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

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Names to know in Spain

Names to know in Spain

21 January 2020

GRR's guide to the firms and individuals you need to know in Spain's restructuring market.

Spain Worked Out: Spain’s reforms wish list

Spain Worked Out: Spain’s reforms wish list

21 January 2020

A new, consolidated Insolvency Act and the forthcoming transposition of the European preventive frameworks directive offer opportunities for change in Spain. But Spanish practitioners have other issues on their wish lists for reform too, including specific tweaks to the legislation to clarify points of contention, and broader desires, such as better resourcing of the Spanish courts.

Spain Worked Out: The highs and lows of homologation

Spain Worked Out: The highs and lows of homologation

21 January 2020

Spain had no pre-petition restructuring tool until 2009. Its first attempt to create one was rather limited. The legislation wasn’t clear on the requirements for the petition itself, and Spanish courts construed it in very different ways, with some interpreting it as granting a temporary moratorium during which the debtor could attempt to strike a deal, but after which it would still be required to enter insolvency proceedings at the end.

A victim of its own success? Spain Worked Out

A victim of its own success? Spain Worked Out

21 January 2020

GRR is happy to present the latest instalment in its Worked Out series, this time focusing on Spain - whose scheme mechanism in recent years has gained it a reputation as one of the 'best pupils' of international restructuring.

Spain Worked Out: Economic stability, political instability

Spain Worked Out: Economic stability, political instability

21 January 2020

When GRR visited Spain last June, it was nearly three months after its third general election in as many years – but still without a functioning government – with predictions of a fourth general election and further political instability abound.

DLA Piper advising as UK department store Beales collapses

DLA Piper advising as UK department store Beales collapses

21 January 2020

DLA Piper is acting for KPMG as joint administrators of UK department store Beales, which has become the latest victim of the “tough” retail climate.

Doncasters Group seeks recognition in Delaware

Doncasters Group seeks recognition in Delaware

21 January 2020

Three days after the High Court in London convened a pair of scheme meetings for its first- and second-lien lenders, Dubai-owned alloy manufacturer Doncasters Group has filed Chapter 15 proceedings in Delaware.

Payless puts best foot forward after second Chapter 11

Payless puts best foot forward after second Chapter 11

20 January 2020

Global discount footwear retailer Payless ShoeSource has emerged from its second Chapter 11 bankruptcy in three years.

English court finds jurisdiction over Gibraltarian companies under EIR

English court finds jurisdiction over Gibraltarian companies under EIR

20 January 2020

An English court has found that both European and domestic insolvency laws allow it to place Gibraltar-incorporated companies into insolvency proceedings, even if their centre of main interests lie in Gibraltar rather than the UK.

Cayman fund seeks protection in New York amid SEC complaint

Cayman fund seeks protection in New York amid SEC complaint

20 January 2020

A Cayman Islands fund is seeking US recognition of its Cayman liquidation, as the US Securities and Exchange Commission investigates allegations that its investment adviser orchestrated a “wide-ranging fraudulent scheme”.

BVI court orders liquidation after dismissing “biased” arbitration allegations

BVI court orders liquidation after dismissing “biased” arbitration allegations

17 January 2020

A BVI court has ordered the liquidation of a Russian-owned investment company, rejecting allegations that its debt stemmed from “tainted and biased” arbitration proceedings.

Borrelli Walsh promotes in Hong Kong and Singapore

Borrelli Walsh promotes in Hong Kong and Singapore

17 January 2020

Borrelli Walsh has appointed three directors across its Hong Kong and Singapore offices.