Insolvency & restructuring
High Court decides: liquidators of insolvent landlords can disclaim leases with the effect of extinguishing the tenant’s leasehold interest download
In Willmott Growers Group Inc v Willmott Forests Limited, the majority of the High Court upheld the Victorian Court of Appeal’s conclusion that the liquidators of an insolvent landlord can disclaim a lease.
The Chambers UK Bar Guide has ranked No5 Chambers in 15 practice areas.
Unlike any of the other jurisdictions in which Appleby operates, the BVI is unique in having implemented, but not brought into force, the UNCITRAL Model Law.
Olswang is launching a business dedicated to restructuring and insolvency through a strategic partnership with a German insolvency lawyer.
Appleby has hired Orla Tynan as a trainee advocate in the Isle of Man litigation and insolvency team and Alicia Cain to the Isle of Man corporate and commercial team.
Judge Martin Glenn has held that original issue discount (OID) created in a prepetition ‘fair market value’ debt exchange is not disallowable in bankruptcy.
Hogan Lovells has advised OTKRITIE Bank and Raiffeisen Bank International as joint arrangers on Vneshprombank’s debut 9.00 per cent $200m Reg S issue of loan participation notes.
Banking giant Barclays is attempting to avoid a full trial over defunct firm Dewey & LeBoeuf after issuing a summary judgment application to the High Court in a case against three former partners over loans.
The Court of Appeal for Bermuda has delivered an important judgment about the jurisdiction of the Bermuda court to assist foreign liquidators by ordering the production of documents by persons in Bermuda.
The London office of US firm Locke Lord has snagged its second headline restructuring in under a month, with the mandate from rugby league club London Broncos to advise on its administration.
This is the fourth of four articles summarising the general duties and potential liabilities of a director of an English private company (which is not in a group with a PLC).
DLA Piper has announced that Dr Michael Burg has joined the firm’s corporate practice as a partner in the Cologne office.
Guy Flynn, chair of DLA Piper’s Maryland real-estate practice, has been honoured with a 2013 Leadership in Law award by The Daily Record.
King & Wood Mallesons has advised the Transurban Group on its acquisition of all of the senior secured debt exposure of Sydney’s Cross City Tunnel (CCT).
Lawyers from DLA Piper in Kyiv have contributed to the World Bank’s 2014 Doing Business report, looking at the local market in Ukraine.
Appleby has held a seminar entitled ‘Directors — do you know your duties?’, which was held on 15 November at the Old Government House Hotel, St Peter Port, Guernsey.
Dentons’ former co-chief executive Howard Morris has joined Morrison & Foerster (MoFo) as head of business restructuring and insolvency in London.
Sports lawyers at Walker Morris have won a major employment legal case in the Court of Appeal for Crystal Palace FC.
DLA Piper has been ranked as a leading firm in the 2014 edition of World Tax, a directory of the leading tax advisory firms.
On 5 October 2013, the government of Ecuador announced that it has established a commission to audit the majority of bilateral investment treaties (BITs) to which it is party.
This ANPR signals an effort on the part of the CFPB to expand dramatically the category of debt collectors subject to such federal regulation.
Allen & Overy has succeeded in the category of corporate law and has also been named Law Firm of the Year 2013 for Best Client Service.
Slaughter and May has been hit with criticism over its relationship with Ernst & Young (E&Y) in a judgment relating to its fee-charging in an administration.
Shoosmiths has been appointed to advise the joint administrators of high street shoe retailer Barratts, which went into administration yesterday (11 November).
The Deputy Pensions Ombudsman held that an insolvent employer should pay certain outstanding pension contributions, plus interest.
In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees.
A decision of the Court of Appeal in relation to Olympic Airlines has left UK pension scheme members without the protection of the Pension Protection Fund.
Locke Lord’s London office has been instructed by the joint administrators for video rental company Blockbuster, which went into administration today (11 November).
Final CFTC rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy download
The CFTC has adopted the final rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy.
HLC Environmental Projects Ltd (the company) was involved in two waste management and recycling projects based in Wales.
Appleby has acted as lead counsel to Standard Chartered in connection with the consolidation of its two Jersey banking entities.
A court was prepared to take into account the number of documents and the nature and complexity of the case in deciding whether a disclosure order had been complied with.
Section 234 of the Insolvency Act 1986 protects a liquidator from a claim in conversion.
Issues of company solvency are best determined at trial, with the benefit of a full hearing, rather than in the course of application for interim relief.
Pre-packs are used in the Netherlands now and new steps are being taken to formalise this by introducing provisions into the Bankruptcy Act.
Follett Stock’s 30 remaining staff were made redundant at midday on Monday (4 November) when the firm was liquidated at a High Court hearing.
The cost of stock-piling in the lead-up to Christmas, combined with the pressure caused by the usual rent quarter day in December, causes cash-flow issues for many businesses.
Withers has recruited partner Julie Teal to its London real-estate group. The law firm has also hired associates David Holland and Eloise Morgan.
Ezra Borut, a partner at Debevoise & Plimpton, has been named recipient of Lawyers Alliance for New York’s 2013 Cornerstone Award.
The Pension Protection Fund (PPF) announced at the end of July 2013 that it is changing its insolvency risk provider from Dun & Bradstreet to Experian.
In this update from Stephenson Harwood’s Piraeus office we take a look at recent changes to the tonnage tax regime in Greece applying to foreign-flagged vessels enacted in January this year by the Greek government.
Walker Morris has been ranked in 27 practice areas in the 2014 edition of Chambers & Partners.
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would have a notable impact on French companies.
Corporate debt download
HMRC launched a consultation in June 2013 on modernising the taxation of corporate debt and derivative contracts.
Bermuda is well placed to benefit from increased life expectancy rates that have some employers seeking to restructure the pension entitlements of their employee members.
Appleby has had two lawyers listed as Most Highly Regarded Individuals in the Who’s Who of Private Client Lawyers 2013.
Allen & Overy has picked up eight accolades at the annual IFLR Middle East Awards ceremony in Dubai, including the International Firm of the Year award.
Our insolvency team has worked on some of the most high-profile insolvencies of recent times.
Our debt finance team offers proactive, practical and commercial advice to lenders and borrowers.
DLA Piper has advised SNF Floerger, a producer of flocculants for water treatment, oil and gas applications and mineral extraction, on the refinancing by its holding company SPCM SA.
The Cayman Islands Stock Exchange (CSX) is a leading offshore exchange for the listing of specialist debt securities, Eurobonds and insurance- and risk-related securities.
Hogan Lovells has been shortlisted in three categories for the Legal Week 2013 British Legal Awards.
Hogan Lovells has advised the general partner of Trophy Property Development on a restructuring of the fund’s underlying real-estate assets in China and its internal management.
The Hungarian Act on Bankruptcy and Liquidation Proceedings contains special rules on bankruptcy and insolvency procedures for major economic companies carrying out strategically important activities.
