Regional news: United Kingdom

New Look CVA trial opens with focus on differential treatment

New Look’s “ambitious” company voluntary arrangement seeks to adjust landlords’ rights on a permanent basis and is not a “normal” retail CVA, counsel to landlords of the fashion chain have told a court as they opened a six-day trial with points on differential treatment and fairness.

17 March 2021

Impact of the recent Gategroup decision on aviation restructurings

Allen & Overy partner Jennifer Marshall and associate Harini Viswanathan consider what the Gategroup convening judgment that found UK restructuring plans to be an “insolvency proceeding” for the purposes of the Lugano Convention means for the aviation sector – especially creditors with registered interests under the Cape Town Convention.

12 March 2021

Virgin Active secures stay on landlord claim pending UK restructuring plans

A British landlord has been blocked from suing gym chain Virgin Active while it pursues three UK restructuring plans targeting its rent payments as part of a “holistic” restructuring of its European and Asian operations.

12 March 2021

Steel trader enters UK administration following contract claims in US

Katten Muchin Rosenman’s new London office is advising administrators appointed by Wells Fargo over the UK arm of an international steel trader, after a receiver took control of the company in the US last year.

12 March 2021

Global menswear retailer seeks light touch restructuring in Bermuda

Hong Kong-listed premium menswear retailer Trinity has applied to appoint light touch joint provisional liquidators in Bermuda, three months after Standard Chartered Bank filed winding up petitions against it.

10 March 2021

Lawyers line up to save Greensill’s business

Lawyers are working fast to complete the “urgent” sale of collapsed finance group Greensill’s IP and IT assets to Apollo Global Management, after partners from Grant Thornton were appointed administrators of three Greensill companies in the UK and Australia on Monday.

09 March 2021

Twenty Essex’s joint head cleared of professional misconduct charges

Professional misconduct charges brought against Twenty Essex’s Stephen Atherton QC have been dismissed by a bar disciplinary tribunal in London.

09 March 2021

Transatlantic private equity company seeks protection in Canada

A private equity company with investments across North America and the UK has filed CCAA proceedings in British Columbia, with DLA Piper acting for KSV Advisory as its monitor.

09 March 2021

Joint head of Twenty Essex faces disciplinary tribunal

A leading insolvency silk has been accused of recklessly misleading the Privy Council at a bar disciplinary tribunal in London.

08 March 2021

Heads-Up: Simon Bushell at Seladore Legal in London

Featured in Heads-Up

“Many people are going to be sympathetic to the plight of those forced into potential insolvency by the pandemic, but the reality is there'll be lots of restructurings.” Simon Bushell, co-founding partner at Seladore Legal in London, discusses his career as a disputes lawyer specialising in cross-border fraud and asset recovery – and his recent use of cross-border insolvency tools with the aim of helping a Russian bankruptcy trustee realise assets across Europe.

05 March 2021

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