Regional news: Germany
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
A&O advises on controlled Dutch scheme liquidation
The former holding company of international outdoor clothing group AS Adventure has been liquidated after securing a cooling-off period under Dutch scheme proceedings, which allowed it to formulate a liquidation plan while the rest of the group was sold through a share pledge enforcement.
15 July 2021
Community round-up: partners move firms across Europe and the US
Advisory firm Alvarez & Marsal has hired a new leader for its Italian restructuring group, while law firms K&L Gates, MÖNIG and Eversheds Sutherland have added partners across Europe, and US firms CohnReznick and Fox Rothschild have bolstered their practices on the East Coast.
09 July 2021
Wirecard’s Indian forex subsidiary sold
The German administrator of scandal-hit payments processor Wirecard has agreed to sell an Indian subsidiary of the company, as he continues to offload assets held around the world.
07 July 2021
Berlin logistics conglomerate to acquire insolvent German retailer
European retailer Adler Modemärkte has filed an insolvency plan before a court in southern Germany, after entering into an investment agreement that would see Berlin-based Zeitfracht take it over.
07 July 2021