The Channel Islands Stock Exchange (CISX) has clarified how to approach dealings with the CISX in the period prior to its proposed restructure.
Reform of protected trust deeds in Scotland has been widely discussed in the context of overall bankruptcy reform.
This alert provides guidance on what private contracting parties affected by the US shutdown should consider.
Shoosmiths has been shortlisted in two categories for the Credit Today Debt Collection Awards 2013.
Financial services and insurance industry group leader
Sintons has recruited lawyers Caroline Swift, Metab Hussain and Emma Pern to its corporate team.
Proposal forms often contain basis of contract clauses and accuracy in completing the proposal is as important as it has ever been. This article explains why.
Pinsent Masons has been appointed joint administrator for collapsed litigation and corporate law firm Harris Cartier, which has been sold to two buyers, Gordon Dadds and Mayfair firm Neil Hudgell.
Juridice.ro recently requested the opinion of Jinga, Maravela & Asociatii’s experts with respect to the new Romanian Insolvency Code.
Investors, banks and companies can rely on Jinga Maravela for tailored advice with regard to any transactions unfolding under the rules and regulations governing the capital markets.
The FCA has proposed to extend eligibility to claim on the Financial Services Compensation Scheme to all unincorporated associations and certain large partnerships.
Our lawyers’ insolvency practice is acknowledged for its quality and tailored solutions delivered to clients irrespective of their sector of activity.
Stephenson Harwood has been appointed to two of the Pension Protection Fund’s (PPF’s) new legal panels.
Guide to taking security in Guernsey download
This guide provides an overview of the process of taking security and enforcing security over Guernsey assets which will be subject to the laws of Guernsey.
Minter Ellison’s insolvency and reconstruction team is consistently recognised by independent, international surveys as one of the leading practices in Australia and New Zealand.
The recent case confirms that the holder of security by way of a bill of sale can enforce its security in respect of lending regulated by the CCA where the customer is declared bankrupt.
With the outstanding quality of its professional legal services, Dacheng has become the first-choice legal services provider for the great majority of state-owned enterprises in China.
We pride ourselves on our ability to link in seamlessly with a wider offering in providing advice to all business stakeholders in a distressed context.
Allen & Overy has advised Saudi Arabian solar company Sun & Life on the acquisition of the insolvent solar division of the Flabeg Group.
Veronica Cocârlea has a general corporate and commercial practice as well as mergers and acquisitions expertise.
The Central Bank of Russia has published amendments to Regulation 395-P regulating banks’ capital that revised certain of its current requirements for subordinated debt instruments.
Sintons has been recognised by The Legal 500 for its excellence and in-depth expertise across a range of legal disciplines.
DLA Piper has announced that the firm is relocating its Wilmington office to a 23-storey office building at 1201 North Market Street on 30 September.
KWM recognised by Asian-Mena Counsel In-House Community Representing Corporate Asia & Middle East Survey 2013
King & Wood Mallesons has been named Firm of the Year 2013 in China across six practice areas.
Royal Court of Jersey reconfirms flexible use of just and equitable winding-up jurisdiction download
The Royal Court of Jersey has again shown its readiness to utilise the just and equitable winding-up jurisdiction.
No5 Chambers has announced that Mark Anderson QC and Nageena Khalique have been shortlisted for The Chambers 100 UK Bar.
Chambers has announced that Paul Chaisty QC, Lesley Anderson QC and David Casement QC have been shortlisted in the Queen’s Counsel rankings.
Kings Chambers has announced that Aidan Reay has accepted a full tenancy following the successful completion of his pupillage.
Amendments to the Croatian Act on Financial Operations and Pre-bankruptcy Settlement Proceedings became applicable on 7 September 2013.
DLA Piper has advised Eastman Kodak on the worldwide implementation of a chapter 11 restructuring.
New laws to be brought into force next year will curtail the ability of some IT suppliers to terminate their agreement with counterparty where the customer becomes insolvent.
RBS was the facility agent for certain lenders in a complex real-estate financing involving multiple tiers of senior and junior debt.
The Hungarian Liquidation Act contains special rules on bankruptcy and insolvency procedures for major economic companies carrying out strategically important activities.
Uncertainty has long surrounded the obligations of an LPA receiver when dealing with a borrower’s VAT position.
The issue was whether certain commercial-mortgage-backed notes were disenfranchised from voting, pursuant to the interpretation of two trust deeds.
The application was made by Southern Pacific Personal Loans Ltd (SPPLL), a member of the Lehman Brothers group of companies that had gone into voluntary liquidation.
A claim in relation to a ‘section 75 debt’ was not to be reduced by a subsequent payment of £2m to the scheme despite the calculation being made prior to that payment.
Administration order refused download
There was insufficient supporting evidence for the proposed administrator’s assertion that the administration of the Company would achieve one of the statutory purposes of administration.
In the matter of Aspis Jersey Ltd, Mourant Ozannes acted for the liquidator of T Bank SA, one of the first Greek banks to enter insolvency following the recent financial crisis.
DLA Piper has appointed David Chijner and Noam Ankri as partners in its restructuring team in Paris
DLA Piper has continued the growth of its Paris office with the hire of partners from Dentons and Fried Frank Harris Shriver & Jacobson.
New laws will curtail the ability of some IT suppliers to terminate their agreement with counterparty where the customer becomes insolvent.
Sintons has overseen a group restructure for the Malhotra Group, which involved all of its holdings being consolidated into one formal group that will obtain PLC status.
The UK Privy Council, the highest court for the BVI, has agreed to hear a further appeal that will provide final determination concerning the validity of the Sentry redemptions.
Hogan Lovells has advised the trustees of KPP on the settlement of its claims against EKC and Kodak Ltd.
A company in liquidation will not be stopped from bringing claims against directors and other parties for wrongdoing, where the company can be said to be a victim of the wrongdoing.
The German Federal Supreme Court has confirmed the liability of former shareholders.
The Insolvency Service is asking for views on a number of proposals that would simplify the law governing insolvency procedures and the regulations that affect insolvency practitioners.
When applying the Supreme Court’s judgment in Eurosail to determine the solvency of a company, the court will focus on the debts that are due or will fall due in the reasonably near future.
Major changes to the Czech Insolvency Act 2008 are due to enter into force on 1 January 2014.
The German Federal Court of Justice, in a decision on 6 June 2013, has held a tax consultant liable for the consulted company filing late for insolvency.
Phoenix companies: prohibited names download
When a limited liability company fails and a director of that business continues to trade under the same or a similar name after its failure, there is often disquiet.
The defence of privilege to an English liquidator’s application for the production of documents under sections 234 and 236 IA 1986 is to be decided on the basis of English law.
Where a company processing personal data enters liquidation, the liquidators are not the ‘data controllers’ pursuant to the Data Protection Act 1998.
Stephenson Harwood, Macfarlanes, CMS and Hogan Lovells have won roles on Baker Tilly’s acquisition of debt-laden accountancy firm RSM Tenon Group.
