Work Area: Complex commercial litigation

Comet liquidator secures partial release of £89m unfair preference judgment award

The liquidator of insolvent electronics group Comet has secured an order from the English High Court releasing a portion of an £89 million judgment awarded to him, pending an appeal of what was thought to be the largest unfair preference claim ever brought before the court.

21 March 2023

Legal action threatened as bondholders lose US$17bn in Credit Suisse takeover

Lawyers and investors tell GRR the takeover of troubled Swiss bank Credit Suisse by UBS could lead to the end of the market for Additional Tier 1 bank debt, with bondholders set to lose US$17 billion through the deal announced this weekend.

20 March 2023

Energy broker’s UK plan sanction adjourned following HMRC complaints

The High Court in London has adjourned a sanction hearing for an English energy supply contract broker’s restructuring plan following complaints by the UK’s tax authority and three allegedly out-of-the-money creditors.

17 March 2023

Financial Restructuring MENA, Abu Dhabi: a wish list for the future

Specialist insolvency judges, greater clarity on the priority status of new money and better understanding and cooperation between onshore and offshore regimes: speakers from law and advisory firms, funds and banks in the Middle East provided food for thought for future restructuring reforms in the UAE and Saudi Arabia.

16 March 2023

Adler noteholder lodges Frankfurt suit challenging note issuer substitution

A noteholder of German real estate group Adler has lodged a complaint in a Frankfurt regional court, challenging the group’s substitution of an English subsidiary as note issuer to pursue an English restructuring plan.

09 March 2023

Administrators’ costs face scrutiny in UK’s first special energy administration

An English judge has adjourned two costs applications by administrators appointed in the UK’s first-ever energy supply company administration so an independent insolvency practitioner can scrutinise their work.

24 February 2023

Bahamian and US courts agree FTX recognition orders, examiner bid rejected

Courts in The Bahamas and the US have agreed to recognise FTX’s insolvency processes in each other’s jurisdictions, while the US Trustee has failed in a bid to appoint an independent examiner to investigate allegations of fraud by the crypto group.

15 February 2023

Hong Kong’s Harris talks Gibbs, Modern Land and Model Law

Mr Justice Harris has predicted Hong Kong will soon become a signatory to the UNCITRAL Model Law and said US judges “don’t fully understand” the concerns of Hong Kong courts in the wake of the controversial cross-border restructuring of Chinese real estate developer Modern Land.

01 February 2023

Brown Rudnick team joins Parisian boutique

French private equity boutique Moncey Avocats has hired a partner from Brown Rudnick’s recently closed Paris office to lead its restructuring practice.

31 January 2023

Weil and Gibson Dunn advising as Serta Simmons files Ch11

North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.

25 January 2023

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