Regional news: Europe

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

Isle of Man court grants use of documents in US and Caribbean

A court in the Isle of Man has allowed four US special purpose vehicles to use information revealed in a Manx disclosure and freezing order last year in proceedings for the repayment of debts in the US and Caribbean.

19 February 2016

Irish High Court recognises Swiss restructuring

An Irish court has recognised a Swiss restructuring proceeding, preventing creditors from seeking repayment of a loan issued under Irish law to a liquidity-squeezed Swiss finance group.

08 February 2016

German ship fuel reseller ignores Chapter 15 stay as Texan creditors protest

A German affiliate of a marine fuel group that filed Chapter 15 recognition proceedings in a New York bankruptcy court, but said it would ignore its entitlement to automatic stay, is facing opposition to the filing from Texan creditors.

28 January 2016

Metals miner files Chapter 15 case to recognise UK scheme

A Ukraine-based steel and mine holding company has filed for Chapter 15 protection in a Delaware court, blaming its troubles on the ongoing unrest in eastern Ukraine.

28 January 2016

Weil adds restructuring partner from Ashurst

Weil Gotshal & Manges has hired a partner from Ashurst in Frankfurt.

27 January 2016

Fried Frank poaches Mayer Brown joint practice head

Fried Frank Harris Shriver & Jacobson has hired the joint head of Mayer Brown’s London restructuring practice.

27 January 2016

High Court approves serve out to Guernsey for Hellas fraud hearing

The UK High Court has granted permission for liquidators of Greek telecoms company Hellas Telecommunications to serve out forms in Guernsey, as they seek to bring fraud claims against the company’s former owners – weeks after a separate Luxembourg ruling against Hellas.

21 January 2016

Get unlimited access to all Global Restructuring Review content