Herbert Smith Freehills (HSF) and Linklaters have taken lead roles on the scheme of arrangement designed to compensate consumers who had been missold protection for credit card theft and identity fraud.
The UK Supreme Court has considered the extent to which the English courts would recognise and enforce a judgment made in non-EU foreign insolvency proceedings.
There was a ripple of concern in both Jersey and the UK after the High Court’s decision in HSBC Bank v Tambrook Jersey Ltd  EWHC 866 (Ch).
DLA Piper has advised Orchard Supply Hardware Stores in the sale of its business to Lowe’s Companies Inc, which has been approved by the US Bankruptcy Court.
The Insolvency Service and the Department for Business, Innovation and Skills have published consultations proposing amendments to the regulations affecting insolvency practitioners.
Weil Gotshal & Manges has led a successful application to the High Court to clarify the right of clients of MF Global UK to claim money from the general estate of the collapsed broker.
FCA review of Client Assets Regime: radical proposals for the speedy return of cash and assets on insolvency download
The FCA sets out some fairly radical proposals aimed at improvements in two areas: the amount and speed of return of client assets following insolvency; and reducing the ‘market impact’ of insolvency.
Walker Morris insolvency lawyers have successfully defended a major Court of Appeal case for the joint administrators of Vowden Investments.
Proposed changes to the Employer Debt Regulations risk missing opportunity to facilitate corporate restructurings download
The Employer Debt Regulations provide the detail about debts that become due from employers that exit from underfunded defined-benefit pension schemes.
It remains to be seen whether proposed changes to the Pension Protection Fund (PPF) compensation regime will lead to increased PPF levies.
Taylor Wessing has relaunched its shipping practice.
Taylor Wessing has advised a ship financing bank that is helping an issuing house to incorporate several ships from a closed fund into a new company.
DLA Piper won summary judgment on behalf of Devonshire Campus, LLC, one of multiple lenders involved in a multi-tranche loan secured by a mortgage.
This briefing note is intended to provide guidance to insolvency practitioners who wish to consider whether to seek repayment on behalf of the company of dividends paid to shareholders.
The case involved two groups (the Nortel group and the Lehman group) each of which contained occupational pension schemes with substantial funding deficits.
The much-anticipated judgment in Nortel Companies and others, Re  UKSC 52 (24 July 2013) was delivered by the Supreme Court on 24 July.
With business liquidations and administrations down in the first quarter (Q1) of 2013, what will be the likely effect on claims against insolvency practitioners?
DLA Piper Weiss-Tessbach has advised Columbus McKinnon on the acquisition of Hebetechnik Gesellschaft.
Financial support directions are orders from the Pensions Regulator to other members of a corporate group to stand behind the obligations of a service company or under-resourced employer.
Conyers’ London and Bermuda teams have advised the Randall & Quilter Group as to Bermuda law on its corporate restructuring.
DLA Piper has signed a letter of intent with Hines Interests to relocate its Chicago office from 203N LaSalle to River Point.
The UK Supreme Court has given judgment in the Nortel and Lehman Brothers pensions cases, ruling that pensions FSDs and CNs rank as provable debts in an insolvency.
The Court of Appeal has held that a lender with defective security over property was entitled, through subrogation, to an unpaid vendor’s lien over that property.
The Court of Appeal has upheld the decision of the High Court in a case in which Walker Morris’s finance litigation team acted for the successful party.
Consent payment or solicitation payments have become a relatively common way in which debtors undergoing a restructuring can incentivise bondholders to vote in favour of the restructuring.
Supreme Court decides there is no point to the 'point of no return' test for insolvency defaults download
The Supreme Court has considered how to construe and apply contractual terms incorporating the insolvency tests contained in section 123 of the Insolvency Act 1986.
A recent case has highlighted the problems that can arise when a complex set of finance documents recording the respective rights and priorities of a group of lenders is amended.
Hogan Lovells has advised on the £5.5m sale of fashion brand Nicole Farhi to Maxine Hargreaves-Adams.
The Court of Appeal has overturned a High Court decision where the court refused to make an administration order in relation to a Jersey registered company with assets in the UK.
Luxembourg is the first European country to deal with the question of what happens to data in the event of a company being declared bankrupt.
A recent opinion by Lord Hodge in the Court of Session has clarified an administrator’s powers and duties in cases where they wish to bring an administration to an end.
DLA Piper’s Spotlight on Belgium publication provides an overview of current legal developments that may have an impact on business activities.
DLA Piper has announced its involvement in the acquisition of Nicole Farhi by Maxine Hargreaves-Adams.
Binder Grösswang comprehensively advises clients in all areas of insolvency law and in the case of restructurings and reorganisations. We advise investors, banks and companies facing business partners that are in a financial crisis as well as companies that are in financial difficulties.
National and cross-border corporate mergers and acquisitions constitute a significant focus of work at Binder Grösswang. The majority of our lawyers are engaged in this key area.
On 28 April 2013, SAFE released its Circular on Administrative Measures for Foreign Debt Registration, which came into effect on 13 May 2013.
A team from Nabarro has guided UK Coal through a second restructuring following a fire at Daw Mill.
Nabarro has retained its role as lead adviser to UK Coal after the struggling company filed for administration, with administrators at PricewaterhouseCoopers (PwC) turning to Addleshaw Goddard.
We provide the most appropriate solutions for creditors, insolvent companies and/or their management bodies, and for investors.
Yes, beware German liquidators, but also be aware of the range of their rights and responsibilities
The sudden death of media mogul Ian Robert Maxwell and its aftermath are still felt in the pensions industry today.
DLA Piper has announced that its restructuring practice received top honours at the 2013 Turnaround Atlas Awards. The firm was recognised in three categories.
DLA Piper recently held its inaugural European Restructuring Summit in London.
Director's application for administration refused where other directors considered business was viable download
This was a sole director’s application for administration under paragraph 12 of Schedule B1 to the Insolvency Act 1986.
The court refused Mr Kemsley’s application to restrain Barclays from pursuing the New York Proceedings and the Florida Proceedings.
Deemed service of a letter of demand download
Where the intended recipient of a letter of demand denies receipt in fact, but it can be shown that its service complied with the relevant loan document, the letter of demand will be treated as served.
Applications under the Civil Procedure Rules for extensions of time will be scrutinised more rigorously by the court following the amendment to the overriding objective in April 2013.
A customer had at times exceeded her overdraft/credit card limit by a modest amount. Her bank thought it was necessary to contact her by telephone to discuss her accounts.
A liquidator may not assign the conduct of such an appeal to the company’s former directors.
A new fee regime will take effect for employment claims brought on or after 29 July 2013.
Olympic Airlines was put into special liquidation in Greece on 2 October 2009. It had carried on business in England. It employed about 27 people and operated a pension scheme.
The Lawyer’s Restructuring Team of the Year shortlisted firms pulled a diverse range of companies – and even a country – back from the brink last year
Sales of a debtor’s assets, pursuant to section 363 of the Bankruptcy Code or through a confirmed chapter 11 plan of reorganisation, have become increasingly common in recent years.
