Regional news: United Kingdom

Moldovan group completes BVI scheme to fund enforcement actions against Kazakhstan

A Moldovan oil group has closed a contested British Virgin Islands scheme and obtained Chapter 15 recognition in a restructuring designed to help it fund enforcement of an arbitral award it won against Kazakhstan over a decade ago.

08 January 2024

New hires for Lazard, FTS Recovery, KPMG, FRP, Opus and Interpath

Lazard has brought in a new sovereign debt expert in Paris and two new managing directors in New York; UK insolvency practitioners’ firm FTS Recovery has a new head for its London office; and KPMG’s Montreal office has recruited a new senior manager; while Opus, FRP and Interpath have all made hires in Manchester.

05 January 2024

Freshfields advises Sharjah’s Invest Bank on capital restructuring

UAE-owned bank Invest Bank tapped Freshfields for a restructuring completed at the tail end of last year, which included a first-of-its-kind guarantee from the Sharjah government for a loan and asset portfolio.

04 January 2024

NMC-related litigations head for joint trial in ADGM

Separate, multibillion-dollar claims brought by the Abu Dhabi Commercial Bank and NMC group’s administrators against its former CFO are headed for a joint trial, following a pair of decisions from a court in Abu Dhabi’s financial freezone that show the extent of multijurisdictional litigation arising from the healthcare provider’s collapse.

02 January 2024

Endo files Chapter 11 plan, seeks to pursue ancillary Irish scheme

Troubled pharmaceuticals group Endo has submitted a Chapter 11 plan that envisages first lien debtholders acquiring the company, and has asked the New York bankruptcy court to let it to enter a deed of indemnity and contribution so it can pursue a parallel Irish scheme as a guarantor.

21 December 2023

UK’s highest court rejects Saad liquidators’ share clawback claim

The liquidators of Cayman fund Saad Investments will not be able to claw back more than US$300 million in shares transferred to a Saudi bank, after the UK Supreme Court found the fund’s equitable proprietary interest in the shares had been extinguished, which precluded it from making a “knowing receipt” claim.

20 December 2023

Greenberg Traurig continues expansion drive

Greenberg Traurig has hired US firm Seward & Kissel’s former global bank and institutional finance and restructuring head and two of the firm’s partners – a team that recently represented the indenture trustee for certain senior secured notes in the Chapter 11 proceedings of pharmaceuticals company Endo International.

20 December 2023

South African Ponzi scheme’s liquidation granted UK recognition via Section 426

An English court has recognised the South African liquidators of a bitcoin Ponzi scheme under Section 426 of the UK Insolvency Act, two months after their appointments were recognised in Australia.

19 December 2023

Farfetch agrees English pre-pack sale with South Korean e-commerce giant

South Korea’s largest online marketplace Coupang has agreed to buy New York-listed luxury clothing and beauty products company Farfetch through an English pre-packaged administration, with Latham & Watkins, Sidley Austin, Kirkland & Ellis and Milbank all picking up instructions.

18 December 2023

China Aoyuan secures sanction of Cayman and BVI schemes

Judges in the Cayman Islands and the British Virgin Islands have sanctioned schemes of arrangement for Chinese real estate developer China Aoyuan Group, while hearings for two inter-conditional schemes in Hong Kong are set to take place in early January.

15 December 2023

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