Regional news: United Kingdom

McDermott faces creditor challenges in UK, US and Dutch proceedings

UPDATED: Oil and gas group McDermott International has manage to preserve a Dutch court decision that found its centre of main interest is in the Netherlands, against increasing opposition from a Colombian oil refinery that has successfully delayed the sanction hearing for its English restructuring plan and sought relief from its Chapter 15 stay.

13 November 2023

Harneys strengthens London office with Walkers hire

Offshore firm Harneys has bolstered its London office by hiring a partner from rival Walkers to lead its litigation, insolvency and restructuring practice in the UK capital.

10 November 2023

White & Case advising Signa real estate subsidiaries

Austria’s largest privately-owned real estate group Signa has appointed White & Case partners Gernot Wagner and Rebecca Emory in Frankfurt to lead a team advising two of its property divisions, as further details emerge about the wider Signa group’s restructuring.

10 November 2023

English court clarifies criteria for appointing interim receivers

An English court has clarified the proper approach for appointing interim receivers, allowing an application by a creditor of a deceased Chinese businessman to appoint them over the latter’s property in the UK.

06 November 2023

Paul Hastings hires European restructuring co-head in London

A managing director at global investment firm KKR is set to join Paul Hastings as the co-head of its European restructuring group, according to a source with knowledge of the move.

03 November 2023

“Good news” for administrators as UK Supreme Court decides they aren’t officers

An administrator is not an “officer” of a company and cannot be held criminally liable for making employees redundant without proper notice, the UK Supreme Court has clarified, in a decision that insolvency practitioners have described as “noteworthy” and reassuring.

03 November 2023

Barcelona-headquartered Lecta secures English scheme meeting

Global paper manufacturer Lecta has obtained permission to hold a single meeting for creditors to vote on its second English scheme of arrangement in three years, which is part of a wider group refinancing.

02 November 2023

Another German real estate group secures English plan meetings after COMI shift

UPDATED: An English High Court judge has convened three creditor meetings for a Part 26A restructuring plan for German real estate group Aggregate, but warned practitioners they need to give creditors proper notice and to stop pushing issues to sanction.

01 November 2023

Haynes Boone grows London insolvency offering

Texan-headquartered firm Haynes Boone has hired its first restructuring and insolvency partner in the UK, from London firm Kingsley Napley.

31 October 2023

Softbank deems Credit Suisse claim “incomprehensible” as sparring sides thrash out disclosure issues

Six entities in Japan’s Softbank group have described a claim brought by Credit Suisse against them over the restructuring of a former Greensill client as “hopeless” and “incomprehensible” as the two sides met before an English judge ahead of a trial expected to take place in March 2025.

30 October 2023

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