Ogier Corporate Services has won the ICSA Jersey Administration Team of the Year award.
The Bankruptcy and Debt Advice (Scotland) Bill was introduced in the Scottish Parliament on 11 June 2013.
Brown Rudnick is advising a campaign representing up to 15,000 Co-operative Bank retail bondholders raising concerns about the lender’s £1.5bn restructuring.
The Italian government provisionally approved certain minimal amendments to the rules governing the concordato preventivo proceedings.
Simon Thomas joins Addleshaw Goddard.
Morisons Solicitors and HBJ Gateley have been appointed to advise on the administration of Edinburgh football club Heart of Midlothian FC.
Walker Morris has advised Cott Developments on its acquisition of Calypso Soft Drinks.
As of 6 April 2013, the Companies Act 2006 (Amendment of Part 25) Regulations 2013 have been in force.
The rising disparity in property prices between the north and the south and between London boroughs themselves appears to breaking new ground.
The Financial Collateral Arrangements (No.2) Regulations introduced a new means for a security holder to enforce its security in respect of financial collateral.
In RVB Investments Ltd v Bibby  EWHC 65 (Ch), a landlord (RVB) issued proceedings against the surety (Bibby) of an insolvent tenant.
The Court of Appeal has found that a receiver appointed under the Criminal Justice Act 1988, but discharged in 2006, was still entitled to be recover sums from the receivership assets.
Allen & Overy (A&O) and Linklaters have taken headline roles advising on the Co-operative Group’s £1.5bn debt restructuring that will see bondholders offered shares in the bank through a so-called ‘bail-in’.
German courts are coming down on the side of liquidators when interpreting the Insolvency Act
This Guide describes the steps to be taken to summarily to wind up a Jersey limited company.
The purpose of this Guide is to outline the procedures to wind up Jersey registered companies, the circumstances in which transactions entered into by an insolvent company may be set aside, and the circumstances in which a company’s officers and managers may incur civil or criminal liability.
Appleby’s review of the key insolvency and restructuring decisions handed down in the leading offshore jurisdictions during 2012.
King & Wood Mallesons has been named CSR Firm of the Year for the fifth consecutive year at the 2013 ALB awards.
With the Companies Bill 2013 and a proposed new Insolvency Bill in the offing, the time is ripe for reform of the Isle of Man corporate insolvency test.
US firm Bryan Cave has picked up two lawyers from Dentons’ Paris office, including litigation head Constantin Achillas, in a bid to strengthen its litigation and financial services teams.
The Late Payment of Commercial Debts Regulations 2013 came into force on 16 March amending the previous legislation, which had been in place since 1998.
Taylor Wessing has released the May 2013 edition of its Restructuring and Corporate Recovery Update.
Shoosmiths’ Emma Gibson has defended her title of Lawyer of the Year at the Thames Valley Deals Awards 2013.
Al Tamimi & Company has advised Al Noor Hospitals Group on a restructure to enable the group’s proposed listing on the London Stock Exchange (LSE).
Later this year, the High Court will hear an appeal from the decision of the Victorian Court of Appeal in Re Willmott Forests Ltd (Receivers and Managers appointed) (in liquidation)  VSCA 202.
NCTM Studio Legale Associato has assisted Navigazione Montanari in a recent debt restructuring deal.
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Will it be third time lucky at Sullivans?
Freshfields Bruckhaus Deringer, Kirkland & Ellis and Kaye Scholer are advising on the multi-billion debt restructuring of German real estate group IVG Immobilien, expected to be the largest such case in the country this year.
Linklaters banking and restructuring partner Chris Howard is leaving the magic circle firm to join Sullivan & Cromwell’s London office.
Dacheng has become the first-choice legal services provider for the majority of state-owned enterprises (SOEs) in China.
Dacheng’s Mergers, Acquisitions and Corporate Restructuring practice is one of its key practice areas.
Walker Morris announces two partner promotions as well as eight director promotions.
Taylor Wessing has added a fresh batch of data-protection-focused content to its Global Data Hub site.
Our restructuring and insolvency team is made up of more than 130 lawyers specialising in restructuring across 42 offices globally.
The MoJ has published its response to the government’s consultation on proposals to reform the judicial review process, setting out the reforms it intends to take forward.
The May 2013 issue of Walker Morris’s Banking Matters publication is available now.
The new Hong Kong Companies Ordinance is planned to come into operation in the first quarter of 2014.
ACH Shoosmiths has opened its new offices in the heart of Edinburgh’s business and financial district.
Walker Morris has been appointed to advise the administrator of Farnborough Football & Social Club following the announcement of its administration on 26 April.
The April 2013 issue of Taylor Wessing’s Restructuring & Corporate Recovery Update is available now.
Hogan Lovells, Linklaters and Sullivan & Cromwell have won lead roles as Eastman Kodak offloads its personal film business to UK pensioners.
Osborne Clarke (OC) has swelled its UK partnership headcount to 100 after signing up its eighth City partner this year in the shape of Speechly Bircham restructuring specialist Keith Bordell.
Law à la Mode: Issue 9 — Spring 2013 download
Issue 9 of DLA Piper’s Law à la Mode publication is available now.
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
A former Cobbetts partner reportedly owed £365,000 by the failed firm has been appointed to the defunct Manchester outfit’s creditors’ committee.
Mills & Reeve can advise on all aspects of restructuring and insolvency, and can help with all legal aspects and counterparty risk.
Former Dewey & LeBoeuf chairman Steve Davis is set to pay $511,145 (£335,000) to the defunct firm’s liquidation trust to resolve claims against him in relation to the US outfit’s dramatic collapse last year.
Mann J has refused an application by HSBC pursuant to a letter of request for assistance seeking the appointment of administrators over Tambrook.
Charity insolvency download
In November 2012, People Can, a charity employing around 300 people, went into administration after being overwhelmed by a pensions deficit of more than £17m.
Six new partners are among 22 promotions at Shoosmiths. The partners are joined in the law firm’s 2013 round by 16 new senior associates.
BCCI: it has ceased to be download
Bank of Credit and Commerce International (Overseas) Ltd and the other Cayman entities in the BCCI Group are now dissolved.
Appleby has been named ‘Law Firm of the Year’ in several categories at the 2013 Corporate INTL Legal Awards.
Chadbourne has represented the liquidators of SCL to resist a challenge by Carillion.
Our Litigation team comprises senior advocates who have appeared in many leading decisions before the courts, as well as in global, multibillion-dollar disputes.
The recent decision of Rubin v Euro Finance SA and others  UK SC 46 has been welcomed in England and Wales.
Resolution — spring 2013 download
Appleby has released the spring 2013 edition of its Resolution offshore publication.
Dentons and Linklaters have led the advice on the sale of HMV to Hilco UK, which was confirmed three months after the retailer went into administration.
The administrators of Manchester firm Donns have extended the administration period by six months to ensure there is time to pay dividends to creditors.
