Regional news: Europe

BVI freezing injunction extended, but not for bankruptcy creditors

In a decision clarifying the scope of its powers to grant freezing orders in aid of foreign proceedings, the Eastern Caribbean Supreme Court has extended a Chabra injunction against a BVI-incorporated arms dealer for a pair of unsecured creditors with civil claims against its bankrupt former director in the Czech Republic – but declined to join two other creditors with claims in his bankruptcy.

05 May 2023

Steinhoff publishes updated WHOA restructuring plan

South African retail conglomerate Steinhoff has released an updated WHOA restructuring plan that includes an offer of some equity interests to shareholders who rejected an out-of-court proposal in March.

05 May 2023

Kirkland, Uría Menéndez and Milbank advise as Spain's Food Delivery Brands restructures

UPDATED: Spanish pizza delivery and dine-in group Food Delivery Brands has agreed the key terms of a refinancing and recapitalisation agreement that will see its creditors take control.

04 May 2023

Milbank and Weil advise as Frigoglass completes second restructuring

Greek glass and refrigeration group Frigoglass has completed its second restructuring in six years with a deal that will see noteholders take majority control of the group.

03 May 2023

McDermott Will & Emery hires new China practice leader in London

Baker McKenzie partner Peter Lu has joined McDermott Will & Emery with four colleagues to lead the firm’s China practice in London.

03 May 2023

English court refuses HMRC cramdown

Engineering group Nasmyth has failed to persuade the English High Court to cram down the UK tax authority, with Mr Justice Leech reasoning there was no “pressing need” to approve its restructuring plan, which would not have been able to take effect in the absence of HMRC’s goodwill.

02 May 2023

Cayman SPC liquidators plan recognition actions in Malaysia and UK

The Hong Kong and Cayman-based voluntary liquidators of a cash-strapped segregated portfolio company have asked a Cayman court to supervise its liquidation and allow them to seek recognition in Malaysia and the UK.

01 May 2023

Another payday lender secures scheme meeting for redress claim creditors

A second UK payday lender in the space of a month has persuaded the English High Court to convene a single class meeting of creditors for a scheme of arrangement through which it hopes facilitate a wider £95 million restructuring.

28 April 2023

Italian construction group wins UK recognition

Construction group Cimolai has secured UK recognition of its Italian insolvency proceedings, almost three weeks after obtaining a Chapter 15 order in Texas.

28 April 2023

Avanti fixed charges ruling will have “significant ramifications”, English lawyers say

In what lawyers say is the first major judgment to consider the characterisation of fixed and floating charges for almost 20 years, an English court has held that the administrators of London-based satellite group Avanti Communications correctly characterised the charges on certain assets it disposed of in a pre-pack sale.

27 April 2023

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