Regional news: United Kingdom

McDermott International secures English plan meetings amid opposition

UPDATED: Creditors of Houston-headquartered oil and gas engineering group McDermott International have been allowed to challenge its subsidiary’s English restructuring plan at a three-day trial in December, after a judge at the High Court found they’d “had little time to digest” evidence before the convening hearing.

29 September 2023

Privy Council stays Cayman winding-up in favour of arbitration

The Privy Council in London has held that a Cayman winding up petition against the operator of a billion-dollar Chinese convenience store business should be stayed because the matters at the heart of the petition fall within the scope of a Beijing-seated arbitration clause.

25 September 2023

GRR Live Americas: could Cayman’s new regime override Gibbs?

Following a recent restructuring that saw an Irish scheme used to discharge English law-governed debt, a panellist at GRR Live in New York has argued that the Cayman Islands’ new restructuring officer regime could be used to override the rule in Gibbs.

22 September 2023

Debts unenforceable in UAE can be enforced in the UK, English court says

There is no common law impediment to enforcing a UAE monetary judgment in the UK that cannot be enforced in the UAE, a Deputy High Court Judge has found, declining to set aside an English default judgment issued against a Lebanese businessman on the basis of personal guarantees that are unenforceable in Abu Dhabi.

22 September 2023

Heads-up: Allen & Overy’s Katrina Buckley in London and Sigrid Jansen in Amsterdam

Featured in Heads-Up

The co-heads of Allen & Overy’s global restructuring practice, Katrina Buckley in London and Sigrid Jansen in Amsterdam, discuss the need for a workable stay to support the UK’s Part 26A plan, and how new restructuring procedures across Europe have decreased holdout creditors’ power.

21 September 2023

Greensill’s German and UK administrators go head to head over €40 million fund

Administrators can make Part 36 settlement offers under the UK’s Civil Procedure Rules in the context of a directions application, an English judge has ruled, in a case that reveals a dispute between Greensill’s UK and German officeholders over a €40 million fund.

20 September 2023

UAE bank turns to UK after Abu Dhabi court declares personal guarantees unenforceable

The English High Court has been asked to consider whether it can enforce two UAE judgment debts that became unenforceable in Abu Dhabi when a recent law limiting the use of personal guarantees was applied retroactively.

19 September 2023

IPs welcome reforms to UK regulation, but warn of increased costs

The UK government has revealed proposed changes to regulation of the insolvency profession, including reforms to bonding and the potential introduction of a compensation scheme, which insolvency practitioners say could increase costs and lead to a “wave of unsubstantiated claims”.

13 September 2023

Digital asset manager faces Cayman liquidation following Ponzi scheme claims

European crypto asset manager Aubit International is facing a winding up petition in the Cayman Islands from the same retail investors who have accused it of orchestrating an “investment scam” in a US lawsuit.

13 September 2023

Mayer Brown expands in London

A former Morgan Lewis partner with a focus on secured transactions, asset-based lending and supply chain financing has joined Mayer Brown’s London team.

12 September 2023

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