Regional news: Europe

First restructuring plan launched in UK, A&O and Houlihan lead for Virgin

Updated: Allen & Overy and Houlihan Lokey are leading Virgin Atlantic through the first-ever restructuring plan launched under the UK’s new Corporate Insolvency and Governance Act.

15 July 2020

High court lets Lehman make shareholder distributions in “exceptional case”

The administrators of Lehman Brothers International (Europe) will consent to a directors’ request to distribute £29 million to its sole shareholder, after the High Court in London gave them the green light.

15 July 2020

New scheme notice requirements should not be bypassed, English court affirms

An English court has published its reasons for convening scheme of arrangement meetings for Luxembourg-incorporated Flint Group, after applying new creditor notice requirements for the first time.

14 July 2020

Boies Schiller adds bankruptcy partners in New York and London

Boies Schiller Flexner has bolstered its bankruptcy group with the former head of Lehman Brothers Holdings’ derivatives bankruptcy strategy in New York, and an ex-Brown Rudnick partner in London.

14 July 2020

Spanish firm Abencys opens office in Argentina

Madrid-based boutique Abencys has launched a new office in Argentina, in association with local firm De la Vega Caldani Linares Luque & Eviner.

14 July 2020

Appeals court declines to set-aside statutory demand on redactions challenge

The English Court of Appeal has declined to set-aside a statutory demand lodged against a landlord by an affiliate of distressed investor Cerberus, because a supporting deed of assignment was heavily redacted.

14 July 2020

Pensions Protection Fund appoints FRP to investigate Laura Ashley administration

Updated: The UK’s Pension Protection Fund has appointed additional administrators from FRP Advisory to investigate the actions of British fashion chain Laura Ashley in the run up to its insolvency filing.

13 July 2020

KPMG advising as Romania’s Blue Air wins protection from creditors

Romania’s largest airline Blue Air has entered pre-insolvency proceedings in Bucharest after funds promised by the government did not arrive in time.

13 July 2020

English court issues landmark Lehman sub-debt ruling

The High Court of Justice in London has ruled on the distribution of over US$10 billion in subordinated liabilities of two UK Lehman Brothers entities, reaching different conclusions on their priority rankings.

10 July 2020

UK regulator sets out plans for Big Four separation

The UK’s audit and accountancy regulator, the Financial Reporting Council, has set out its principles for the operational separation of the Big Four’s audit practices.

10 July 2020

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