Regional news: United Kingdom
DTEK to poll creditors on English schemes amid Russian objection
Ukrainian coal miner DTEK has won permission to hold creditor votes on two English schemes, despite opposition from a Russian bank creditor on lack of jurisdiction grounds.
16 April 2021
Weil loses third restructuring partner in London
Akin Gump has hired Weil Gotshal & Manges partner Clare Cottle in London – marking the third exit from Weil’s restructuring team since July.
16 April 2021
NCP hires Kirkland and Deloitte for UK plan
Kirkland & Ellis and Deloitte are advising Japanese-owned car park operator NCP as it follows gym chain Virgin Active in using a UK restructuring plan to deal with property leases – meanwhile the High Court has weighed in on who should pay objecting landlords’ costs in restructuring plan cases.
16 April 2021
Flybe sold out of administration in British first
In the first-ever rescue of an insolvent British airline, Flybe has been acquired by a company affiliated with its largest shareholder, investment firm Cyrus Capital.
15 April 2021
English scheme sanctioned for Spanish construction group
Spanish construction and engineering group Obrascón Huarte Laín has secured sanction of its English scheme of arrangement after the High Court found it would likely be recognised in foreign jurisdictions.
15 April 2021
HSBC strikes out two Stanford Ponzi scheme claims on appeal
Liquidators of the Stanford International Bank Ponzi scheme will neither be able to bring a dishonest assistance claim, nor a Quincecare damages claim against HSBC for money it paid out to creditors before the scheme was wound-up, after a double success on appeal for the Hong Kong and Shanghai bank.
15 April 2021
Abu Dhabi-based NMC Healthcare secures interim English protection
The administrators of NMC Healthcare in Abu Dhabi’s financial free zone have obtained interim protection in the UK, blocking creditors from attaching sale proceeds they plan to place in a London bank account.
09 April 2021
No assets? No problem! Israeli trustee accesses UK concealment structure
The Israeli trustee of a property investor once rumoured to be Israel’s largest private bankrupt has persuaded an English court to transfer him the rights to a UK company believed to be at the top of a structure intended to hide German assets – though no assets have been identified as yet, even by private investigators.
08 April 2021
Interim recognition in Australia for Greensill Bank administrator
Greensill Bank’s German insolvency administrator has obtained interim recognition in Australia and has used Eversheds Sutherland to make a similar application in the UK.
07 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
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