Regional news: Europe
Adler secures UK plan meetings for six creditor classes
German real estate group Adler has persuaded an English judge to let it hold plan meetings for six creditor classes next month, leaving complaints over the substitution of the notes’ issuer for a UK subsidiary to the sanction stage – but a bondholder has already stated it will “imminently” pursue similar complaints in a German court.
24 February 2023
Administrators’ costs face scrutiny in UK’s first special energy administration
An English judge has adjourned two costs applications by administrators appointed in the UK’s first-ever energy supply company administration so an independent insolvency practitioner can scrutinise their work.
24 February 2023
Russo-British bank’s administrators seek High Court nod for “remarkable” securities transfer
The special administrators of Russo-British investment bank Sova Capital have asked an English court to approve a “remarkable” transaction swapping an unsecured creditor’s claims for its portfolio of Russian securities, against opposition from another creditor.
23 February 2023
Crypto exchange bankruptcies and DeFi lending: an English law response to the question of avoidable preferences
Howard Morris, head of business restructuring and insolvency at Morrison Foerster in London, considers whether and in what circumstances cryptoasset withdrawals from a distressed exchange might amount to avoidable preferences under English insolvency law.
23 February 2023
Care home group secures seven-plan sanction with cramdown
A British care home group has secured sanction of seven UK restructuring plans, each voted on by up to five classes of creditors, with the court cramming down landlords and other unsecured creditors who dissented against three of the plans.
22 February 2023
Wine investment fund enters provisional liquidation in Bermuda following regulator investigation
A Bermudian court has appointed joint provisional liquidators over a local fund that specialises in fine wine investment, after the island’s financial regulator raised concerns following investor allegations of wrongdoing.
21 February 2023
Adler amends lock-up agreement ahead of plan hearing
German real estate group Adler has amended a lock-up agreement it entered last November to encourage more senior unsecured creditors to commit nearly €1 billion in fresh funding, ahead of a convening hearing for its English restructuring plan.
20 February 2023
Estonian trustee secures Ch15 recognition to investigate alleged fraud
The Estonian trustee of an allegedly fraudulent crowdfunding platform has secured recognition of his appointment in Miami to help him track down assets and funds he believes are held in the US.
20 February 2023
Saudi British Bank accuses Abengoa of “simulating” solvency
A Saudi partner of HSBC has accused the board of directors of Spanish renewables conglomerate Abengoa of decapitalising the company to the detriment of ordinary creditors and failing to file bankruptcy proceedings despite it allegedly being insolvent since 2015.
17 February 2023
Energy brokerage secures creditor meetings for UK plan on second attempt
A week after the English High Court adjourned its convening hearing after flagging possible jurisdictional issues, an SME energy brokerage has obtained permission to hold meetings for 15 classes of creditors to vote on its restructuring plan.
17 February 2023