Regional news: Germany
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
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