Regional news: Europe

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

Vantage Drilling files 24 Chapter 11 cases with restructuring plan

Two dozen international subsidiaries of a Cayman Islands-based driller have filed for Chapter 11 protection, blaming the oil price collapse and links to scandalised Brazilian state oil company Petrobras for their woes.

11 December 2015

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