Regional news: Europe

English court refuses to dismiss Mallya bankruptcy petition

An English court has refused to dismiss a bankruptcy petition against one-time billionaire Vijay Mallya, finding his creditors did not have to disclose purported third-party security relating to an Indian judgment.

23 July 2020

Paragon shareholder again fails to challenge UK-US restructuring

A former shareholder of oil services company Paragon, who failed repeatedly to challenge its Chapter 11 plan, has now failed to challenge its UK administration too.

22 July 2020

EU court interprets COMI under recast Insolvency Regulation

An EU court has interpreted the recast Insolvency Regulation to find that a couple who live and work in England, but whose only immovable asset is in Portugal, probably have their COMI in the UK.

21 July 2020

Gibraltar Supreme Court clarifies insolvency set-off rules

The Supreme Court of Gibraltar has clarified the time at which an account should be taken for insolvency set-off purposes, following an application from the administrators of a locally-registered insurance company.

21 July 2020

African Minerals creditors back English scheme

Creditors of Bermuda-registered mining company African Minerals have voted to approve its English scheme to resolve a creditor conflict about claims the company may bring against China’s Shandong Iron and Steel Group.

21 July 2020

Dutch Hema plots €600 million debt for equity scheme in England

De Brauw Blackstone Westbroek and Slaughter and May are leading Dutch retailer Hema in a restructuring running through UK, US and Dutch courts, after the retailer converted its New York law-governed notes to English law via a trust deed to make use of a scheme.

20 July 2020

Community roundup: new recruits at Gordon Brothers, EY and Kirkland & Ellis

Gordon Brothers and EY have hired in Australia, Kirkland & Ellis and Thornton Grout Finnigan have recruited in Hong Kong and Toronto, and Quantuma and Freeths continue to expand in the UK.

20 July 2020

KPMG administrators complete another UK casual dining pre-pack

Travers Smith, Sidley Austin and Clifford Chance have all taken roles as restaurant owner Azzurri Group was transferred to a new investor in a pre-pack administration deal.

20 July 2020

Weil partner moves to Shearman & Sterling in London

Shearman & Sterling has hired Weil Gotshal & Manges partner Alex Wood in London, as firms around the globe continue to prepare for a coronavirus-induced wave of restructurings.

17 July 2020

Bermudian court terminates UK recognition order over litigation probe rules

A Bermudian court has discharged the recognition of a UK-appointed liquidator, affirming rules on gathering information for foreign lawsuits laid out by the Privy Council in its 2014 Singularis decision.

17 July 2020

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