Regional news: Europe

Irish court annuls Estonian businessman’s bankruptcy for disclosure failure

A day before an Estonian businessman was due to be automatically discharged from bankruptcy in Ireland, a court has annulled the June 2021 order declaring him bankrupt because he did not disclose he was already subject to an Estonian proceeding.

01 July 2022

Australia recognises Russian personal bankruptcy

The foreign representative of a bankrupt Russian entrepreneur has successfully obtained recognition in Australia under the Model Law; meanwhile a Singaporean bankruptcy trustee has received assistance from an Australian court under a local bankruptcy statute, despite the bankrupt’s attempts to stall the application with claims of conspiracy, a faulty laptop and a sore throat.

01 July 2022

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

Forbes Hare hires long-time Squire Patton Boggs partner in BVI

A former Squire Patton Boggs partner who was debtors’ counsel in the multi-million dollar contentious restructuring of the UAE’s Dana Gas has joined boutique law firm Forbes Hare in the British Virgin Islands.

29 June 2022

Revlon secures Canadian recognition amid employee lawsuits

Two Canadian subsidiaries of multinational cosmetics group Revlon have secured recognition of their Chapter 11 proceedings in Toronto, placing a stop on various employee and labour union claims.

28 June 2022

Indonesian court approves Garuda restructuring

A Jakarta court has ratified Indonesian flag carrier Garuda's US$9.5 billion restructuring after the airline won approval from 95% of its creditors last week.

28 June 2022

US lender seeks winding up of litigation funder in Cayman Islands

Delaware-based lender Therium Litigation Finance Atlas is seeking the winding up of a Cayman-registered litigation funder that carried out its business in the UK.

27 June 2022

Fraud specialist joins South Square for “fresh challenge”

Former 3 Hare Court silk Aidan Casey QC has joined South Square in London, telling GRR we are “long overdue a major insolvency or two”.

27 June 2022

Report highlights “phenomenally expensive” costs of UK restructuring plans

The UK’s restructuring plan has been praised by local lawyers but criticised in an Insolvency Service report for being prohibitively costly, time consuming and not providing adequate protection to dissenting creditors.

23 June 2022

Brazil’s Petroserv secures English scheme sanction

Brazilian oil drilling group Petroserv Marine has secured sanction of its English scheme of arrangement, after settling a notes dispute with a company owned by its founders.

23 June 2022

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