Regional news: Germany
Galapagos faces UK winding up following EU Insolvency Regulation judgment
Senior creditors of the Galapagos group have applied to wind it up in the UK despite ongoing insolvency proceedings in Germany, citing a European Court of Justice decision from March that interpreted the European Insolvency Regulation against the backdrop of two potential COMI shifts and Brexit.
24 May 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
The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA
Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.
17 May 2022
Wirecard administrator can claw back dividends from investors, German court rules
Wirecard’s insolvency administrator has persuaded a German court to declare its final two full-year financial statements void, potentially allowing him to pursue million in dividends paid out to investors before its collapse.
06 May 2022
English scheme sanctioned for Germany’s Lowen Play
Arcade gaming group Lowen Play has secured sanction of an English scheme to restructure €350 million worth of senior secured notes, despite German tax authorities not yet providing approval.
05 May 2022
Stibbe appointed as Dutch bank falls victim to Russia sanctions
A Dutch subsidiary of Russia’s Alfa Bank has entered bankruptcy in Amsterdam, becoming the latest company to struggle following UK and US sanctions imposed as a result of the war in Ukraine.
25 April 2022
Fieldfisher taps CMS partner and team to develop Düsseldorf practice
Fieldfisher has hired a CMS partner who advised on sex shop chain Beate Uhse’s restructuring, and his team of three associates, to build out the firm’s practice in Düsseldorf.
11 April 2022
Germany’s Lowen Play secures English scheme meeting
Arcade gaming group Lowen Play has won approval for a single class of creditors to vote on its €350 million restructuring, after the English High Court found its scheme will likely be recognised in its native Germany.
04 April 2022
Galapagos jurisdictional battles reach EU Court of Justice
Jurisdictional battles surrounding the restructuring of the Galapagos group have reached the European Court of Justice, in a ruling on which courts have jurisdiction to open insolvency proceedings where there has been centre of main interests shift to the UK, then potentially to Germany, against the backdrop of Brexit.
25 March 2022
Gleiss Lutz launches London restructuring team with Akin Gump hire
Germany’s Gleiss Lutz is hiring an Akin Gump partner, who worked for creditors in the Swissport and Galapagos restructurings, for a new office it launched in London at the start of the year.
25 February 2022