Regional news: United Kingdom

Duff & Phelps moves London head to Hong Kong, recruits in New York

Advisory firm Duff & Phelps has relocated one of its London leaders to Hong Kong following predictions of an increase in defaults in the Asia region, while its New York office has hired a new managing director from Deloitte.

24 August 2016

BRUSSELS: six points to consider when shifting COMI

A recent debate in Brussels considered the virtues of different insolvency regimes in the US and EU for the purpose of choosing a centre of main interest (COMI) – and found that forum shoppers are probably best off in America.

23 August 2016

Morrison & Foerster and Felsberg advise on alternative plan for Oi

Morrison & Foerster and Brazilian firm Felsberg Advogados are working on an alternative restructuring plan for Brazilian Telecoms company Oi, along with São Paulo–based consultancy Integra Associados, and New York investment banking boutique ACGM.

19 August 2016

Belfast court rejects Irish businessman’s alleged COMI shift

A court in Belfast has rejected claims from an Irish businessman that his centre of main interests shifted across the border from the Republic of Ireland in 2012, preventing him from taking advantage of what used to be a more lenient UK regime in a case of “bankruptcy tourism”.

12 August 2016

European lobby group issues model clauses for cross-border recognition of "bail-in"

A European lobbying group for financial markets has issued a set of model clauses to help banks apply the BRRD to cross-border liabilities; meanwhile, Singapore’s central bank opened two new consultations and the UK has updated a 1930 statute regarding rights against insurers in insolvencies.

11 August 2016

UK Supreme Court clarifies when constructive trust may arise in wine case

The UK Supreme Court has clarified the circumstances in which a constructive trust may arise in insolvency, overruling earlier case law and rejecting arguments from an Australian winemaker that its former agent in the UK should have placed money owed to it in trust as soon as its insolvency was imminent.

05 August 2016

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

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