Regional news: Europe
BVI court confirms directors liable in Dutch-Chinese joint venture’s liquidation
A British Virgin Islands court has confirmed that company directors who fail to ensure their duties are being carried out for a “proper purpose” may be liable for restitution, in a case brought by the local liquidators of a Dutch-Chinese joint venture vehicle.
09 February 2022
Cassini fails in UK appeal over information during French safeguard
French events organiser Cassini has failed to persuade an appeal court that it was absolved from having to pass on information to its lenders under English-law governed covenants while in safeguard proceedings in its native France.
07 February 2022
Mallinckrodt to enter Irish examinership after US plan approved
American-Irish pharmaceuticals manufacturer Mallinckrodt will file examinership proceedings in Dublin in the coming days, after the Delaware bankruptcy court approved its Chapter 11 plan to slash about US$1.3 billion in debt.
04 February 2022
Norwegian streaming company completes 45-day pre-pack in New York
Ropes & Gray has helped Oslo-based media streaming company Vewd Software complete a pre-packaged restructuring in the US after resolving a landlord objection over class composition.
03 February 2022
English investor fails to throw out Japanese aircraft lessors’ Ch11s
New York’s Judge David Jones has allowed two Japanese aircraft lessors to continue their bankruptcies, dismissing an English creditor’s claim that the companies lack any meaningful ties to the US.
03 February 2022
New restructuring chairs named as A&O continues US expansion
Allen & Overy has named London’s Katrina Buckley and Amsterdam-based Sigrid Jansen as the new co-heads of its global restructuring practice, while the firm has continued its growth in the US with the hire of New York partner Robin Spigel.
02 February 2022
Canadian court appoints receiver over Finnish gold mine operator
An insolvent Canadian company that owns a gold mine in Finland has been placed into receivership, while fraud litigation between its majority shareholder and only secured creditor play out in the US and Canada.
02 February 2022
Potamitis Vekris, Greenberg Traurig take roles as Folli Follie plan sanctioned
Greek firm Potamitis Vekris has helped Athens-headquartered jeweller Folli Follie secure sanction of a long-anticipated rehabilitation agreement with creditors advised by Greenberg Traurig - four years after a forensic audit found the company’s Asian sales had been inflated by more than US$1 billion.
31 January 2022
EU’s top court throws out Banco Popular bondholders' appeal
The European Court of Justice has dismissed appeals from two former Banco Popular bondholders, who queried the EU bank resolution authority’s decision not to order a final independent valuation of the Spanish lender before its resolution in 2017.
28 January 2022
Saad liquidators lose appeal against Saudi bank
The liquidators of Cayman fund Saad Investments Company have again been stopped from clawing back US$318 million worth of shares transferred to a Saudi bank, after failing to overturn the dismissal of their “knowing receipt” claim in the UK.
27 January 2022