Law firms don’t get rich advising on the demise of other law firms
US firm Schulte Roth & Zabel has added two London restructuring partners with the hire of Brown Rudnick duo Peter Declercq and Sonya Van de Graaff.
Cobbetts’ administrators are set to work with the SRA to assist a potential investigation into the conduct of the failed firm’s partners, a report by KPMG reveals.
Shoosmiths has reached 100 employees at its Manchester office.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s Global Restructuring Group.
Taylor Wessing has released the March 2013 edition of its Restructuring & Corporate Update.
Chadbourne & Parke has released its International Restructuring Newswire for March 2013.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
This month on Synapse, Taylor Wessing discusses the impact of insolvency on licensors and licensees in the life sciences sector.
Ashurst and SNR Denton took lead roles on the sale of Malmaison and Hotel du Vin to a US private equity group.
Walker Morris has released its Receivership Update for March 2013.
Football insolvency specialists from Walker Morris have advised the operating company for Ricoh Arena on its application to the High Court to grant an administration order against Coventry City Football Club.
Firm’s Scotland restructuring head eschews move to Edinburgh in favour of partnership at HBJ Gateley as DLA presses ahead with Glasgow closure.
Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies download
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
The Co-operative Bank is the latest client to terminate its relationship with Incasso, the former debt recovery business of collapsed firm Cobbetts.
A guarantor’s liability is contingent upon the underlying obligations it has guaranteed. If those underlying obligations are altered, the guarantor can be released.
In this article, we take a brief look at an insolvency proceeding that has been introduced recently in Japan and has garnered a lot of attention.
Big product names are in the frame again in our regular round-up of the deals and legal personalities of the month, including the sales of Dell and baked bean superstar Heinz
NCTM has experience in bankruptcy and insolvency law in general, as well as in debt restructuring procedures, distressed investments and ‘special opportunities’.
Following consultation with stakeholders about its new powers to wind up abandoned companies, on 8 November 2012 the Australian Securities and Investments Commission (ASIC) released a Regulatory Guide titled ASIC’s power to wind up abandoned companies.
The Court of Appeal recently handed down judgment in AIB v Mark Redler & Co.
DLA Piper and Kirkland & Ellis have taken the lead roles on the pre-pack administation and sale of bed retailer Dreams
This month’s Free Issue focuses on contractor insolvency and its impact on the timely completion of projects.
Staff at former Cobbetts debt recovery business Incasso have been put into redundancy consultation weeks after the business was bought from the failed firm’s administrators.
Taylor Wessing partners write Pensions and Corporate Insolvency: A Practitioner’s Guide.
RPC has become the latest firm to win a mandate amid the recent spate of UK high-street casualties after being appointed by Sports Direct to advise on its purchase of Republic.
Eversheds and Linklaters have taken lead roles on the sale of HMV Asia to Greater China private equity group AID Partners Capital
Firm’s UK administrators strike a deal with defunct firm’s US LLP to keep back some London and Paris partners’ clawbacks for creditors of the UK LLP.
US firm Locke Lord has taken a role advising the group tasked with preparing Republic for a sale after the clothing chain went into administration earlier this month.
North West firm Marsden Rawsthorn has been acquired by its partners in a management buyout (MBO) after going into administration.
Dundas & Wilson loses Glasgow-based head of insolvency and restructuring Claire Massie to Pinsent Masons
Taylor Wessing’s Neil Smyth has co-authored Personal Insolvency in Practice.
At a recent Shoosmiths event, lawyers shared practical experience of the risks and potential remedies associated with the insolvency of IT suppliers.
Still standing in the red zone download
This article looks at some of the lessons that can be learned from the restructuring of Liverpool Football Club.
The use of the ‘hindsight principle’ produces what may generally be regarded as fairer values for the purposes of insolvency distribution or payment.
There is no supranational overarching law that seeks to harmonise the laws applicable to either individual or corporate insolvency throughout all jurisdictions within the EU.
Blue Skye — effect of insolvency proceedings in one member state on civil liability claims already ongoing in another download
The effect of insolvency proceedings in one member state on civil liability claims already ongoing in another.
US firm acts as lead counsel to the publisher of Reader’s Digest after the magazine’s owner filed for bankruptcy for the second time in four years.
Real estate teams lead on supermarket chain’s acquisition of 49 stores from administrators
Shoosmiths has helped protect jobs at Cloggs (UK).
This briefing from Mourant Ozannes focuses on Picard v Primeo and looks at how the Cayman Court considers assistance in a post-Rubin world.
Linklaters has been instructed by administrators at Ernst & Young (E&Y) in the latest in a string of insolvencies to hit the British high street this year.
Krogerus has one of the leading restructuring and insolvency practices in Finland, both in terms of number of lawyers and our expertise.
Irish firm advises KPMG on liquidation of the Irish Bank Resolution Corporation (IBRC).
The Curtis Restructuring and Insolvency group regularly advises on all facets of restructuring and insolvency matters both in and out of court.
Mayer Brown’s restructuring, bankruptcy and insolvency practice has more than 50 lawyers operating in jurisdictions across the Americas, Asia and Europe.
Cobbetts went into administration at the High Court today (6 February) with the whole business immediately sold in a pre-pack deal to fellow Manchester firm DWF.
Our restructuring and insolvency team offers the latest innovative market thinking to SMEs and listed companies.
The Guernsey States of Deliberation have approved changes to the Companies (Guernsey) Law, 2008 (the “Companies Law”), which include several key changes affecting insolvencies in Guernsey.
Our restructuring and insolvency group is made up of lawyers from our corporate, finance, and insolvency teams.
Appleby’s Litigation & Insolvency group is truly international. Our lawyers act on a wide range of significant and high-profile cases in the fields of trust litigation, commercial litigation, corporate litigation and fund disputes and on insolvency, regulatory and insurance matters.
Olswang’s restructuring and special situations group (SSG) combines the specialist expertise of our restructuring and insolvency group with Olswang’s sector insight.
The Restructuring & Corporate Recovery group is a cross-jurisdictional team of more than 20 specialists advising on some of the most complex and high-profile restructurings and insolvencies in Europe, the Middle East and beyond.
We have reviewed an internal draft of the German Federal Ministry of Justice (Bundesjustizministerium) of a Bill to Facilitate the Handling of Group Insolvencies.
Our insolvency and restructuring practice draws together banking, corporate, insolvency, investment funds, litigation, regulatory and restructuring expertise from the BVI, Cayman Islands, Guernsey and Jersey.
Our team of skilled national insolvency and restructuring lawyers has a broad range of experience across the full spectrum of insolvency and restructuring.
For decades, our lawyers have worked within a dedicated restructuring practice. We have a unified team of more than 250 restructuring lawyers working across borders to deliver solutions at local and international levels.
Important points for ROT suppliers wishing to maximise their chances of recovery.
Lawrence Graham (LG) and SNR Denton have taken lead roles on the sale of the Jessops brand and certain assets to a group including Dragons’ Den entrepreneur Peter Jones.
