Regional news: Germany
Germany announces draft restructuring law in line with EU directive
German lawyers have cautiously welcomed a preventative restructuring regime outlined in a long-awaited draft bill that they hope will enable company rescues outside of insolvency and stymie the flow of companies who have headed abroad.
24 September 2020
Dentons hires German restructuring head from Baker McKenzie
The former head of Baker McKenzie’s German restructuring practice has moved to Dentons in Berlin.
22 September 2020
Australian tax officer denied costs over Senvion recognition
An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.
22 September 2020
English court sanctions ED&F Man’s scheme
An English court has sanctioned a scheme of arrangement for international commodity trader ED&F Man, paving the way for it to restructure debts governed by English and New York law.
09 September 2020
Creditors approve ED&F Man’s UK scheme
International commodity trader ED&F Man has secured unanimous backing for its UK scheme of arrangement during two creditors’ meetings.
02 September 2020
Wirecard sells assets in UK, Brazil and Germany
Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.
01 September 2020
Neiman Marcus sues creditors committee co-chair over bid “coercion”
Luxury department store chain Neiman Marcus is suing its largest unsecured creditor, which the US trustee has accused of coercing a rival bidder into dropping its interest in a Chapter 11 asset acquisition.
28 August 2020
Clifford Chance, A&O and Akin Gump advising on commodity trader’s UK scheme
An international commodity trader has secured court approval to convene meetings for its creditors to vote on a UK scheme of arrangement, with Clifford Chance, A&O and Akin Gump taking roles.
11 August 2020
Foreign pension investors’ claims to be heard in German group insolvency
An administrator from German law firm GÖRG will oversee the insolvencies of more than 100 entities in a group that invited pensioners from the UK, Ireland and Asia to finance the conversion of historic buildings.
03 August 2020
“Good forum shopping”: English court sanctions Flint Group schemes
An English court has sanctioned schemes for seven international subsidiaries of Luxembourg-headquartered Flint Group, finding a change of governing law in their debt agreements gave the companies sufficient connection to England.
30 July 2020