Scheme of arrangement

The Court of the Hague has extended a WHOA cooling-off period and permitted unequal treatment of unsecured creditors where it was necessary to make sure Dutch bank Rabobank cooperates with a restructuring plan.

28 July 2021

An Indonesian court has recognised and acted in support of a foreign restructuring for what could be the first time, dismissing a creditor’s PKPU application against garment manufacturer Pan Brothers because it was bound by a worldwide moratorium issued in Singapore.

27 July 2021

A Dutch subsidiary of India’s Jain Irrigation Systems has won court approval for an English scheme it chose over a WHOA process, after providing evidence that Brexit would not prevent its recognition in the Netherlands.

26 July 2021

In a precedent-setting Dutch scheme ruling, a real estate developer’s request for a cooling-off period has been denied after a court in the eastern Netherlands found it had not taken “serious steps” to offer a plan to its creditors.

22 July 2021

After more than three years of failed restructuring attempts, a Singaporean court has placed water treatment company Hyflux in liquidation – and made a costs order against one of its potential investors, which tried to halt its winding-up.

21 July 2021

Ashurst has bolstered its Asian restructuring practice with the hire of partner Robert Child from Clifford Chance in Singapore.

20 July 2021

With the deadline for domestic transposition of the European Restructuring Directive having passed this weekend, McDermott Will & Emery partner Timothée Gagnepain and associate Lucille Madariaga in Paris discuss how it has been eagerly awaited – and yet is likely to be postponed for at least a year – in most EU member states.

19 July 2021

The UK’s Financial Conduct Authority plans to hold a consultation on schemes of arrangement and other restructuring tools, after outlining “serious concerns” over personal credit provider Provident Financial’s bid to cap customer compensation.

14 July 2021

Indonesian real estate group Modernland Realty has secured creditor approval for two Singaporean pre-pack schemes of arrangement, designed to restructure New York law governed notes.

13 July 2021

Dutch football club ADO Den Haag has seen off an appeal on a loan judgment by its Chinese owner – but its WHOA restructuring expert is pessimistic about its chances of receiving the money.

06 July 2021