The range of options for a Jersey company that is in financial difficulty is relatively limited.
A practical guide for construction contractors facing the insolvency of developers, covering contract law, copyright and other issues.
A recent endorsement and application of an exemption in Hong Kong to champerty and maintenance adds an interesting PRC dimension to the developing body of case law in Hong Kong allowing litigation funding for liquidators.
Insolvent liquidation download
This note provides a short summary of the two formal insolvent liquidation processes.
In the current market and fragile economic climate you may be concerned about the commercial viability of your customers and suppliers and the impact that a corporate failure may have on your business.
In our latest Hot 100 video Freshfields’ Adam Gallagher talks about the collapse of Southern Cross and singing Islands in the Stream
Mayer Brown’s London restructuring head Ashley Katz has a growing reputation for handling complex restructuring and insolvency cases, as 2012 has been a busy year for him. One client describes him as “a tenacious lawyer who is a real hustler”.
Reed Smith London restructuring partner Charlotte Møller (scroll down for video interview) found herself working on one of the key cases last year when she advised KPMG on the administration of spread betting business WorldSpreads.
Askan Denstaedt, the London-based general counsel for Europe at New York hedge fund GoldenTree Asset Management, has one of the broadest remits in the investment management field.
Bruce Bell has been instrumental in Linklaters’ banking and restructuring groups.
Field Fisher Waterhouse corporate finance partner Christine Phillips spent much of 2012 on one of the highest-profile deals of the year, advising Rangers FC.
They say every journalist has a book in them; maybe that applies to lawyers as well.
Like many at Blackstone Chambers, the very versatile Pushpinder Saini QC’s public law practice bridges both the public and commercial spheres, but it is for his commercial work in the ongoing Madoff litigation that this year he is part of the Hot 100.
As US-based Dewey & LeBoeuf went the way of the dodo in the biggest law firm collapse of recent years, its UK LLP, covering the London and Paris offices, turned to CMS Cameron McKenna to advise the partners on liquidation matters.
Salans has advised restructuring specialist Hilco in its purchase of HMV’s £176m debt.
Bredin Prat partner Olivier Puech has picked up a mandate from collapsed French entertainment company Virgin Megastore just days after joining the firm from Gide Loyrette Nouel.
CMS Cameron McKenna has been instructed to advise the administrators of DVD and video rental chain Blockbuster’s UK arm, which today became the fourth British high-street casualty in two months and the second in a week.
Morrison & Foerster (MoFo) has taken a role advising a group of creditors on the administration of HMV, as reports surface suggesting the music retailer could still be rescued by a buyer.
Linklaters has been instructed by both the administrators and the banks as high street entertainment company HMV enters administration following rejection of a new funding deal.
Last year’s punishing economic conditions pushed many companies into administration. We take a look at the big UK cases
French firm Bredin Prat has made its first lateral hire for 18 months, picking up Gide Loyrette Nouel restructuring partner Olivier Puech.
Dewey & LeBoeuf’s UK arm has been hit by a £36.7m claim from the firm’s US LLP, as the latest report filed by administrators reveals more than £40m sought by unsecured creditors.
Weil Gotshal & Manges has successfully negotiated a settlement between the estates of bankrupt broker MF Global in the US and UK that could lead to the start of payouts for creditors of the company.
Taylor Wessing German restructuring head Matthias Kampshoff is set to join US firm McDermott Will & Emery in its Düsseldorf office.
Advisers working on the US bankruptcy of Dewey & LeBoeuf have racked up fees of more than $14m (£8.6m), according to new filings.
FDIC and Bank of England signal significant cooperation on resolution issues in joint paper download
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a joint paper entitled Resolving Globally Active, Systemically Important, Financial Institutions outlining a resolution strategy for global systemically important financial institutions.
Documents published by Deloitte have revealed that five law firms were instructed to advise the administrators of high-street electricals chain Comet, with legal fees since the company filed for administration on 2 November hitting £100,000.
Leaders at Dewey & LeBoeuf have been sued by UK insurance group Aviva in connection with a bond issued by the now-defunct US firm in 2010.
DLA Piper has hired two partners from Salans in Frankfurt, just months before Salans’ merger with SNR Denton and Fraser Milner Casgrain takes effect.
Allen & Overy (A&O), Berwin Leighton Paisner (BLP), Kirkland & Ellis and Linklaters have secured a deal to end the long-running debt restructuring of European Directories that sees private equity group Triton take control of the company.
Legal fees incurred by the administrators of the UK arm of global broker MF Global have breached the £18m mark, with US firm Weil Gotshal & Manges taking the bulk by billing over £15m.
Canadian firm Gowlings has made a double hire in its London restructuring team, with the move including the recruitment of former Osborne Clarke practice co-head David Wright.
New insolvency proceedings called “accelerated financial safeguard” were introduced into French law two years ago.
Bredin Prat, Cleary Gottlieb Steen & Hamilton and former Clifford Chance partner Yves Herinckx have all landed roles as France and Belgium inject €5.5bn (£4.4bn) to bail out ailing Dexia, as part of a recapitalisation deal approved by the company’s board of directors yesterday (12 November).
Bingham McCutchen and Mayer Brown are advising the administrators of electricals chain Comet, which filed for administration last Friday (2 November).
Wragge & Co has won a lead role alongside Gateley on the administration of Manganese Bronze, the stricken company behind London’s world-famous black cabs.
Bingham McCutchen has joined Spanish firms Cuatrecasas Gonçalves Pereira, Gómez-Acebo & Pombo and Uría Menéndez in advising on building manufacturer Uralita’s debt refinancing.
Bankrupt US firm Dewey & LeBoeuf’s settlement with former partners has won approval from a New York court, ending months of attempts to green-light the deal since the firm collapsed in May.
Herbert Smith is advising JJB Sports as the stricken retailer announces that it is appointing administrators.
To successfully reorganize in Chapter 11, a bankrupt company may need to retain key employees who understand the company’s business and who can design and implement the company’s reorganisation plan.
Royal Decree Law 24/2012 addresses restructuring and termination of Spanish credit entities download
The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 , for the restructuring and termination of Spanish credit entities.
German firm Görg has raided two of its rival firms for a team of insolvency lawyers to launch in Hamburg and Rostock.
The global financial crisis has resulted in a number of debt restructuring transactions as a result of companies being unable to meet with their debt obligations.
Clifford Chance is relocating its global head of restructuring and insolvency, Mark Hyde, to Hong Kong to lead its Asia Pacific finance team.
Pinsent Masons and a City team from US firm Locke Lord have advised on the sale from administration of the UK subsidiary of motorcycle clothing and accessories retailer Hein Gericke.
A former Dewey & LeBoeuf partner is attempting to block Citibank securing a summary judgment against him by arguing that the bank colluded with the now-defunct firm to entice lateral hires in the run-up to the firm’s collapse this year.
