Regional news: Portugal
Portuguese rig owner secures emergency financing in Texas Ch11
A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.
22 June 2022
PLMJ hires from Linklaters in Portugal
PLMJ has hired a senior counsel with restructuring and insolvency experience for its dispute resolution practice in Lisbon, from the local arm of Linklaters.
25 May 2022
Angolan-owned energy company enters bankruptcy in Amsterdam
UPDATED: A Dutch energy company owned by scandal-hit Angolan billionaire Isabel dos Santos has been placed into bankruptcy in the Netherlands.
22 September 2021
Virgin Active secures second-ever UK cross-class cramdown
Gym chain Virgin Active’s heavily contested restructuring plans have been sanctioned in a judgment affirming that English courts will afford weight to the decisions of higher-ranking creditors when exercising their discretion over cross-class cramdowns.
12 May 2021
Debt Restructuring in Portugal: a New Wave?
Featured in Europe, Middle East and Africa Restructuring Review 2020
15 December 2020
ECB wins appeal over Banco Espírito disclosure
The European Central Bank gave sufficient reasons as to why it refused to disclose information on its suspension of credit flows to Portuguese “bad bank” Banco Espírito Santo ahead of the bank's resolution six years ago, the EU’s highest court has said, partially overturning a lower court’s ruling.
26 October 2020
EU court interprets COMI under recast Insolvency Regulation
An EU court has interpreted the recast Insolvency Regulation to find that a couple who live and work in England, but whose only immovable asset is in Portugal, probably have their COMI in the UK.
21 July 2020
London: Laying the groundwork for a European approach to fraud in insolvency
INSOL Europe’s Young Members Group and Anti-Fraud Forum convened in London last week to assess the varying approaches to fraud in insolvency cases in different jurisdictions across Europe.
17 November 2016
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
Germany mulls changes to insolvency laws as EU neighbours amend theirs
Several European countries have passed changes to their insolvency laws in recent months, with France, Italy and the UK introducing new measures that give courts greater powers and expand the role of creditors, while the German legislature considers a bill to reform the regime’s clawback provisions – but harmonisation of laws across the EU still seems a distant prospect.
16 December 2015