Regional news: United Kingdom

English court clarifies recognition application powers

An English court has refused to set aside the recognition of a Hong Kong bankruptcy, finding for the first time that it could retroactively sanction the service of a recognition application in another jurisdiction.

11 September 2020

UK dining chain PizzaExpress launches second UK plan plus CVA

Kirkland & Ellis is advising British casual dining chain PizzaExpress as it becomes the second company to file a restructuring plan under the new Part 26A of the UK Companies Act, and also launches a company voluntary arrangement.

10 September 2020

English court sanctions ED&F Man’s scheme

An English court has sanctioned a scheme of arrangement for international commodity trader ED&F Man, paving the way for it to restructure debts governed by English and New York law.

09 September 2020

Can legal liberalisation rescue businesses from covid-19 catastrophe?

Mayer Brown partners Trevor Borthwick and Devi Shah in London, Tom Pugh in Hong Kong and counsel Monique Mulcare in New York ask: is further legal liberalisation needed to stimulate the rescue of viable companies affected by the covid-19 pandemic?

07 September 2020

GLAS adds to restructuring team in London

Global loan agency and bond trustee service provider GLAS has strengthened its restructuring and insolvency team with the hire of English-qualified solicitor Natasha Chan.

07 September 2020

Virgin Atlantic plan sanction decision is published

The England and Wales High Court’s reasons for sanctioning Virgin Atlantic’s landmark restructuring plan have now been published.

07 September 2020

First times for Virgin in courts

In Virgin Australia's insolvency, a federal court has issued the first ruling on an administrator’s obligation to “give possession” under the Cape Town Convention, as creditors approved its sale to Bain Capital; meanwhile, Virgin Atlantic received the first Chapter 15 recognition of a new English restructuring plan.

04 September 2020

One in, one out for Latham in Hong Kong

Latham & Watkins has hired Andrew Bishop as a partner in Hong Kong, but partner Gary Hamp has left the firm for Shearman & Sterling and returned to London.

04 September 2020

Spanish gamer’s UK scheme faces class composition questions over fees

After completing a successful COMI-shift and English scheme in 2015, Spanish gaming company Codere is pursuing another English restructuring – but a disgruntled noteholder is opposing its plans to place creditors in a single class.

03 September 2020

Swissport makes swap pact with ad hoc group, envisages further schemes

Following its UK scheme earlier this year, airline services group Swissport has reached a new agreement to convert or extinguish €1.9 billion in liabilities and gain €500 million in new funding.

03 September 2020

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