Dewey & LeBoeuf’s wind-down team has filed a motion calling for court approval of its settlement deal for former partners, arguing that financial commitments were obtained in a short space of time despite the “shock, anger and dismay” resulting from the firm’s collapse.
Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Simmons & Simmons have advised on the financial restructuring of public infrastructure group Mouchel, which involved the pre-pack sale of its assets to its lenders and management.
Cadwalader Wickersham & Taft has added a structured finance partner to its London base with the hire of Stephen Day from Mayer Brown.
DLA Piper and Slaughter and May have advised on debt-laden Premier Foods’ sale of its sweet spreads and jellies business to US buyer Hain Celestial.
Clifford Chance, Freshfields Bruckhaus Deringer and Kirkland & Ellis have advised on a deal to reduce Travelodge’s debt by transferring control of the hotel chain to three investors.
Dewey & LeBoeuf’s settlement plan to raise funds for the defunct firm’s estate and absolve former partners of future liability has passed the $50m (£32m) threshold required to keep the case out of Chapter 7 bankruptcy.
Dewey & LeBoeuf’s bankruptcy team has offered former partners further changes to the firm’s settlement plan, a week after telling them an amended deal was final.
Gibson Dunn & Crutcher, Linklaters and Speechly Bircham are among a raft of firms to have won roles advising on the sale of four Rotary UK businesses to engineering company Lorne Stewart following the administration of Rotary’s Australian parent group Hastie.
Dewey & LeBoeuf’s wind-down team has amended the bankrupt firm’s controversial settlement deal, with partners now being enticed into the plan by a discount based on how much they bring back to the firm in receivables in the coming weeks.
In an important judgment handed down on Friday 27 July 2012 Justice Briggs, sitting at the High Court, Chancery Division, upheld a challenge to the commonly used restructuring technique of “exit consents” used in English law-governed bonds.
Former Dewey & LeBoeuf partners have been given an extra week to sign up to a settlement absolving them of liability from the firm’s estate, with bankruptcy chiefs currently battling to iron out concerns that have caused the plans to raise up to $90.4m (£57.9m) to stall.
Freshfields Bruckhaus Deringer has replaced Hogan Lovells to advise the senior lenders on the debt restructuring of waste management company Biffa, with Latham & Watkins and Linklaters also winning a role on the high-stakes negotiations.
Reed Smith banking partners Phillip Slater and Lucy Newcomb have won the firm a new client by securing a role opposite Linklaters on the Co-operative Group’s £950m debt refinancing.
The recent judgment of the Chancery Division of the English High Court in Assénagon Asset Management SA v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited), issued on 27 July 2012, struck down an exit consent in a transaction governed by English law.
The Chancery Division of the English High Court has upheld a challenge to the legality of an exit consent on the basis that it was oppressive towards the minority bondholders and at variance with the purposes for which majorities in a class are given power to bind minorities.
Dewey & LeBoeuf’s London and Paris operations had unsecured creditors who were owed a total of £5.2m, with almost none of this amount set to be paid, according to a report by the defunct US firm’s UK administrator.
Former Dewey staffers’ long and winding road to notice period payments
Barclays Bank is refusing to consider a group attempt by former partners of Dewey & LeBoeuf to strike a settlement with the UK lender over debt from loans used to fund capital contributions.
Weil Gotshal & Manges has continued the expansion of its London restructuring team with the hire of Hogan Lovells partner Alexander Wood.
Mayer Brown’s City team has been appointed to advise the administrators of clothing chain Ethel Austin, which has been put into administration for the fourth time since 2008.
Allen & Overy and Freshfields Bruckhaus Deringer have scooped lead roles on a €4.3bn (£3.3bn) debt refinancing deal for Germany property owner Deutsche Annington Immobilien.
The deadline for partners to opt in to a settlement deal absolving former Dewey & LeBoeuf partners of their liabilities has been delayed after concerns were raised about its contents.
Creditors of Dewey & LeBoeuf’s London and Paris arm are lining up to claim dues from the defunct firm, with a subsidiary of insurer Axa demanding more than £600,000 from the failed firm’s estate.
Kennedys has won a role acting for the administrators of Town Centre Restaurants, the company behind the Café Giardino chain.
Weil Gotshal & Manges has leveraged its relationship with the bankrupt parent company of American Airlines to take the lead role advising on the carrier’s plans to pick a merger partner.
Dewey & LeBoeuf’s US bankruptcy chiefs may attempt to sell the defunct firm’s $103m settlement deal to London ex-partners today (13 July), as it emerges that some former City partners are likely to snub the proposal.
Linklaters is set to launch an Italian litigation practice with the hire of Milan partner Alessandro Villani from former ally-turned-adversary Gianni Origoni Grippo Cappelli & Partners.
Former Dewey & LeBoeuf partners including those in London will be asked to pay up to $3m (£1.9m) each as a settlement to grant them relief from being sued, it was revealed today.
The collapse of Lehman Brothers in September 2008 has propelled insolvency law into the frontline
On 1 April 2012, a Dubai- and Asia-based ship building and repair company became the first company to commence a reorganisation proceeding in the Special Tribunal created by Dubai Decree No. 57 for 2009 and avail itself of Decree 57’s integrated legal framework.
In 2006, Grand Pacific Holdings Ltd commenced an ICC arbitration against Pacific China Holdings Ltd (In Liquidation) in an attempt to enforce a loan agreement worth US$40 million.
The largest ever law firm collapse was cemented yesterday when Dewey & LeBoeuf filed for bankruptcy in the US, with the UK LLP also being put into administration.
Dewey & LeBoeuf London restructuring partners Mark Fennessy and Hazel Miller are set to join Proskauer Rose, meaning that all but one of the firm’s London steering group will have found new homes.
Reed Smith has won the role acting for the administrators of WorldSpreads, the spread-betting operator being wound up after accounting irregularities were found in its finances.
The regulatory focus on insolvency since the Lehman Brothers collapse is beginning to affect other cases, such as that of MF Global in the UK. By Joanne Harris
Skadden Arps Slate Meagher & Flom has turned to a US rival Weil Gotshal & Manges for a London restructuring hire, scooping partner Dominic McCahill.
Ten years ago today Enron, which was the US’s seventh largest company, filed for bankruptcy after a creatively planned accounting scam came to the fore.
Dewey & LeBoeuf has continued its raid on Orrick Herrington & Sutcliffe’s London restructuring team following the recent hire of two partners from its US rival.
A seven-strong panel of Supreme Court justices has dismissed an attempt by the trustees of Lehman Brothers to recoup £61m from noteholders, by upholding an insolvency law principle that has existed for 200 years.
A raft of law firms are lining up for the restructuring of Irish telecoms group Eircom, one of the biggest this year.
Insolvency practitioners must stay on top of the Bribery Act as they run an increased risk of personal criminal liability. Alex Fox and Anna Brooks-Gallerani report
Administration is the UK’s principal business rescue tool. In the first quarter of this year alone 782 companies entered into administration.
