Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

All Articles

Cypriot bank’s freezing order effective immediately in UK under EU Judgments Regulation, Court of Appeal confirms

Cypriot bank’s freezing order effective immediately in UK under EU Judgments Regulation, Court of Appeal confirms

15 January 2018

A Court of Appeal in London has said that a worldwide freezing order obtained in Cyprus by a bank in resolution measures became effective in the UK immediately upon registration by an English judge, in a case that raised “interesting and apparently novel questions” about what constitutes a “measure of enforcement” of a freezing order from another EU state.

Indian Supreme Court levels playing field for foreign creditors in landmark case

Indian Supreme Court levels playing field for foreign creditors in landmark case

15 January 2018

In a case setting two precedents, the Supreme Court of India has ruled that a financial certificate is not mandatory for foreign operational creditors, and lawyers are allowed to issue a demand notice to corporate debtors under the Indian Bankruptcy Code.

GRR presents: The Art of the Ad Hoc

GRR presents: The Art of the Ad Hoc

15 January 2018

GRR has brought together a group of leading practitioners to analyse the increasing use of ad-hoc committees in restructuring for our first book – The Art of the Ad Hoc.

Austrian court claims jurisdiction as Niki COMI controversy continues

Austrian court claims jurisdiction as Niki COMI controversy continues

12 January 2018

An Austrian court has claimed jurisdiction over the insolvency of Air Berlin subsidiary Niki, despite the company’s German administrator moving to appeal last week’s ruling from a court in the German capital that confirmed the airline’s centre of main interests was in Austria.

English High Court approves Bibby Offshore scheme with recognition hearing looming

English High Court approves Bibby Offshore scheme with recognition hearing looming

12 January 2018

Less than a month since it made a Chapter 15 application in the US, a subsidiary of Liverpool-registered oil and gas services provider Bibby Offshore has had its scheme of arrangement sanctioned by a UK court, after receiving “overwhelming support” from scheme creditors.

A good sort of forum shopping? Ocean Rig and the pre-appointment COMI shift

A good sort of forum shopping? Ocean Rig and the pre-appointment COMI shift

12 January 2018

When offshore drilling group Ocean Rig restructured US$3.7 billion worth of debt in the Cayman Islands, it marked the first successful pre-appointment centre of main interests shift to the territory, and the first time a Cayman court sanctioned a scheme for a foreign group. Following an exclusive interview with the drilling contractor’s Cayman counsel, Maples and Calder, GRR probes what the case means for the Cayman Islands as a restructuring hub in the face of continuing challenges.

US venue bill poses eligibility questions for foreign bankruptcy tourists

US venue bill poses eligibility questions for foreign bankruptcy tourists

11 January 2018

A bipartisan bill placed before the US senate this week that seeks to modify the venue requirements for Chapter 11 cases could deny eligibility “via the backdoor” to international companies seeking to file for bankruptcy in the US.

Former Slaughter & May lawyer to chair Financial Conduct Authority

Former Slaughter & May lawyer to chair Financial Conduct Authority

11 January 2018

A former restructuring lawyer who advised the UK Government on its response to the 2008 financial crisis will become the UK Financial Conduct Authority’s new chairman.

Harneys makes up two BVI insolvency partners

Harneys makes up two BVI insolvency partners

11 January 2018

Harney Westwood & Riegels has promoted Peter Ferrer and Jonathan Addo to partner in its litigation and insolvency practice in the British Virgin Islands as part of the firm’s January promotions round.

Indian insolvencies: From blank slate to boomtown

Indian insolvencies: From blank slate to boomtown

11 January 2018

With the first real test of India's newly reformed insolvency laws looming in the form of the Indian banking system’s huge volume of non-performing assets, GRR spoke to practitioners in and outside the country about the opportunities presented for lawyers, advisers and distressed investors.

GRR meets Rome Court of Appeal president Luciano Panzani

GRR meets Rome Court of Appeal president Luciano Panzani

10 January 2018

GRR met Judge Luciano Panzani, the president of the Court of Appeal in Rome, at INSOL Europe’s annual congress in Warsaw in October, where he was speaking as part of the organisation’s Judicial Wing. He offered his views on the most important aspects of Italy’s newly approved insolvency reforms (which he helped to draft), the difficulties with court-to-court communication in civil law countries, and the problem of non-performing loans in the Italian banking system.

Chapter 15 court puts comity ahead of contract clauses

Chapter 15 court puts comity ahead of contract clauses

10 January 2018

The Delaware Bankruptcy Court has ruled that a former supplier to the insolvent Italian fossil fuel company Energy Coal can pursue claims against the bankrupt company in Florida under the terms of its cancelled contracts – but it must seek recovery of any judgments in the Italian courts.