Regional news: Europe

Court releases reasons for mandating Hurricane shareholder vote

An English court has published its reasons for ordering UK-based oil company Hurricane Energy to hold a shareholder meeting alongside a creditor meeting for its restructuring plan under Part 26A of the Companies Act.

26 May 2021

Subprime lender’s English scheme rejected after FCA opposition

A UK personal credit provider has failed to secure an English court’s approval for a scheme of arrangement that would have capped customer compensation claims, following an objection from the Financial Conduct Authority.

25 May 2021

GPG payments arm’s insolvency opened in Bremen

A company that acted as the finance raising arm for the disgraced German Property Group, into which thousands of British and Irish investors poured their life savings, has been placed into formal insolvency proceedings in Bremen along with the rest of the group.

24 May 2021

Court mandates shareholder vote in UK oil producer's plan meetings

UK-based oil exploration and production company Hurricane Energy can proceed with a creditor meeting for a restructuring plan under Part 26A of the Companies Act, with a court also ordering it to hold a shareholder meeting in the face of allegations that the company was conspiring with bondholders on a takeover.

21 May 2021

Force India sponsor loses High Court appeal

A former sponsor of Formula One team Force India, Austrian water treatment company BWT Aktiengesellschaft, has been barred on appeal from submitting part of its proof of debt claim in the team’s UK liquidation.

20 May 2021

DTEK schemes sanctioned in England

Ukrainian coal miner DTEK has secured sanction of its English schemes of arrangement, with Chapter 15 recognition in New York set to follow by the end of the week.

19 May 2021

Kroll hires in Dubai from KPMG

Kroll has expanded in Dubai, adding a new associate managing director from KPMG with credits on the liquidation of UK travel agent Thomas Cook and the bankruptcy of securities broker MF Global.

19 May 2021

KPMG “rising star” moves to Alvarez & Marsal in London

Alvarez & Marsal’s European restructuring head tells GRR that the recent sales of KPMG's and Deloitte’s UK restructuring arms are proving to be “good news” for the firm, which hired former KPMG director Paul Berkovi in London this week.

18 May 2021

Regis CVA revoked as court declares it unfairly prejudicial

In a change of fortunes for UK landlords, a court has revoked hairdressing chain Regis’ company voluntary arrangement, finding the inclusion of a shareholder as an unimpaired critical creditor was unfairly prejudicial – and that a CVA nominee’s conduct fell below the standard required.

17 May 2021

Caffè Nero seeks CVA challenge dismissal

UK coffee chain Caffè Nero has asked an English court to strike out a landlord’s challenge against its company voluntary arrangement, claiming the action is being used to force an administration sale.

17 May 2021

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