Regional news: Europe
Think tank calls for EU legislation on recognition of restructurings
European insolvency law think tank CERIL has called on the European Commission to adopt a special cross-border cooperation and recognition framework for restructuring proceedings, arguing that the recast European Insolvency and Brussels Regulations are inadequate.
25 July 2022
Shearman hires from White & Case in Germany
Shearman & Sterling has hired a finance partner to work across Munich and Frankfurt who has credits as creditors’ counsel in the recent English scheme restructuring of gaming group Lowen Play, and in a refinancing for German wind turbine maker Senvion.
25 July 2022
UK tax authority crammed down in Houst SME restructuring plan
Holiday lettings SME Houst’s Part 26A restructuring plan has been sanctioned, with the UK tax authority becoming the subject of a cross-class cram down for the first time since the new tool was introduced in June 2020.
22 July 2022
INSOL International, London: practical tips from the bench
A panel of judges from Europe, the US, Asia and the Cayman Islands compared how valuations issues are treated in their respective jurisdictions, and warned delegates to INSOL International’s London conference in June that urgency really needs to mean urgency when it is flagged – or parties risk damaging their credibility.
22 July 2022
English court provides guidance on treatment of e-money asset pool creditors
In a clarificatory ruling for insolvency practitioners appointed over electronic money institutions, an English court has ruled that the “costs of distributing the asset pool” under UK regulations includes costs associated with reconstituting, administering and distributing the asset pool, as well as officeholders’ expenses undertaking that work.
21 July 2022
KPMG expands UK special situations and turnaround team
KPMG UK has hired from AlixPartners, Kroll and Alvarez & Marsal to strengthen its special situations and turnaround team.
21 July 2022
Bulgarian agricultural group’s Chapter 15 challenged over foreign rep appointment
A commodities futures merchant that has been stalled from prosecuting Bulgarian agricultural group Agro Santino in the US has waged opposition against its Chapter 15 petition, arguing that it was filed in bad faith and that the foreign representative was not properly appointed.
19 July 2022
Storm warnings: will stagflation herald a new wave of corporate failures?
As inflationary pressures and battered supply chains plague businesses, Herbert Smith Freehills partners John Whiteoak and Natasha Johnson predict an uptick in companies using the UK’s “very powerful” new restructuring plan after what they say has been an initial reticence since it was introduced two years ago.
19 July 2022
Russian gold miner Petropavlovsk enters English administration
London-listed Russian gold producer Petropavlovsk has entered administration in England after UK-imposed sanctions left it unable to withdraw funds from its Russian subsidiaries and caused its main lender Gazprombank to demand full repayment of a loan.
18 July 2022
Houst plan sanction delayed amid call for more valuation info
An English court has reserved judgment on sanctioning a holiday lettings SME’s part 26A restructuring plan, requesting more information on the valuation work that underpinned it in light of the UK tax authority rejecting the plan.
15 July 2022