Regional news: Europe

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

Wessels presented with Dutch royal order

Professor emeritus at Leiden University Bob Wessels, a founder of the International Insolvency Institute, adviser on restructuring and insolvency to the European Commission and keen local historian, has been presented with a Dutch chivalric order for his contribution to the advancement of insolvency law.

27 April 2023

Engineering group accused of trying to “force” court's hand with English plan ultimatum

An English court has lambasted an SME engineering group for “putting a gun to its head” by presenting a last-minute resolution to place the company into administration if the court does not sanction its contested restructuring plan.

26 April 2023

III-UNCITRAL, New York: “seeking perfection is a fantasy”

On the fifth anniversary of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments, lawyers, judges and academics from around the world discussed gaps that can be plugged by the new law and whether the UK will ever override the “questionable and outdated” Gibbs rule.

26 April 2023

German manufacturer secures English restructuring plan meetings

A mid-sized German manufacturer has cleared the first hurdle in its bid to restructure its English law-governed debt after the High Court in London allowed it to convene creditor meetings.

26 April 2023

Unlock unlimited access to all Global Restructuring Review content