Regional news: European Union
Digital asset manager faces Cayman liquidation following Ponzi scheme claims
European crypto asset manager Aubit International is facing a winding up petition in the Cayman Islands from the same retail investors who have accused it of orchestrating an “investment scam” in a US lawsuit.
13 September 2023
Bondholders take over European fashion retailer Takko Fashion
Germany-headquartered retailer Takko Fashion has completed a debt-for-equity restructuring with Simpson Thacher, Gleiss Lutz, Clifford Chance, Loyens & Loeff, PJT Partners, Freshfields and Arendt all taking roles.
15 August 2023
Think tank calls for EU legislation on recognition of restructurings
European insolvency law think tank CERIL has called on the European Commission to adopt a special cross-border cooperation and recognition framework for restructuring proceedings, arguing that the recast European Insolvency and Brussels Regulations are inadequate.
25 July 2022
EU court rejects Ryanair challenge against Condor state aid
Ireland’s Ryanair has lost its challenge to the German government’s bailout of Frankfurt-headquartered airline Condor after the collapse of its parent Thomas Cook.
20 May 2022
EU court ruling heralds potential revival of Dutch pre-packs
Dutch lawyers have hailed the potential revival of pre-packs in the Netherlands, after the European Court of Justice ruled that exceptions to employee protections afforded to companies in insolvency proceedings under EU law, can extend to pre-pack sales in certain circumstances.
29 April 2022
Jersey company can be wound up in England, High Court rules
Setting out the post-Brexit application of the EU Insolvency Regulation, the High Court in London has ruled that a Jersey-registered company can be wound up in England.
31 August 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
Gazprombank challenges DTEK’s English schemes
The Swiss branch of Russia’s Gazprombank has told an English court that one of Ukrainian coal miner DTEK’s English schemes does not have a “real prospect” of being recognised in key foreign jurisdictions following Brexit.
13 May 2021
Recognition considerations after Brexit: Rome Regulation offers hope after UK’s Lugano blow
RPC’s Paul Bagon, Will Beck and Kate Watson consider the alternative avenues for recognition of schemes in the EU following a setback in the UK’s bid to join the Lugano Convention – and discuss the broader landscape for international recognition of insolvency proceedings after Brexit.
11 May 2021