Regional news: Switzerland

Kuwait social security institution secures FTI appointment over Adamas entity

A Kuwaiti public institution has persuaded a Cayman court not to appoint Deloitte partners as liquidators of a Hong Kong-based fund, and to instead appoint members of FTI Consulting who are already investigating some of its affiliates.

27 August 2021

“Persistent failure”: Paul Weiss report shows how Credit Suisse overlooked Archegos risks

Credit Suisse exercised a “persistent failure” to manage and remediate risks associated with Archegos Capital before its eventual collapse, according to an independent investigation conducted by Paul Weiss Rifkind Wharton & Garrison.

02 August 2021

Gazprombank challenges DTEK’s English schemes

The Swiss branch of Russia’s Gazprombank has told an English court that one of Ukrainian coal miner DTEK’s English schemes does not have a “real prospect” of being recognised in key foreign jurisdictions following Brexit.

13 May 2021

Maltese oil company’s ex-directors face English injunction application

The English liquidators of a Malta-registered oil company have asked a London court to stop two former directors from purporting to act on its behalf in Swiss proceedings - but they may face questions over the court’s jurisdiction.

07 May 2021

Former parent’s Chapter 11 plan approved for spun-off group

A Switzerland-headquartered automotive parts supplier that entered Chapter 11 in the midst of hostile litigation over asbestos liabilities inherited from its former US parent will now be restructured through a consensual plan designed by that parent, in a case described as “a great example of what Chapter 11 can accomplish, even for a company with its centre of gravity outside of the US”.

23 April 2021

Hogan Lovells leads on €4.5 billion restructuring of French hotel operator

A long list of law and advisory firms have helped international hotel operator AccorInvest Group secure additional financing and complete a multi-jurisdictional restructuring of its €4.5 billion debt pile.

07 April 2021

Gategroup plan sanction reasons handed down

Mr Justice Zacaroli has issued his reasons for sanctioning gategroup’s UK restructuring plan, in the face of an “artificial” forum shopping structure and questions over whether English law could vary rights between non-assenting creditors and foreign third parties.

31 March 2021

English court sanctions gategroup restructuring plan

Swiss airlines services provider gategroup has secured sanction of its UK restructuring plan after adding an additional provision to help ensure it is effective in Switzerland.

26 March 2021

Russian bankrupt opposes freezing injunction extension following recognition

Once foreign bankruptcy proceedings have been recognised, the English courts lack “small j jurisdiction” to continue a pre-recognition freezing injunction against the debtor, counsel to a bankrupt Russian businessman argued this week – ahead of a new recognition hearing in the Isle of Man.

19 February 2021

Lugano bankruptcy exclusion applies to UK restructuring plans, English court rules

One avenue for recognition of some English restructurings in Europe may have been lost after the High Court ruled that the UK’s new restructuring plan is an insolvency proceeding for the purposes of the Lugano Convention’s bankruptcy exclusion.

17 February 2021

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