Regional news: Europe

Cut-off date set for Football Index customer dividends

Customers of the online gambling company Football Index will receive distributions based on dividends due at the time of its insolvency, following an English court ruling on the administration of its Jersey-based parent.

15 June 2021

Round-up: new hires for advisory firms across Europe

Alvarez & Marsal has hired a managing director from Deloitte in Germany, while RSM has lost two practitioners in Ireland and London, but added a partner in Leeds - and US global credit manager GoldenTree has welcomed a new European restructuring head in London.

15 June 2021

Indian conglomerate secures English scheme meeting

A Dutch subsidiary of Indian multinational conglomerate Jain Irrigation Systems has won permission to poll creditors on its English scheme of arrangement while the group seeks a connected restructuring in India.

14 June 2021

Harneys releases “schemarios” rules for parallel schemes

Harneys has published a set of “schemarios” or scheme scenarios explaining where it believes parallel schemes of arrangement are necessary to give effect to a foreign restructuring, in the wake of court criticism over its advice in China Oil Gangran Energy last week.

14 June 2021

New York suit dismissed after furniture maker files German insolvency action

German furniture manufacturer Münsterland Gruppe has successfully thrown out a breach of contract claim in New York after a US district court granted comity to its German insolvency proceedings.

14 June 2021

Baker McKenzie guiding Indian conglomerate’s English scheme

A Dutch subsidiary of an Indian multinational conglomerate is pursuing an English scheme of arrangement to restructure Singapore-listed notes, with Baker McKenzie and Kirkland & Ellis both taking roles.

10 June 2021

IWIRC London/Europe: recognition of insolvency and restructuring procedures post-Brexit

Recognition of UK insolvency and restructuring procedures in the EU post-Brexit could be “complex, piecemeal and uncertain”, according to panellists at a virtual event jointly organised by IWIRC’s Europe and London networks.

10 June 2021

Court releases reasons for sanctioning DTEK schemes

An English court has published its reasons for sanctioning Ukrainian coal miner DTEK’s schemes of arrangement in May, one of which was challenged by the Swiss branch of Russia’s Gazprombank on the basis that it was unfair and would not be recognised in Europe post-Brexit.

09 June 2021

NMC Healthcare announces creditor support for ADGM restructuring

NMC Healthcare’s administrators in Abu Dhabi’s financial free zone will press ahead with deeds of company arrangement for 35 of the group’s entities, after announcing creditor support this week.

09 June 2021

Steinhoff investors’ consortium drops claims, but settlement still faces hostility

A consortium of shareholders seeking to disrupt South African conglomerate Steinhoff’s global settlement has withdrawn its opposition to the group’s Dutch suspension of payments proceedings – but other claimant groups remain hostile in the Netherlands and South Africa.

08 June 2021

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