Regional news: Europe

UK liquidator wins “important” insolvency funding ruling

In what has been described as an important decision for the insolvency funding industry, an ex-reality TV star has failed to block liquidator claims brought against her, after the English High Court found she did not have standing to be heard because her interests were adverse to the class interest of creditors as a whole.

08 November 2021

Global Brands Group prepares Bermudian winding up

UPDATED: Hong Kong-listed retail wholesaler Global Brands Group says it is preparing to wind up its ultimate holding company in Bermuda, while three of its UK subsidiaries have entered administration in England and another affiliate has filed for insolvency in Germany.

04 November 2021

Alvarez & Marsal expands in London with BDO hire

A former EY and BDO partner has joined Alvarez & Marsal to lead its special situations M&A team within the firm’s restructuring practice in London.

01 November 2021

FCA wins appeal over Carillion regulatory action

The UK’s financial regulator does not need court permission to take certain regulatory action against collapsed construction group Carillion, an English High Court judge has ruled.

29 October 2021

Two UK Lehman entities extend their administrations – again

Two UK Lehman Brothers companies have obtained extensions of their administrations for a fourth time, arguing their ability to pay creditors is contingent on a contractual indemnity and a recent Court of Appeal decision on the ranking of subordinated debts in the group.

29 October 2021

Hydrodec Group – reconsidering COMI?

Goodwin partner Simon Thomas and associate Emily Lockhart discuss the key takeaways from a “somewhat curious” recent Australian ruling, which dismissed an application brought by UK-incorporated oil re-refining company Hydrodec Group for recognition of its use of the UK’s new moratorium tool as a foreign main proceeding under the UNCITRAL Model Law.

28 October 2021

Shuffling the cards in the historically debtor-driven French scheme

Partner Timothée Gagnepain and associate Lucille Madariaga at McDermott Will & Emery in Paris examine France’s recent transposition of the EU’s restructuring directive and argue that it strikes a new balance, taking France from a debtor-friendly regime, to leaning more towards the benefit of secured creditors.

25 October 2021

GFG owes 34 "buckets" of debt to Greensill’s UK arm, report says

The UK administrators of Greensill’s main trading entity have revealed that Sanjeev Gupta’s GFG Alliance owes the company US$590 million, while the group’s US unit is nearing a Chapter 11 plan confirmation hearing amid creditor opposition.

22 October 2021

France’s new flash insolvency proceeding for SMEs

Alexandra Szekely, a partner at Le 16 Law in Paris, examines a new flash insolvency proceeding for small and medium sized companies that is now available under French law.

22 October 2021

Dutch court rejects energy broker’s cooling-off request

A Dutch court has denied a WHOA cooling-off request from a door-to-door gas and electricity supply broker, finding it was “insufficiently plausible” the company could meet its current obligations during the stay.

21 October 2021

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