Regional news: United Kingdom

KPMG “exploring options” on potential sale of UK restructuring division

KPMG is considering selling off the UK side of its restructuring practice, ahead of a regulatory deadline for setting out its plans on the separation of its audit and advisory businesses.

23 October 2020

Ashurst and White & Case advise as African diamond miner cuts creditor deal

A Jersey-incorporated group that operates African diamond mines has agreed a debt-for-equity restructuring with creditors, which it plans to carry out through a scheme of arrangement in England.

22 October 2020

New restructuring plans in place as Premier Oil announces merger

Premier Oil has entered a reverse-takeover deal with North Sea exploration and production company Chrysaor to help it extinguish its US$2.7 debt pile, replacing a pair of UK restructuring plans announced in August with new ones.

22 October 2020

Irish court refuses to recognise Monsoon’s English CVA

An Irish court has refused to recognise an English company voluntary arrangement for UK fashion retailer Monsoon Accessorize, finding Irish landlords should have been represented in the approval process.

21 October 2020

Sunbird faces another creditor battle with new scheme

Flexible workplace provider Sunbird has devised a new scheme of arrangement after an English court rejected its original one as “misleading” last month – but its already facing opposition to its plans to place creditors in a single class.

19 October 2020

Failure to notify floating charge holder does not void administration, English court rules

An English court has ruled that a failure to notify a floating charge holder of an administration does not invalidate the proceedings, after considering conflicting case law on the issue.

16 October 2020

New Look blocked from “premature” Irish examinership

UK retailer New Look has been prevented from entering examinership in Ireland, after a court found it had wrongly claimed to be facing imminent insolvency and ordered it to negotiate with disgruntled landlords.

15 October 2020

US courts grant emergency recognition of Canadian and English proceedings

A global group of satellite technology companies has secured preliminary US recognition of its Canadian restructuring in Minnesota despite creditor objections – while Swiss vending machine company Selecta has secured the same relief for its English scheme of arrangement in Texas.

12 October 2020

UK announces connected pre-pack scrutiny laws

The UK government has revealed plans to introduce independent scrutiny of pre-pack administration sales to connected parties, after promising a review this summer: a move that lawyers and practitioners tell GRR will improve transparency, but requires balance.

08 October 2020

Codere’s English scheme sanctioned after creditor drops opposition

An English court has sanctioned a scheme of arrangement for Spanish gaming company Codere, after a Cayman creditor withdrew its opposition and voted to approve it.

06 October 2020

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