Regional news: United Kingdom

Farfetch completes pre-pack sale, opposing noteholders to “explore options”

New York-listed luxury products company Farfetch has completed its pre-packaged sale to South Korean online marketplace Coupang – a process an ad hoc group of 2027 noteholder claims has been rushed through following “investor discontent”.

02 February 2024

“The restructuring plan’s coming of age”: readers react to Adler

A week on from the Court of Appeal overturning sanction of German property group Adler’s Part 26A restructuring plan, GRR caught up with members of the UK restructuring community to find out what impact the judgment will have and whether it has given comfort or pause for thought to those whose plans are live before the courts.

01 February 2024

Rosling King partner-backed asset recovery firm loses bank suit on jurisdiction grounds

An asset recovery firm linked to partners at UK law firm Rosling King and Ukraine’s Gotovska & Partners, which purchased claims from a bankrupt Ukrainian bank, has failed in its bid to pursue an embezzlement suit against the bank’s billionaire indirect owner in London.

01 February 2024

KBBO shareholders’ personal bankruptcies recognised in UK

Two shareholders of UAE investment group KBBO have secured UK recognition of their Abu Dhabi personal bankruptcies, after an English judge found a Dubai court’s refusal to recognise the proceedings under the Model Law in 2022 had “no relevance” to the application in the UK.

31 January 2024

Lazard makes third January hire with new European co-head

Lazard has hired a new European restructuring co-head who is set to join the firm in February from Moelis after helping to found the latter’s European and Middle East offices more than a decade ago.

30 January 2024

New water company special administration regime brings rescue to the fore

The UK government has introduced new and draft legislation updating the special administration regime for water companies, among other things, making it possible to rescue water companies for the first time, and giving public debts priority.

30 January 2024

Singaporean judgments held in “extremely high regard”, English court says

Bond trustee service provider GLAS has failed to secure a summary judgment against Chinese fashion conglomerate Shandong Ruyi after an English judge allowed the group an extension of time to file a defence and urged a Singapore court to deanonymize a related ruling set to be issued soon so the two jurisdictions can avoid inconsistency.

29 January 2024

Pallas Partners advising as investors plan challenge to Farfetch administration sale

A group of institutional investors is threatening New York-listed luxury products company Farfetch’s pre-packaged sale to South Korean online marketplace Coupang, claiming the proposed deal offers a US$1 billion “poison pill” to alternative bidders.

26 January 2024

New silks at South Square and Guildhall

South Square’s Adam Al-Attar and Deputy Insolvency and Companies Court Judge Simon Passfield are among five UK barristers with restructuring and insolvency experience across London, Bristol, Leeds and Manchester who were appointed King’s Counsel last week.

24 January 2024

A look at cross-border restructuring and the year ahead

McDermott Will & Emery partners from the UK, US, Germany and France try to predict what 2024 might have in store for the restructuring sector in their respective jurisdictions, following several years of global unpredictability. Above all, they anticipate changes in what a restructuring is – and what it might be used for.

24 January 2024

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