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TMA Europe, London: CROs – the spy in the camp?

TMA Europe, London: CROs – the spy in the camp?

18 October 2019

Chief restructuring officers can usually expect defensiveness, minimal access to information and to be treated as a “possible spy in the camp” by the company boards they are coming in to advise, CROs in London have warned, sharing war stories.

Brazilian mining group seeks recognition in Miami

Brazilian mining group seeks recognition in Miami

18 October 2019

The foreign representative of a Brazilian limestone mining group has applied for Chapter 15 recognition of its liquidation in Miami, after finding it had entered several “questionable” transactions and agreements.

CW Group’s Cayman COMI shift recognised in Singapore

CW Group’s Cayman COMI shift recognised in Singapore

17 October 2019

A Singapore court has recognised engineering company CW Group Holdings’ Cayman court-appointed provisional liquidators, accepting for the first time that their appointment had shifted the company’s centre of main interests.

Fund manager enters Chapter 11 to halt award enforcement

Fund manager enters Chapter 11 to halt award enforcement

17 October 2019

An alternative investment manager advised by Pachulski Stang Ziehl & Jones has filed for bankruptcy, seeking shelter from an arbitration award in favour of the creditors of one of its hedge funds, which collapsed during the global financial crisis.

New group insolvency law proposed for India

New group insolvency law proposed for India

17 October 2019

In what has been described as a “yet another path-breaking development” for the country, a working group set up by the Insolvency and Bankruptcy Board of India has published its proposals for a new group insolvency law.

Singaporean builder Koon Holdings seeks stay to shore up finances

Singaporean builder Koon Holdings seeks stay to shore up finances

17 October 2019

With Tan Kok Quan Partnership and RSM Corporate Advisory advising, Singaporean construction company Koon Holdings has sought a 90-day court moratorium ahead of a planned scheme of arrangement, in a bid to recover lost ground.

US attorney sanctioned in Russian Chapter 15 case

US attorney sanctioned in Russian Chapter 15 case

16 October 2019

A New York bankruptcy court has sanctioned a US lawyer for “brazenly” violating a discovery order against his client, a Russian businesswoman jailed for embezzling US$2 billion from a now-bankrupt bank.

Carles Cuesta hires from Uría Menéndez in Madrid

Carles Cuesta hires from Uría Menéndez in Madrid

16 October 2019

Spanish law firm Carles Cuesta has added to its Madrid office by hiring a lawyer from Uría Menéndez who specialises in insolvency and arbitration.

Chinese billionaire files US$3.6 billion Chapter 11 pre-pack

Chinese billionaire files US$3.6 billion Chapter 11 pre-pack

16 October 2019

A Chinese billionaire technology investor has applied for Chapter 11 protection in Delaware, proposing to restructure one of his companies to deal with US$3.6 billion worth of personal debt.

Third-party claims not covered by conflict of laws rules, CJEU says

Third-party claims not covered by conflict of laws rules, CJEU says

15 October 2019

In a preliminary ruling concerning multiple German-law governed debts secured against a Luxembourgish employer, the European Court of Justice has found that conflict of laws rules do not apply where a debt has been assigned against a third-party.

Thomas Cook’s ex-bosses quizzed as UK government reveals airline insolvency plans

Thomas Cook’s ex-bosses quizzed as UK government reveals airline insolvency plans

15 October 2019

A committee of UK lawmakers have grilled former executives of the collapsed British travel group Thomas Cook, one day after the government announced plans to reform the insolvency process for bankrupt airlines.

Heads-up: Brad Eric Scheler at Fried Frank in New York

Heads-up: Brad Eric Scheler at Fried Frank in New York

14 October 2019

“I’m a big believer in Sir Isaac Newton’s law that what goes up, must come down.” The long-time chair of Fried Frank’s restructuring and insolvency practice, Brad Eric Scheler, tells GRR about the “magic” of distressed investing, how his firm uses restructuring as a client gateway to other practice areas, and why he believes restructuring lawyers are the last of the Renaissance lawyers.