Regional news: Europe

INSOL International, London: practical tips from the bench

A panel of judges from Europe, the US, Asia and the Cayman Islands compared how valuations issues are treated in their respective jurisdictions, and warned delegates to INSOL International’s London conference in June that urgency really needs to mean urgency when it is flagged – or parties risk damaging their credibility.

22 July 2022

English court provides guidance on treatment of e-money asset pool creditors

In a clarificatory ruling for insolvency practitioners appointed over electronic money institutions, an English court has ruled that the “costs of distributing the asset pool” under UK regulations includes costs associated with reconstituting, administering and distributing the asset pool, as well as officeholders’ expenses undertaking that work.

21 July 2022

KPMG expands UK special situations and turnaround team

KPMG UK has hired from AlixPartners, Kroll and Alvarez & Marsal to strengthen its special situations and turnaround team.

21 July 2022

Bulgarian agricultural group’s Chapter 15 challenged over foreign rep appointment

A commodities futures merchant that has been stalled from prosecuting Bulgarian agricultural group Agro Santino in the US has waged opposition against its Chapter 15 petition, arguing that it was filed in bad faith and that the foreign representative was not properly appointed.

19 July 2022

Storm warnings: will stagflation herald a new wave of corporate failures?

As inflationary pressures and battered supply chains plague businesses, Herbert Smith Freehills partners John Whiteoak and Natasha Johnson predict an uptick in companies using the UK’s “very powerful” new restructuring plan after what they say has been an initial reticence since it was introduced two years ago.

19 July 2022

Russian gold miner Petropavlovsk enters English administration

London-listed Russian gold producer Petropavlovsk has entered administration in England after UK-imposed sanctions left it unable to withdraw funds from its Russian subsidiaries and caused its main lender Gazprombank to demand full repayment of a loan.

18 July 2022

Houst plan sanction delayed amid call for more valuation info

An English court has reserved judgment on sanctioning a holiday lettings SME’s part 26A restructuring plan, requesting more information on the valuation work that underpinned it in light of the UK tax authority rejecting the plan.

15 July 2022

UK launches consultation on implementing newest UNCITRAL model laws

The UK government has launched a consultation on whether to adopt UNCITRAL’s newest model laws on insolvency-related judgments and multinational group insolvencies, in a move that local practitioners describe as “the most significant development” since the Corporate Insolvency and Governance Act was passed two years ago.

12 July 2022

Lenders take control of Lycra with advice from Linklaters

Linklaters has helped junior creditors take full equity control of US stretchy fibre maker Lycra from defaulting Chinese fashion conglomerate Shandong Ruyi, in a transaction across Asia, the Netherlands, London and the US, which the firm described as “one of the most high profile and complex enforcement and restructurings implemented in the market in recent years”.

12 July 2022

Asset manager brings New York fraud suit against crypto lender Celsius

A former investment manager for struggling crypto lender Celsius Network has accused it of leveraging customer deposits to manipulate markets and failing to institute basic accounting controls, causing it to freeze customer assets last month.

08 July 2022

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