Regional news: Netherlands

New York district court reopens LyondellBasell fraudulent transfer case

A New York district court has overturned a bankruptcy court’s ruling saying it erred when it dismissed a US$6 billion fraudulent transfer claim over the leveraged buyout of Dutch petrochemicals company Lyondell, which entered bankruptcy shortly after it was purchased.

03 August 2016

Spanish group cites Abengoa fallout as it files in Madrid, Amsterdam and New York

Global engineering and construction group Isolux Corsán has reached an agreement with creditors to restructure €2 billion in debt, and applied for protection from Spanish and Dutch courts, as well as Chapter 15 recognition in New York.

02 August 2016

PwC beats Deloitte and Alvarez to role of Oi administrator

A Brazilian court has chosen PricewaterhouseCoopers as judicial administrator, along with Brazilian firm Wald e Associados Advogados as its counsel, to carry out the country’s largest ever court-administered bankruptcy for telecoms company Oi.

25 July 2016

Simmons & Simmons boosts Amsterdam team with Clifford Chance hire

The financial markets group at Simmons & Simmons has recruited banking and restructuring partner Erwin Bos from Clifford Chance.

19 July 2016

Reforms in Hong Kong and the Netherlands as new Malaysian regime awaits signature

Hong Kong has adopted bail-in legislation and the Netherlands has amended its approach to directors’ liability in recent weeks, as sweeping changes await passage in Malaysia.

08 July 2016

Oi creditor commences involuntary bankruptcy in the Netherlands

A Dutch creditor of Brazilian telecoms company Oi has commenced involuntary bankruptcy proceedings against one of its affiliates in an Amsterdam court, as Oi confirmed it had received provisional relief from a UK court.

28 June 2016

UK, Netherlands and European Commission open consultations

The UK has launched a consultation on four insolvency law amendments that would protect debtors, as the Dutch government seeks responses to its proposed adoption of bail-in under the BRRD, and the European Commission checks up on its regulation of financial conglomerates.

21 June 2016

Metals miner files Chapter 15 case to recognise UK scheme

A Ukraine-based steel and mine holding company has filed for Chapter 15 protection in a Delaware court, blaming its troubles on the ongoing unrest in eastern Ukraine.

28 January 2016

ECJ clears up clawback confusion in cross-EU cases

The European Court of Justice recently issued a preliminary ruling on the use of the EU Insolvency Regulation’s article 13 to defend a clawback action, in the case of an insolvent Finnish sports brand and the Dutch arm of Nike.

16 December 2015

UK court examines impact of new EU laws on jurisdiction

Two decisions over the summer examined the impact of new EU legislation on the jurisdiction of the UK courts over the approval of a Dutch and Belgian group’s English scheme of arrangement, and a claim for the recovery of a debt where there were parallel administrative proceedings in Portugal.

16 December 2015

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