Regional news: Europe

Madoff judgment from New York unenforceable in Gibraltar

One of the highest courts of the UK has found that a foreign default judgment can be enforced under English common law without express agreement to the jurisdiction of the issuing court – but prevented the trustee of Bernard Madoff’s Ponzi estate from enforcing a New York court decision against an investment fund in Gibraltar.

19 February 2016

Isle of Man court grants use of documents in US and Caribbean

A court in the Isle of Man has allowed four US special purpose vehicles to use information revealed in a Manx disclosure and freezing order last year in proceedings for the repayment of debts in the US and Caribbean.

19 February 2016

Irish High Court recognises Swiss restructuring

An Irish court has recognised a Swiss restructuring proceeding, preventing creditors from seeking repayment of a loan issued under Irish law to a liquidity-squeezed Swiss finance group.

08 February 2016

German ship fuel reseller ignores Chapter 15 stay as Texan creditors protest

A German affiliate of a marine fuel group that filed Chapter 15 recognition proceedings in a New York bankruptcy court, but said it would ignore its entitlement to automatic stay, is facing opposition to the filing from Texan creditors.

28 January 2016

Metals miner files Chapter 15 case to recognise UK scheme

A Ukraine-based steel and mine holding company has filed for Chapter 15 protection in a Delaware court, blaming its troubles on the ongoing unrest in eastern Ukraine.

28 January 2016

Weil adds restructuring partner from Ashurst

Weil Gotshal & Manges has hired a partner from Ashurst in Frankfurt.

27 January 2016

Fried Frank poaches Mayer Brown joint practice head

Fried Frank Harris Shriver & Jacobson has hired the joint head of Mayer Brown’s London restructuring practice.

27 January 2016

High Court approves serve out to Guernsey for Hellas fraud hearing

The UK High Court has granted permission for liquidators of Greek telecoms company Hellas Telecommunications to serve out forms in Guernsey, as they seek to bring fraud claims against the company’s former owners – weeks after a separate Luxembourg ruling against Hellas.

21 January 2016

UK High Court adjourns bankruptcy pending Spanish liquidation

In a dispute over a €200 million debt that has already sparked liquidation proceedings in Spain, the English High Court has adjourned a bankruptcy filing against a property mogul, finding that it would only benefit two Luxembourg-based funds at the expense of other creditors.

13 January 2016

ECJ clears up clawback confusion in cross-EU cases

The European Court of Justice recently issued a preliminary ruling on the use of the EU Insolvency Regulation’s article 13 to defend a clawback action, in the case of an insolvent Finnish sports brand and the Dutch arm of Nike.

16 December 2015

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