Regional news: Europe

Schultze & Braun expands to Hamburg with administrator trio

Germany’s Schultze & Braun has established a new team in Hamburg with the hire of two lawyers from PwC Legal and a tax restructuring expert.

02 July 2021

Reasons published for NMC Healthcare’s UK recognition

Sir Alastair Norris has released his reasons for recognising NMC Healthcare’s Abu Dhabi administrations as foreign main proceedings, and for imposing a moratorium to bind secured creditors.

01 July 2021

Liquidators of UK advisory firms caught up in “significant” fraud seek Chapter 15

The English joint liquidators of two UK-based business advisory firms have sought Chapter 15 recognition in Florida to investigate transactions connected to the companies’ alleged involvement in a multinational fraud scheme.

01 July 2021

No take-up of EIR’s group insolvency rules

Not a single significant cross-border case has successfully gone through the EU’s group coordination proceedings, a new study has found, four years after the recast European Insolvency Regulation came into force.

30 June 2021

UK moratoriums can be recognised under Australia’s Model Law

The new UK moratorium tool is a foreign proceeding recogniseable under the UNCITRAL Model Law, an Australian court has found – while refusing to stay local winding-up proceedings against the moratorium company.

29 June 2021

Indian bank secures English debt judgment against oil company guarantor

India’s IDBI Bank has obtained a US$239 million English judgment against the Cypriot guarantor of two oil companies that entered liquidation in Singapore two years ago.

29 June 2021

Judge explains why Hurricane Energy plan failed “no worse off” test

An English judge has explained why Hurricane Energy’s restructuring plan failed the “no worse off” test for its shareholders in his published reasons for refusing sanction – and said even if it hadn’t failed the test, the plan would still have been rejected because the company is profitable.

28 June 2021

Clearstream facing €500 million Air Berlin claim following Brexit

The German insolvency administrator of UK-registered airline Air Berlin is set to file a €497.8 million claim against Luxembourgish shareholder Clearstream Banking, claiming it is now the airline’s “personally liable partner” following Brexit.

28 June 2021

Sanction rejected for Hurricane Energy plan

An English court has refused to sanction UK-based oil company Hurricane Energy's restructuring plan under Part 26A of the Companies Act, finding it did not satisfy the “no worse off” test.

28 June 2021

Oslo-listed Prosafe taps Clifford Chance and Schjødt for Singapore restructuring

Clifford Chance and Norwegian firm Schjødt are advising Oslo-listed accommodation vessel operator Prosafe in a US$1.1 billion debt restructuring that has so far taken in a moratorium in Singapore and a recognition application in Scotland.

24 June 2021

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