermott International exited a pre-packaged Chapter 11, it has entered an agreement with creditors and bank lenders that will see its UK subsidiary launch an English restructuring plan and two Netherlands entities pursue WHOA proceedings.

11 September 2023

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