Regional news: Europe
HMRC pulls the plug on GAS’s restructuring plan
A British energy supply broker has entered administration after failing to convince an English court to sanction a Part 26A restructuring plan that would have wiped out £6 million in unpaid tax liabilities, marking the first case where a plan failed both the no worse off and fairness tests.
16 May 2023
Shipping group’s parallel English and Dutch sanction hearings steam ahead
After expressing concerns about “shutting out” shareholders opposed to Dutch shipping group Vroon’s English scheme and Dutch WHOA plan, the High Court in London has extended the group’s scheme sanction hearing by two days so it can decide whether they have standing to object.
16 May 2023
Shearman and Gibson Dunn advising as Vice set to sell at discount
A group led by George Soros’ investment management firm, New York-headquartered Fortress Investment, and middle market lender Monroe Capital is planning to buy troubled media group Vice out of bankruptcy.
15 May 2023
TLT receives largest damages judgment in Scottish court’s history
UK law firm TLT has been ordered to pay £12.5 million in damages for breach of contract and professional negligence in the way it handled a complaint against the liquidators of a Scottish alcoholic drinks company.
15 May 2023
Dorsey & Whitney hires new London restructuring head
A former partner from scandal-hit asset management firm MJ Hudson, which closed its legal arm last month, has joined Dorsey & Whitney’s London office as the leader of its restructuring and finance practice.
11 May 2023
Europe Column: Spanish banks beware of insolvent Dutch nationals with holiday homes!
Bob Wessels considers a Dutch court case from March 2023 in which a Spanish bank with a secured claim learned an expensive lesson when dealing with the bankrupt Dutch owners of a Spanish holiday home.
11 May 2023
Canadian pharma group wins temporary stay in Delaware
Nova Scotia-based pharma group IMV has secured interim relief in Delaware to protect its property in the United States while it seeks recognition of a Canadian restructuring.
10 May 2023
Creditors to vote on Fitness First’s workout plan
UK-based gym group Fitness First has secured court approval to convene meetings for nine classes of creditors to vote on an English restructuring plan to slash its rental liabilities and extend the deadline on a half-million-pound payment owed to the UK tax office.
10 May 2023
Quinn Emanuel brought in as Bittrex files Ch11 following SEC charges
Seattle-based crypto platform Bittrex has sought Chapter 11 protection with two of its Maltese subsidiaries and asked a US bankruptcy court to approve a debtor-in-possession loan to be paid and repaid in bitcoins.
09 May 2023
Squire Patton Boggs continues European recruitment drive
The head of Glaisyers’ restructuring group has joined Squire Patton Boggs in Manchester, adding to a growing practice that has also welcomed a Brown Rudnick team in London and a partner in Paris in recent months.
09 May 2023