Topic: Centre of main interests
English court will hear Galapagos claim amid international challenges
An English court will hear a claim for declaratory relief concerning the validity of the Galapagos group’s controversial 2019 restructuring after finding that an “anchor defendant” in the form of a non-participating high yield note trustee gave it jurisdiction over a Luxembourg fund and a German insolvency administrator.
20 January 2021
Heated debate as Galapagos jurisdictional wrangles exchanged
A Luxembourg fund and a German insolvency administrator that are challenging the Galapagos group’s 2019 UK restructuring in the US and Europe, have laid out before an English court why they shouldn’t be joined in a claim for declaratory relief that the restructuring was valid.
18 December 2020
Oil driller KCA Deutag allowed to convene English scheme meeting
A court in London has convened a single meeting of creditors for a scheme of arrangement restructuring US$1.9 billion of international oil and gas drilling company KCA Deutag's debt - after asking its counsel to be cautious of increasing work fees.
15 October 2020
Dutch senate approves amended scheme
Local lawyers in the Netherlands tell GRR they expect the new Dutch scheme to be used frequently in the new year, after the country’s upper house of parliament rubber-stamped legislation that will bring it into being.
07 October 2020
Germany announces draft restructuring law in line with EU directive
German lawyers have cautiously welcomed a preventative restructuring regime outlined in a long-awaited draft bill that they hope will enable company rescues outside of insolvency and stymie the flow of companies who have headed abroad.
24 September 2020
IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?
Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.
10 September 2020
Australian court recognises pilot’s Hong Kong bankruptcy in tricky COMI case
An Australian court has recognised the Hong Kong bankruptcy estate of an airline pilot, despite expressing concerns over the determination of his centre of main interests.
12 August 2020
EU court interprets COMI under recast Insolvency Regulation
An EU court has interpreted the recast Insolvency Regulation to find that a couple who live and work in England, but whose only immovable asset is in Portugal, probably have their COMI in the UK.
21 July 2020
Montreal tea retailer rethinks its business model in CCAA and Chapter 15
Canadian specialty tea retailer DAVIDsTEA has been granted court protection in Canada and applied for Chapter 15 recognition, as it restructures its business model from shops to online.
09 July 2020