Regional news: Europe
Privy Council makes “far-reaching” ruling on insolvent offshore trusts
In a decision that lawyers say will have a “far-reaching and long-lasting” impact on the offshore trusts industry, the UK Privy Council has found that trustees have a proprietary interest in trust property in relation to their rights of indemnity, which survives when a successor takes over – and that successive trustees should be ranked pari passu in respect of that interest if there aren’t enough trust assets to go round.
17 October 2022
A&M continues European expansion with rehire in Paris
Roland Berger partner Benoît Hochet has returned to Alvarez & Marsal as a managing director in Paris after six years away from the firm, during which time he helped guide Swiss vending machine company Selecta through its international restructuring.
17 October 2022
Hong Kong Airlines secures scheme meetings in Hong Kong
Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.
13 October 2022
Kirkland hires new London partner from Milbank
Sarah Ullathorne has joined Kirkland & Ellis in London, in a move one of the firm’s senior European partners said will provide “a hugely valuable and rare bridge” between its restructuring, private equity and M&A practice groups.
13 October 2022
ISDA events of default cease on termination of Lehman administration, English court rules
Two UK aerospace manufacturers must honour interest rate swap transactions they have been avoiding for over a decade, after an English court found events of default under the ISDA Master Agreement would cease to continue when Lehman Brothers’ main European arm exits administration.
11 October 2022
Latham advising as Bang energy drink owner files Ch11 in Florida
The owner of US energy drink Bang is seeking bankruptcy protection in Miami to overhaul its distribution system and stay a host of litigation, including trademark infringement and false advertising claims from a rival company.
11 October 2022
GRR Live, New York: in pictures
GRR Live returned to New York last week after a three-year break due to covid-19.
10 October 2022
INSOL Europe, Dubrovnik: “We may have checked out, but we haven’t left”
Lord Justice Snowden told delegates at INSOL Europe’s annual conference that, following the UK’s withdrawal from the European Union, the stage has been set for a dissenting creditor to go to England and argue the Gibbs rule does not provide a “sufficient connection” or that a scheme should not be entertained because it would not be recognised abroad.
10 October 2022
EY promotes two London partners to top positions
London-based EY partner Jo Robinson has taken over from Alan Hudson as head of the firm’s restructuring group for the UK and Ireland, while Hudson has been appointed to a newly created role as leader of EY’s 700-strong strategy consulting team in the region.
10 October 2022
Hong Kong Airlines launches dual Hong Kong-UK restructuring
Latham & Watkins, Walkers and Zhong Lun are advising Hong Kong Airlines on a Hong Kong scheme and UK restructuring plan, with parallel proceedings deemed necessary in light of concerns about the Hong Kong courts' attitude to the Gibbs rule.
07 October 2022