Regional news: Germany

Genting Hong Kong enters provisional liquidation in Bermuda after German court defeat

Cruise operator Genting Hong Kong has applied to enter provisional liquidation in Bermuda where it is seeking to appoint Alvarez & Marsal and R&H Services Limited, after a German court declined to award it access to an US$88 million lifeline.

19 January 2022

Genting Hong Kong shipbuilding subsidiary enters insolvency in Germany

UPDATED: A subsidiary of the troubled cruise operator Genting Hong Kong has entered insolvency in Germany, claiming that various local state entities have imposed new conditions preventing it from drawing down on financing facilities it is entitled to.

12 January 2022

Singapore court orders bank statements' release for Wirecard insolvency

In a rare move, a Singapore court has cleared the use of bank statements as evidence in defunct payment processor Wirecard's German insolvency proceedings.

07 January 2022

New Weil study on corporate distress finds liquidity pressures rising

UK corporates experienced the highest levels of relative distress in Europe during the pandemic, a new study from Weil Gotshal & Manges has found, with liquidity pressures now rising as governments roll back financial stimulus measures.

16 December 2021

Australian court relies on equity to permit funds’ transfer to Germany

A German apparel company’s administrator has been allowed to access money held in an Australian bank and transfer it back to his jurisdiction, after an Australian court found that the legal doctrine of equity permitted it to enforce foreign judgments in appropriate circumstances.

14 December 2021

Heads-Up: Frances Coulson at Wedlake Bell in London

Featured in Heads-Up

A few months after London boutique Moon Beever merged with Wedlake Bell, the new firm’s insolvency practice leader Frances Coulson talks to GRR about the knowledge she has gained from working with people in other jurisdictions, the risks for practitioners acting on fraud cases when no litigation funder wants to invest, and rising competition from Singapore and India.

10 December 2021

Evergrande in default as Cayman insolvency filing looms

Credit rating agency Fitch has declared Chinese property group Evergrande’s foreign bonds in default after it missed interest payments earlier this week – while a German investor says it will file an insolvency application against the group’s holding company in the Cayman Islands in the next few days.

09 December 2021

English court refuses to rescind registration of German judgment

Electronics entrepreneur Lars Windhorst has failed to overturn the registration of a German judgment in England, in an appeal dealing with the interplay between the EU’s Insolvency Regulation and the Brussels Regulation.

02 December 2021

German bondholders bemoan real estate group’s Austrian restructuring

A Frankfurt and Vienna-listed real estate group has launched restructuring proceedings in Austria, frustrating bondholders pursuing an insolvency petition against it in Germany.

23 November 2021

Community round-up: advisory firms make hires and promotions in the UK, Germany and New York

Interpath Advisory has hired the founder of restructuring advisory group Riverhill Partners and promoted two members in its London team, while Alvarez & Marsal has hired a new managing director in Germany and financial services firm Baird has launched a new restructuring practice within its investment banking business in New York.

19 November 2021

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