Regional news: Europe

BCCI case put to bed as Luxembourg court denies creditors’ appeal

The Luxembourg Court of Appeal has denied an appeal filed by creditors of the collapsed Bank of Credit and Commerce International (BCCI), potentially bringing an end to 25 years of liquidation proceedings.

17 March 2016

EU publishes results of first inquiry on harmonisation initiative

The European Commission has published the results of a first inquiry into its initiative to harmonise member states’ insolvency laws.

14 March 2016

EU court upholds state aid granted to liquidated company without competitor’s approval

The General Court of the European Union has dismissed an appeal against a European Commission decision to provide state aid to an Italian company in liquidation without consulting an Austrian competitor.

11 March 2016

Aman Resorts shareholders settle dispute in London, as acquisition vehicle faces liquidation in New York

UPDATED: Russian billionaire Vladislav Doronin has announced the settlement of an acrimonious shareholders’ dispute over luxury hotels chain Aman Resorts with his former partner, American entrepreneur Omar Amanat, which was playing out in a UK court - as a vehicle used in acquiring the chain was made to consent to an involuntary Chapter 11 petition in New York.

08 March 2016

Norwegian shipper liquidates after Japanese creditors veto restructuring plan

A Norwegian shipping company has entered liquidation after a group of Japanese creditors vetoed its restructuring plan and tried to reverse the sale of its subsidiary for an allegedly reduced price.

07 March 2016

ECJ settles 22-year wage dispute over insolvent Maltese ship

The European Court of Justice has found that seven Greek sailors who worked for a Maltese cruise ship company that went bankrupt before Malta entered the EU, are still protected by EU law - ending a 22-year wage dispute that pitched an EU directive against Greek domestic law and the UN Convention for the Law of the Sea.

03 March 2016

US affiliates of German energy company file Chapter 11 case in Louisiana

Two US affiliates of a German energy company have filed for Chapter 11 restructuring in Louisiana, as their parent faces potential liquidation under the aegis of a court in northern Germany.

03 March 2016

German insolvency proceedings spark Canadian bank winding-up action

Insolvency proceedings brought against a German subsidiary of Canada’s Maple Bank have prompted an “urgent” winding-up order against a branch of the bank in its native country.

01 March 2016

Russia sues Ukraine in UK over US$3 billion Eurobond default

Russia has hired Cleary Gottlieb Steen & Hamilton to sue Ukraine in a London court, where it is seeking payment of a US$3 billion Eurobond that the eastern European state defaulted on late last year.

01 March 2016

Madoff judgment from New York unenforceable in Gibraltar

One of the highest courts of the UK has found that a foreign default judgment can be enforced under English common law without express agreement to the jurisdiction of the issuing court – but prevented the trustee of Bernard Madoff’s Ponzi estate from enforcing a New York court decision against an investment fund in Gibraltar.

19 February 2016

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