Regional news: Europe
Europe column: independent territorial insolvency proceedings under the recast EIR
Bob Wessels picks up where he left off last April on the topic of what happens when a territorial insolvency proceeding is opened prior to any main insolvency proceedings.
17 February 2023
Kirkland adds “well-known” restructuring leader in Frankfurt
Clifford Chance’s German restructuring group leader Cristina Weidner has joined Kirkland & Ellis to lead its practice in the region, bringing with her experience working on some of the largest cross-border restructurings in Europe over the last 15 years.
16 February 2023
UK Supreme Court to hear Russian trustee’s recognition appeal
The bankruptcy trustee of the former owner of Russia’s Vneshprombank is set to challenge an appellate decision refusing to entrust his London properties to her before the UK’s highest court.
16 February 2023
SME engineering group secures plan meetings at contested hearing
An SME that provides engineering services in the aerospace sector has been permitted to convene meetings for six creditor classes as part of a contested restructuring plan, with issues raised by the UK tax authority and two of its former directors being postponed to the sanction stage.
15 February 2023
BVI appeal court repeals receivership order for sanctioned VTB Bank
The Eastern Caribbean Court of Appeal has set aside a receivership order put in place on behalf of sanctioned Russian bank VTB, finding that the repeal in itself would not contravene international sanctions.
15 February 2023
English judge sanctions unprecedented creditor-proposed plan
A judge in the northern English city of Leeds has given his reasons for invoking the UK’s cross-class cramdown procedure to sanction the first-ever restructuring plan proposed by an SME’s creditor, after ordering the company’s administrators to give their consent.
14 February 2023
Hogan Lovells advising as US investors' agent pursues Ukrainian grain terminal bankruptcy
Hogan Lovells is advising a security trustee that has filed a bankruptcy petition against a Ukrainian grain terminal operator on behalf of a pair of US investors, after successfully obtaining a worldwide freezing order from an English court against its owners last month.
13 February 2023
Singapore scheme dependent on English damages award “fell short” of moratoria test
A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.
10 February 2023
UK restructuring plan convening hearing adjourned for SME to fix issues
An SME energy brokerage has been permitted to adjourn its convening hearing for an English restructuring plan to consider possible jurisdictional issues flagged by the judge, and address concerns from the UK tax authority over its explanatory statement.
10 February 2023
White & Case brought in again as Oi parent and Dutch entities seek US and UK recognition
A week after securing a provisional moratorium in Rio de Janeiro, Oi’s Brazilian parent and two Dutch affiliates have turned to White & Case again to help them secure recognition of their Brazilian proceedings in the US and the UK.
09 February 2023