Regional news: United Kingdom

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

UK, Netherlands and European Commission open consultations

The UK has launched a consultation on four insolvency law amendments that would protect debtors, as the Dutch government seeks responses to its proposed adoption of bail-in under the BRRD, and the European Commission checks up on its regulation of financial conglomerates.

21 June 2016

LONDON: On discovery and asset recovery

Freezing injunctions and the extraterritorial application of the UK Insolvency Act’s section 236 were the focus of an evening seminar hosted by 9 Stone Buildings chambers in London last month, which looked at cross-border discovery and asset recovery in insolvency proceedings before the UK courts.

07 June 2016

Solicitor fails to lift stay on UK proceedings for bankrupt Gibraltar insurer

The Court of Appeal of England and Wales has refused a UK solicitor’s attempt to lift the automatic stay on proceedings imposed after a Gibraltar insurance company's liquidation was recognised in England.

27 May 2016

English court terminates Dechert as counsel to protect privileged information

The High Court of England and Wales has told Dechert that it must cease acting for a major creditor of a bankrupt company in ongoing fraud litigation, because it is also acting for the trustees in the company’s bankruptcy proceedings and has benefited from access to privileged information.

11 May 2016

Community round-up: movements in Europe and the US

Recent weeks saw high-profile hires in London and Texas and partner promotions across Europe. Debt financing specialist Mark Fine has joined Willkie Farr & Gallagher as partner in the firm’s London office.

05 May 2016

Deloitte report unpicks multinational group restructuring in the UK

The joint administrators of Powa Technologies, a mobile and e-commerce group that operated in 13 different jurisdictions, have issued a report detailing the UK administration proceedings of two of the group’s 25 affiliates, revealing first-hand some of the issues faced in multinational group insolvencies.

19 April 2016

Akin Gump wins restructuring firm of the year award

Akin Gump Strauss Hauer & Feld has been named Restructuring Firm of the Year at the third annual awards ceremony held by GRR’s sister publication Who’s Who Legal.

13 April 2016

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