Regional news: United Kingdom

Saudi Arabia's AHAB group signs US$6 billion restructuring deal

Saudi Arabian family-run conglomerate Ahmad Hamad Algosaibi & Brothers (AHAB), has signed a deal with several of its lenders to implement a US$6 billion restructuring plan, bringing the Arab region’s largest debt default a step closer to resolution.

26 July 2016

Big, old and in retail – a recipe for confusion

Older, established retail brands in the UK have been suffering in recent years and could now face further negative effects from Brexit. Against this backdrop, Claire Williams, an associate at Debevoise & Plimpton, looks at how retention of title clauses in retailers’ contracts with suppliers can complicate matters, particularly in the absence of cross-border harmonisation for these legal instruments.

25 July 2016

Community round-up: Carey Olsen appoints new counsel in Guernsey

Carey Olsen has promoted an insolvency specialist to counsel in Guernsey, as Scotland’s Accountant in Bankruptcy appointed two restructuring heavyweights to its advisory board.

22 July 2016

UK court grants first standalone notification order to guard against asset dissipation

The High Court of England and Wales has granted the first standalone application in the UK for a notification order, which compels defendants to give notice to claimants before disposing of assets.

19 July 2016

Global travel group cites Brexit uncertainty as it enters administration

International travel company Lowcosttravelgroup has appointed administrators and legal counsel in the UK citing fallout from Britain’s vote to leave the EU and the threat of terrorism undermining traditional holidaymaking.

18 July 2016

BRUSSELS: protecting the wealth of Europe

The development of pre-insolvency mechanisms alongside formal tools such as schemes of arrangement has been a valuable response to complex financial issues and should be borne in mind by regulators attempting to harmonise regimes, speakers said at a conference in Brussels on 16 to 17 June.

13 July 2016

Court of Appeal straightens out pensions dispute between MF Global subsidiaries

The England and Wales Court of Appeal has affirmed that an implied contract exists between two UK branches of bankrupt US brokerage firm MF Global, rendering one of the company’s arms liable to pay the staff pensions of the other.

01 July 2016

UK Privy Council reinterprets “legitimate expectation” in landmark bailout claim

The UK Privy Council has dismissed a claim brought by creditors of a bailed-out insurance group against the government of Trinidad and Tobago, setting a new, narrower standard of “legitimate expectation” in the context of wider public policy concerns.

30 June 2016

Korean shipbuilder’s rehabilitation recognised in UK

The High Court of England and Wales has recognised the Seoul-based restructuring of Korea’s STX Offshore, the world’s fourth largest shipbuilder.

29 June 2016

UK votes to leave EU: lawyers ponder the future

Sterling and stocks plunged in value as the UK announced its decision to leave the EU in the early hours of Friday – but lawyers in the insolvency and restructuring sphere are keeping calm, for now.

24 June 2016

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