Regional news: Europe

European column: Heiploeg judgment – European Commission, your move!

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses the consequences of a recent judgment from the Court of Justice of the European Union, which is important for pre-pack sales and employees alike – and suggests it should be taken into account in the EU’s next round of harmonisation measures.

09 May 2022

Wirecard administrator can claw back dividends from investors, German court rules

Wirecard’s insolvency administrator has persuaded a German court to declare its final two full-year financial statements void, potentially allowing him to pursue million in dividends paid out to investors before its collapse.

06 May 2022

English scheme sanctioned for Germany’s Lowen Play

Arcade gaming group Lowen Play has secured sanction of an English scheme to restructure €350 million worth of senior secured notes, despite German tax authorities not yet providing approval.

05 May 2022

Westbrook and Paulus: “We are concerned about the future of insolvency”

Leading lights of the insolvency community Jay Westbrook and Christoph Paulus say they are concerned about what they see as an abuse of bankruptcies to shield third parties from liability.

05 May 2022

Katten hires Avonhurst partner in London

A former Morrison & Foerster partner, who helped establish the London chapter of the International Women’s Insolvency & Restructuring Confederation, has joined Katten Muchin Rosenman’s growing UK restructuring group.

03 May 2022

NMC administrators target EY with negligence suit

The administrators of NMC Healthcare’s UK-based holding company have launched formal legal proceedings against EY for audit negligence, saying the action is part of their obligation to maximise returns for creditors.

03 May 2022

EU court ruling heralds potential revival of Dutch pre-packs

Dutch lawyers have hailed the potential revival of pre-packs in the Netherlands, after the European Court of Justice ruled that exceptions to employee protections afforded to companies in insolvency proceedings under EU law, can extend to pre-pack sales in certain circumstances.

29 April 2022

Russian trustee ordered to pay security for bankrupt's legal fees in remitted recognition action

An English court has made an “exceptional” ruling that the Russian trustee overseeing the personal bankruptcy of former Vneshprombank owner Georgy Bedzhamov should pay a security to cover his costs of defending a recognition application, which has been remitted to the High Court after being set aside on appeal.

29 April 2022

Teneo hires former investment banker from EY

A former investment banker with credits on the restructurings of Canadian-Colombian oil company Pacific Exploration and Slovenian food retailer Mercator has joined Teneo in London.

29 April 2022

Mallinckrodt secures approval of Irish scheme

Irish-US drugmaker Mallinckrodt has secured approval of its Irish scheme of arrangement, after the High Court in Dublin dismissed an unsecured creditor’s claim that the company’s Chapter 11 plan is “unfair and inequitable”.

28 April 2022

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