Regional news: United Kingdom

Galapagos faces UK winding up following EU Insolvency Regulation judgment

Senior creditors of the Galapagos group have applied to wind it up in the UK despite ongoing insolvency proceedings in Germany, citing a European Court of Justice decision from March that interpreted the European Insolvency Regulation against the backdrop of two potential COMI shifts and Brexit.

24 May 2022

Amigo’s preferred scheme sanctioned in novel alternative scheme restructuring

Guarantor loan provider Amigo has secured sanction of its preferred of two alternative schemes of arrangement in England, almost a year to the day after a first scheme was rejected amid objections from the UK’s Financial Conduct Authority.

23 May 2022

South African liquidators extend asset preservation order in UK cryptocurrency probe

The UK-based former director of a South African cryptocurrency exchange has agreed to transfer all of the exchange’s assets under his control – including a USB stick containing Ethereum – to liquidators in Pretoria, after an English court extended an asset preservation order obtained against him earlier this month.

18 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

Stoneway wins Ch11 confirmation as US Trustee objection overruled

Argentina-headquartered power plant group Stoneway Capital has won confirmation of its Chapter 11 plan after a New York court overruled an objection lodged by the US Trustee over third-party releases.

12 May 2022

Brown Rudnick’s UK restructuring head to join BCLP

Bryan Cave Leighton Paisner is set to recruit two partners from Brown Rudnick in London, including the head of its UK bankruptcy and corporate restructuring practice.

11 May 2022

Second time lucky for Smile Telecoms’ groundbreaking restructuring plan

Partner Mark Fine and senior associate Nicholas Jupp at McDermott Will & Emery in London examine two novel aspects to the restructuring plan that the English High Court sanctioned for African telecoms group Smile earlier this year: its exclusion of out-of-the-money creditors, and the fact it varied the rights of a foreign company’s shareholders.

11 May 2022

English court: administrator appointments over sanctioned entities can ensure compliance

While some practitioners have been reluctant to take appointments over entities hit by Russian sanctions, the High Court in London has ruled that administrators can be “critically important” and strengthen the prospects of sanctions being complied with.

10 May 2022

VTB Bank’s Guernsey affiliate placed into administration amid Russia sanctions concerns

Guernsey’s financial regulator has conditionally placed a local affiliate of Russian state-backed VTB Bank into administration, in what is believed to be the Channel Island’s first administration management order under a new financial services law.

10 May 2022

Spanish asset manager permitted to hold single creditor meeting for English scheme

Madrid-based asset manager Haya Real Estate has received court permission to hold a single class meeting on an English scheme of arrangement, just a month after its noteholders agreed to change an indenture’s New York governing law to English law.

09 May 2022

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