Regional news: Europe

A&O advises on controlled Dutch scheme liquidation

The former holding company of international outdoor clothing group AS Adventure has been liquidated after securing a cooling-off period under Dutch scheme proceedings, which allowed it to formulate a liquidation plan while the rest of the group was sold through a share pledge enforcement.

15 July 2021

FCA to consult on English scheme concerns

The UK’s Financial Conduct Authority plans to hold a consultation on schemes of arrangement and other restructuring tools, after outlining “serious concerns” over personal credit provider Provident Financial’s bid to cap customer compensation.

14 July 2021

Italian shipper seeks Australian recognition following seizure threats

Italian shipping firm Michele Bottiglieri Armatore has won an interim injunction in Australia over fears an Irish investment fund is preparing to arrest one of its vessels, following failed efforts in China and Canada.

14 July 2021

Mazars to oversee liquidation of 21 Arcadia Group companies

Partner Adam Harris and director Guy Hollander from Mazars have been appointed as liquidators of 21 companies in British retail tycoon Philip Green’s Arcadia Group, following a slew of voluntary winding up resolutions.

14 July 2021

Court refuses to limit bank’s powers during WHOA cooling-off period

An anonymous company has obtained a cooling-off period from a Hague court, but failed to persuade it to use bespoke powers to limit Dutch multinational bank Rabobank's security rights as provider of a coronavirus scheme loan.

13 July 2021

Kyrgyz Republic challenges Sullivan & Cromwell appointment

Central Asia’s Kyrgyz Republic is challenging attempts by a pair of gold miners to appoint Sullivan & Cromwell as their Chapter 11 counsel, arguing that the firm’s simultaneous representation of their sole shareholder has caused an “adverse interest”.

12 July 2021

New Dutch restructuring association to promote cross-border cooperation

A new restructuring body has launched in the Netherlands to “play a leading role” in improving the quality of international restructurings carried out in the country.

12 July 2021

UK lender Amicus secures plan meetings after class composition overruled

The administrators of UK lender Amicus Finance have secured restructuring plan meetings in London, but the High Court overruled their suggested class composition following creditor opposition.

09 July 2021

English court leaves out Model Law-like relief from Section 426 requests

A bankrupt’s Hong Kong trustees can take steps to determine whether he has property interests in the UK, after an English judge partially granted a letter of request from their appointing court under Section 426 of the Insolvency Act: but broader requests for relief lifted from the Cross Border Insolvency Regulations will have to wait for "full argument" in November.

09 July 2021

Community round-up: partners move firms across Europe and the US

Advisory firm Alvarez & Marsal has hired a new leader for its Italian restructuring group, while law firms K&L Gates, MÖNIG and Eversheds Sutherland have added partners across Europe, and US firms CohnReznick and Fox Rothschild have bolstered their practices on the East Coast.

09 July 2021

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