Regional news: Europe

EU proposes next step in harmonisation of insolvency laws

Lawyers have welcomed the European Commission’s latest proposal to harmonise insolvency laws across member states, which it says aims to encourage cross-border investment within the bloc.

08 December 2022

Court clears Credit Suisse to bring Greensill-related claim against SoftBank

Credit Suisse has convinced an English judge to let it bring a claim against Japan’s SoftBank over its restructuring of a former Greensill client, which the Swiss bank alleges deprived it of receivables and left it holding unsecured notes for which a default was inevitable.

07 December 2022

Jersey court recognises English bankruptcies of former TV boss couple

The English bankruptcy trustees for two directors of a collapsed outside broadcast equipment provider, who stand accused of orchestrating what might be the UK’s biggest ever fraud in asset-backed lending, have secured recognition of their appointments in Jersey to pursue assets in the Channel Island.

02 December 2022

Hong Kong’s Look Chan Ho called to English Bar

Cross-border insolvency specialist and Hong Kong-qualified barrister Look Chan Ho has been called to the Bar of England and Wales.

02 December 2022

Bulb Energy transfer scheme given green light

Three of the UK’s largest energy companies have failed to convince an English court it has a larger role to play scrutinising the takeover of collapsed competitor Bulb Energy, in a deal they say provides a government-funded “dowry” to British renewable group Octopus Energy.

01 December 2022

Wirecard shareholders lose landmark damages ruling in Munich

UPDATED: In a first-of-its-kind ruling, a German court has found damages claims brought by Wirecard’s shareholders rank behind all other creditor claims in the collapsed payment processor’s insolvency.

01 December 2022

White & Case advising as Adler Group enters lock-up with bondholders

German real estate group Adler has reached an agreement with its bondholders to extend maturities on notes that were due in July next year and secure almost €1 billion of new financing, after it was rocked by fraud allegations last year.

30 November 2022

English court revokes Indian former billionaire Pramod Mittal’s IVA

Indian businessman Pramod Mittal’s two-year-old personal bankruptcy plan has been overturned, after an English court found there was material irregularity at a creditor meeting where the individual voluntary arrangement was approved.

28 November 2022

Kroll adds two more to London practice

Kroll has added two senior partners to its London team, from advisory firm BDO, and property consultancy Allsop.

25 November 2022

English court gives “helpful” guidance on valuation and good faith in the appropriation context

The English High Court has considered the requirement for conducting a valuation “in a commercially reasonable manner” when exercising the self-help enforcement remedy of appropriation for what lawyers say is the first time, in a decision that could provide future guidance for Part 26A restructuring plan valuations too.

23 November 2022

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