Scheme of arrangement

Dutch court rejects energy broker’s cooling-off request

A Dutch court has denied a WHOA cooling-off request from a door-to-door gas and electricity supply broker, finding it was “insufficiently plausible” the company could meet its current obligations during the stay.

21 October 2021

Prosafe schemes sanctioned in Singapore

Norwegian vessel operator Prosafe has won court approval for its two schemes of arrangement in Singapore, freeing up the road ahead for the group to progress a Norwegian restructuring process it launched last month.

19 October 2021

Does the UK have a new “business judgment test”?

Should the growing enthusiasm of the English courts in challenging commercial aspects of cases be a cause for concern? Morrison & Foerster restructuring head Howard Morris, counsel Amrit Khosa and trainee Julia Kotamäki examine the recent cases of subprime lender Amigo Loans and oil company Hurricane Energy, in which the High Court refused to sanction the proposed restructurings.

18 October 2021

Steinhoff’s contested South African scheme set for January hearing

Three weeks after an Amsterdam court confirmed its Dutch composition plan, retail conglomerate Steinhoff has revealed its contested South African scheme has been listed for a week-long sanction hearing in January – while it also faces uncertainty from a pending liquidation application.

15 October 2021

Hong Kong court declines to sanction scheme for Pan-African media company

An Africa-focused media company has failed to secure sanction of its Hong Kong scheme, after a local court found its explanatory statement fell “far short” of providing the necessary information to creditors.

12 October 2021

Dentons Rodyk hires from BlackOak

Former BlackOak director Debby Lim has joined Dentons Rodyk & Davidson in Singapore.

11 October 2021

Dutch Supreme Court questioned on WHOA for first time

The Supreme Court of the Netherlands has been asked to rule on the treatment of pension claims in WHOA procedures, after an Amsterdam court heard the topic had arisen in multiple restructurings.

23 September 2021

Luckin Coffee launches Cayman scheme, settles US class action

China’s Luckin Coffee has filed a scheme of arrangement petition in the Cayman Islands to implement a restructuring support agreement it reached with senior noteholders earlier in the year, and has also settled a US class action.

22 September 2021

Design Studio Group restructuring denied after disclosure dispute

Seven months after creditors rejected interior design company Design Studio Group’s inter-conditional Singaporean and Malaysian schemes of arrangement, a Singaporean court has dismissed its latest attempt to restructure due to inadequate disclosure and class composition issues.

13 September 2021

Steinhoff’s Dutch administrators denied South African recognition amid local liquidation request

A Cape Town court has ruled that it can hear a provisional liquidation application against the Dutch parent of retail conglomerate Steinhoff, while refusing to recognise its Dutch administrators.

07 September 2021

Get unlimited access to all Global Restructuring Review content