Regional news: Europe

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

MoFo grows London practice as it seeks to set up cross-border hub

Morrison & Foerster has hired two partners in its London restructuring practice, as it seeks to make the office a hub for cross-border work.

16 December 2015

Willkie Farr hires from Paul Hastings in Paris

Willkie Farr & Gallagher has hired partner Lionel Spizzichino from Paul Hastings in Paris.

16 December 2015

Abengoa could become Spain’s largest ever bankruptcy as it files for insolvency

Spanish renewable energy company Abengoa has begun insolvency proceedings in a Seville court and hired Linklaters as counsel, as minority shareholders demand compensation from the group for not informing them of its plans.

16 December 2015

Italy speeds through bank rescue plan before EU rules apply

Italy has announced emergency plans to restructure four “bad banks”, weeks before new European bank rescue regulations come into force.

16 December 2015

Boeing trial begins against Russia’s “alter egos” over bankrupt satellite launcher

A trial is under way in a US court to decide whether aircraft manufacturer Boeing can seek compensation from US subsidiaries of Russia’s state space vehicle company as its “alter-egos”, in a US$350 million dispute over the bankruptcy of a failed satellite joint venture.

16 December 2015

UK court examines impact of new EU laws on jurisdiction

Two decisions over the summer examined the impact of new EU legislation on the jurisdiction of the UK courts over the approval of a Dutch and Belgian group’s English scheme of arrangement, and a claim for the recovery of a debt where there were parallel administrative proceedings in Portugal.

16 December 2015

Germany mulls changes to insolvency laws as EU neighbours amend theirs

Several European countries have passed changes to their insolvency laws in recent months, with France, Italy and the UK introducing new measures that give courts greater powers and expand the role of creditors, while the German legislature considers a bill to reform the regime’s clawback provisions – but harmonisation of laws across the EU still seems a distant prospect.

16 December 2015

Setbacks in court for secondary investors in Madoff claims

Secondary market investors who bought claims related to the Madoff fraud suffered two setbacks last month, as a court in New York reversed the sale of one claim, and a court in Dublin dismissed attempts to enforce another against a third party on grounds that it violated Irish champerty rules.

16 December 2015

Italian fuel trader turns to US to stay Danish creditor suits

An Italian fossil fuel trader has filed for bankruptcy protection in a Delaware court to safeguard it from US civil suits launched by Danish creditors.

16 December 2015

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