Work Area: Insolvency

Germany’s highest court finds Dusseldorf has jurisdiction over Galapagos proceedings

Contradicting an earlier English ruling, Germany’s Federal Court of Justice has found that heat exchange group Galapagos’ insolvency proceedings and disputes relating to them belong in Dusseldorf post-Brexit, and not in London where the group was wound up in June.

02 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

Dolfin case tests disclosure under UK special administration rules

In a first-of-its-kind ruling, an English judge has refused a disclosure request by a client of investment manager Dolfin Financial in relation to the remuneration charged by its joint special administrators.

27 January 2023

White & Case advising as Americanas files Ch15 in New York

Rio de Janeiro-headquartered retail giant Americanas has sought New York recognition of its Brazilian judicial recovery proceedings to protects its US assets, two weeks after it disclosed a near four-billion-dollar gap in its balance sheet.

26 January 2023

India proposes “comprehensive” Bankruptcy Code shake-up

The Indian government is inviting comments on a suite of proposed reforms to the country’s Insolvency and Bankruptcy Code, from a new electronic case management platform to special rules for real estate developers.

26 January 2023

CJEU case on tradability of personal data may create “significant” insolvency hurdles

Insolvency lawyers have raised concerns over a recent European Court of Justice referral from Poland, which could influence the debate over the tradability of data as an asset in distressed situations.

24 January 2023

Petropavlovsk schemes sanctioned as Citibank deadline looms

The administrators of London-listed Russian gold miner Petropavlovsk have secured relief from an English court in a race to distribute the proceeds of the group’s sale to a Russian mining conglomerate before its Citibank accounts are closed.

24 January 2023

Care home group’s shareholders blocked from participating in Part 26A sanction hearings

Shareholders of a British care home group may not participate in the sanction hearings for seven restructuring plans it is pursuing because the plans neither affect their rights nor the economic value of those rights, an English judge has ruled.

23 January 2023

FTX authorised to retain S&C in face of “incendiary” last-minute allegations

Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.

20 January 2023

Saudi adds cross-border bankruptcy rules based on UNCITRAL Model Law

New procedures for recognising and enforcing foreign bankruptcies have been introduced in Saudi Arabia for the first time, which one local lawyer tells GRR should help to encourage investment in the country.

19 January 2023

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