Regional news: Europe
Germany announces draft restructuring law in line with EU directive
German lawyers have cautiously welcomed a preventative restructuring regime outlined in a long-awaited draft bill that they hope will enable company rescues outside of insolvency and stymie the flow of companies who have headed abroad.
24 September 2020
Should Jersey have a corporate rescue regime?
Partner Stephen Alexander and associate Max Galt at Mourant in Jersey set out why a traditionally creditor-friendly offshore jurisdiction like Jersey, with its commercially minded and flexible Royal Court, would still benefit from introducing a statutory reorganisation process.
24 September 2020
New Look to hold creditor vote on latest English scheme
A week after creditors backed its latest CVA, an English court has given UK retailer New Look permission to convene a single-class creditors’ meeting on an inter-conditional scheme of arrangement and seek recognition in the US.
23 September 2020
Dentons hires German restructuring head from Baker McKenzie
The former head of Baker McKenzie’s German restructuring practice has moved to Dentons in Berlin.
22 September 2020
NautaDutilh partner charged over alleged money laundering at bankrupt retailer
Belgian prosecutors have charged NautaDutilh partner Elke Janssens in connection with a money laundering investigation into bankrupt fashion chain FNG, which collapsed following allegations of market manipulation.
22 September 2020
African Minerals Limited: using a scheme to unlock value for all creditors
Partner Richard Hornshaw and counsel Tom Laidler from Akin Gump Strauss Hauer & Feld’s London litigation team discuss how a Cayman litigation trust and an English scheme were used to get around creditor differences on pursuing significant litigation, in the context of the administration of an iron ore miner in Sierra Leone.
22 September 2020
Australian tax officer denied costs over Senvion recognition
An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.
22 September 2020
English court rejects Sunbird’s “materially misleading” scheme
An English court has declined to sanction a scheme of arrangement for a group that provides flexible workspaces in Africa, finding it had provided inadequate documents to creditors.
21 September 2020
Brown Rudnick hires from Baker McKenzie in London
A former Ropes & Gray and Baker McKenzie partner with credits on the restructuring of South African retail group Steinhoff’s UK arm, has joined Brown Rudnick.
21 September 2020
Kirkland and Latham act on Swiss vending machine operator’s English scheme
Swiss snack machine operator Selecta is set to launch an English scheme of arrangement to restructure its New York law-governed notes, with Kirkland & Ellis guiding the company and Latham & Watkins advising noteholders.
18 September 2020
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