Regional news: United Kingdom
Morses Club’s scheme gets the greenlight
The UK’s largest door-to-door pay day lender has secured sanction of its English scheme to deal with redress claims from 636,000 potential claimants.
30 May 2023
Shipping group’s rescue plan buoyant after courts bless parallel English scheme and Dutch WHOA
Shareholders who hoped to block the restructuring of shipping group Vroon have failed in their attempt, after courts blessed the interlinked Dutch WHOA plan and English scheme within hours of each other today.
26 May 2023
Mittal-owned Manx company’s liquidators seek US recognition
UPDATED: The liquidators of a Manx company related to Indian businessman Pramod Mittal have sought Chapter 15 recognition in New York to investigate and pursue possible assets in the US, four years after securing English recognition.
24 May 2023
Delaware court rejects US Trustee’s bid to dismiss fee refund claim
The liquidating trustee in advertising group Videology's Chapter 11 bankruptcy has moved one step closer to securing a refund on excess fees charged by the US Trustee, eight months after launching a claim in Delaware following a landmark Supreme Court ruling that found a 2017 fee-hike unconstitutional.
23 May 2023
Prezzo plan sanction hearing to consider “give and take” questions
The parent of UK casual dining chain Prezzo has been permitted to convene four meetings of creditors to vote on a Part 26A restructuring plan, after reaching an agreement with the UK tax authority to leave jurisdictional issues regarding “give and take” to the sanction stage.
22 May 2023
Kuwait telecoms company allowed to serve second bankruptcy petition on Saudi prince
A Kuwaiti telecoms group has won permission to serve a second bankruptcy petition on a Saudi prince after he again failed to convince the High Court in London he has no place of residence in the UK.
19 May 2023
UAE national cannot dodge Dubai personal guarantee, English court rules
Government-owned bank Emirates NBD has been permitted to enforce a Dubai court order in London against a UAE national who personally guaranteed a corporate loan, then transferred his UK assets to his son when the bank sought to enforce the debt.
17 May 2023
HMRC pulls the plug on GAS’s restructuring plan
A British energy supply broker has entered administration after failing to convince an English court to sanction a Part 26A restructuring plan that would have wiped out £6 million in unpaid tax liabilities, marking the first case where a plan failed both the no worse off and fairness tests.
16 May 2023
Shipping group’s parallel English and Dutch sanction hearings steam ahead
After expressing concerns about “shutting out” shareholders opposed to Dutch shipping group Vroon’s English scheme and Dutch WHOA plan, the High Court in London has extended the group’s scheme sanction hearing by two days so it can decide whether they have standing to object.
16 May 2023
TLT receives largest damages judgment in Scottish court’s history
UK law firm TLT has been ordered to pay £12.5 million in damages for breach of contract and professional negligence in the way it handled a complaint against the liquidators of a Scottish alcoholic drinks company.
15 May 2023