Regional news: United Kingdom

Deutsche Bank wins guarantor arguments in Lehman Brothers sub-debt appeal

Lehman Brothers’ US holding company must reduce its claim as assignee of a subordinated loan debt in a UK Lehman entity’s estate by what it had already paid to the original creditor as the debt’s guarantor, the English Court of Appeal has ruled, overturning parts of a landmark decision that a British court made last year on the distribution of subordinated liabilities between Lehman entities.

20 October 2021

“A matter of real public importance”: Jersey investor seeks appeal of universalism ruling

A Jersey-based investment vehicle has claimed that a local court’s decision to allow one of its creditors to present a winding up petition against it in England gives rise to uncertainty over the role of universalism in Jersey insolvency proceedings.

20 October 2021

Prosafe schemes sanctioned in Singapore

Norwegian vessel operator Prosafe has won court approval for its two schemes of arrangement in Singapore, freeing up the road ahead for the group to progress a Norwegian restructuring process it launched last month.

19 October 2021

English High Court sides with Cineworld landlord over lockdown arrears

The English High Court has ruled in favour of a landlord seeking back payments of rent accrued by companies in the Cineworld cinema chain during the UK government’s pandemic lockdowns – rejecting arguments that the leases at hand implied arrears would be suspended while the cinemas were out of use.

18 October 2021

Does the UK have a new “business judgment test”?

Should the growing enthusiasm of the English courts in challenging commercial aspects of cases be a cause for concern? Morrison & Foerster restructuring head Howard Morris, counsel Amrit Khosa and trainee Julia Kotamäki examine the recent cases of subprime lender Amigo Loans and oil company Hurricane Energy, in which the High Court refused to sanction the proposed restructurings.

18 October 2021

Steinhoff’s contested South African scheme set for January hearing

Three weeks after an Amsterdam court confirmed its Dutch composition plan, retail conglomerate Steinhoff has revealed its contested South African scheme has been listed for a week-long sanction hearing in January – while it also faces uncertainty from a pending liquidation application.

15 October 2021

Dechert launches Asia restructuring practice with Kirkland hire

Eight months after adding a new global co-head of restructuring in London, Dechert has hired Kirkland & Ellis partner Daniel Margulies to lead its new Asia restructuring practice and help “capture the growth” in activity in the region.

12 October 2021

Lehman Brothers’ sub-debt appeal continues with guarantor question

UPDATED: Lehman Brothers’ US parent has given evidence on the fourth day of an ongoing appeal against a landmark British court decision made last year, with arguments challenging the effect that a guarantor’s payment has on a creditor's ability to claim against a debtor.

07 October 2021

Bermudian reinsurer’s JPLs move to stop potential US claims

The provisional liquidators of a US-owned Bermudian reinsurance group are seeking Chapter 15 recognition in New York, hoping to prevent potential investor litigation over historically large losses.

07 October 2021

Landmark Lehman sub-debt ruling appeal begins

A Scottish Lehman Brothers entity has given evidence on the first day of a multi-way appeal against a landmark decision that a British court made last year on the distribution of subordinated liabilities between two other UK Lehman companies.

04 October 2021

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