Regional news: Germany
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
Air Berlin liquidator to sell claims on to hedge funds
Air Berlin’s insolvency administrator plans to sell claims that he is asserting against third parties to interested hedge funds on behalf of creditors – including his claim against Abu Dhabi’s Etihad Airways that is pending before English courts.
27 August 2021
Steinhoff strikes tentative deal with large investor group
One of retail conglomerate Steinhoff’s largest creditors, which successfully claimed it breached South African law, has accepted a revised global settlement offer “in principle”, while the group has amended its South African scheme to block another disgruntled creditor from voting.
25 August 2021
Germany’s Grub Brugger hires eight-person team in Stuttgart
German law firm Grub Brugger has hired an entire insolvency team from Stuttgart’s Menold Bezler, including a group of partners who completed one of the first German restructurings under the new StaRUG tool.
23 August 2021
Greensill Capital seeks recognition to stop US lawsuit
Greensill’s main trading entity has sought recognition of its UK administration in New York to block a fraud suit brought against it by US coal miner Bluestone Resources – while its bankrupt US unit has received court approval to sell its working capital provider.
19 August 2021
Wirecard shareholder seeks damages over “fraudulent statements”
Quinn Emanuel is advising a German asset manager on litigation against the administrator of scandal-hit payments processor Wirecard over allegedly false statements made by the company before its collapse.
16 August 2021
Supreme Court finds class action debt collection permissible under German law
Customers of insolvent airline Air Berlin have the right to assign their claims to a debt collection service provider, Germany’s highest court has ruled, while also providing its thoughts on comfort letters from shareholders and in what circumstances they can help a debtor avoid an insolvency filing.
12 August 2021
Stephenson Harwood advising as Australian miner enters UK administration
The London-listed parent of an Australian mining company has entered administration in England after an overly leveraged balance sheet left it unable to pay its debts.
10 August 2021
Simmons & Simmons sets up new German restructuring team
Simmons & Simmons has hired a partner from Allen & Overy with credits on the Steinhoff restructuring, to lead a new German restructuring and insolvency team in Frankfurt.
19 July 2021
GÖRG partner appointed over kitchenware company
Germany-based kitchenware company Neue Alno has filed for insolvency for the second time in four years, with GÖRG partner Holger Leichtle appointed as provisional trustee.
19 July 2021