Addleshaw Goddard, DLA Piper and Linklaters have taken key roles advising on the sale and restructure of kitchen, bedroom and bathroom chain Homeform Group, which traded under the Moben Kitchens, Dolphin Bathrooms, Sharps Bedrooms and Kitchens Direct brands.
DLA Piper and Scottish firm Maclay Murray & Spens have taken lead roles advising on the sale and restructuring of fashion retailer Jane Norman, which entered administration on Monday (27 June).
Linklaters and Salans have clinched top roles advising on the administration of furniture retailer Habitat.
Travers Smith has been hired to advise on the liquidation of a small mortgage lender that has become the first British bank to be wound up for more than two years.
Clifford Chance, Eversheds, Freshfields Bruckhaus Deringer and Lovells have all scooped roles to help Southern Cross Healthcare secure a rescue package that will prevent the stricken care home operator from going into administration.
Slaughter and May has bagged an instruction from Royal Mail on restructuring mandated by a recent piece of legislation.
DLA Piper has given its New York restructuring group a boost with the hire of a partner from Skadden Arps Slate Meager & Flom.
Lincoln’s Inn set 11 Stone Buildings had added insolvency silk Lexa Hilliard QC to its membership.
Clifford Chance and Freshfields Bruckhaus Deringer have landed roles on Spanish real estate group Metrovacesa’s e5bn (£4.4bn) restructuring.
Stephenson Harwood and Walker Morris have completed the pre-pack administration sale of the assets of AIM-listed glass and solar panel manufacturer Romag Holdings to Gentoo Group.
Squire Sanders Hammonds has landed a key role advising on the administration of collapsed wine retailer Oddbins.
Linklaters has hired the head of the restructuring practice at Dutch independent De Brauw Blackstone Westbroek to boost for its Amsterdam office.
Clifford Chance, Dewey & LeBoeuf and Freshfields Bruckhaus Deringer have all taken high-profile roles on the sale of troubled music group EMI to Citibank.
Weil Gotshal & Manges has raided Jones Day’s London office to hire restructuring partner Adam Plainer to lead its own restructuring practice.
With sovereign debt problems sweeping Europe, is an increase in insolvencies likely? Not necessarily, says Frank Tschentscher
TLT Solicitors’ London corporate recovery and insolvency practice has won one of its biggest mandates to date after being instructed by the administrators of bar owner Balls Brothers.
SNR Denton has bagged a key role advising on the administration of holiday camp company Pontin’s.
Allen & Overy (A&O) has lined up alongside US firms Bingham McCutchen and White & Case on the e1.9bn (£1.64bn) debt restructuring of Greek mobile phone operator Wind Hellas.
City firms Field Fisher Waterhouse (FFW) and Macfarlanes are advising on the proposed restructuring of Kent Reliance Building Society (KRBS).
Supreme Court threat means it ain’t over till it’s over, says Andrew Pugh
The long-running dispute over the restructuring of Almatis Group could finally be settled this week after more than a year of negotiations, proposals and counter-proposals.
The long-running dispute over the restructuring of Dutch almunia company Almatis, which saw mandates for a string of top US and City firms, appears to be settled after a bankruptcy judge give the go-ahead for the company to emerge from Chapter 11 protection.
Macfarlanes has claimed the prize role acting for longstanding client Four Seasons Health Care on the restructuring of £800m of debt.
Baker & McKenzie and White & Case bagged leading roles on the $16.7bn (£10.8bn) restructuring of Kazakhstan’s BTA Bank.
Niche City firm Starr & Partners has won a role on the administration of property group Connaught, advising building company Morgan Sindall on its acquisition of the group’s assets.
Connaught, the property and environmental services group that has appointed administrators in the largest company administration since Woolworths, has turned to Jones Day to guide it through the process.
The outcome of the Stonham v Ramrattan appeal could set a precedent for the treatment of matrimonial homes in insolvency cases.
A recent court ruling has left the door open for parties to dispense with the registration of a floating charge via the use of a security financial collateral arrangement. But its application is likely to be very narrow.
Olswang has taken on the co-head of Pinsent Masons’ London restructuring practice as a partner.
Willkie Farr & Gallagher has strengthened its bankruptcy and restructuring department with the hire of heavy-hitting Kaye Scholer partner Margot Schonholtz.
One of the restructuring partners due to join Greenberg Traurig Maher (GTM) from Kirkland & Ellis has decided to stay where he is.
Berwin Leighton Paisner (BLP) has hired a former Linklaters banking partner to build up its structured finance team.
Clifford Chance and DLA Piper have landed leading roles in a deal that has been hailed as one of the biggest debt-for-equity swaps in UK corporate history.
Osborne Clarke has bolstered its City restructuring and insolvency practice with Kennedys senior associate Andrew Mace joining the team as a partner.
The Third Party (Rights Against Insurers) Act 1930 is due a facelift. But the means to do so could well be held up by the general election and the willingness of the next government to tackle the issue.
With HMRC standing firm when it comes to being paid by insolvent football clubs, it could be back to jumpers for goalposts for an unlucky few.
A group of US and UK firms have won lead roles advising on the battle between Oaktree Capital and Dubai International Capital (DIC) to acquire alumina company Almatis via a restructuring of its $1bn (£590m) debt.
Newly merged firm Veale Wasbrough Vizards has hired a barrister to head its insolvency litigation team after the previous holder of the post was named managing partner of the firm.
Kirkland & Ellis London partners Kon Asimacopoulos and Partha Kar have taken over management of the firm’s City restructuring practice following the departure of Lyndon Norley.
As banks worldwide were hit by the global financial crisis, they were increasingly supported through emergency measures launched by governments.
Lovells has formed a co-operation agreement with Paris-based insolvency boutique Kuntz & Associés.
Milbank Tweed Hadley & McCloy has hired an Ashurst restructuring partner to bulk up its capabilities in the City.
White & Case has scored a lead role advising the Kazakhstan government on the creation of new restructuring laws in the country.
Linklaters has again turned to its magic circle rivals for a key German hire, snaring a leading restructuring partner from Clifford Chance’s Frankfurt office.
Green shoots aside, many companies, including German car manufacturer Opel, are not out of the woods. Frank Tschentscher highlights the obstacles remaining
A downturn in profit often equals a commensurate rise in fraud. Samantha Bewick and Janice Edgar examine the modern role of insolvency professionals in rooting out deception
Jones Day has won a lead mandate on the administration of the recession’s latest high-street casualty, greetings card chain Birthdays.
Herbert Smith and Weil Gotshal & Manges have won roles in the administration and subsequent rebirth of Cobra, the popular curry-house beer.
Jones Day has boosted its US restructuring practice with the hire of a seven-lawyer team from Kirkland & Ellis.
Cardiff firm Hugh James has lost commercial litigation and insolvency head Ian Herbert to local rival Darwin Gray.
Riva Gaming Group, the private equity-owned bingo operator, has struck a deal with lenders to write off £100m of its debt, leading to instructions for a raft UK firms.
Key hire Mike Woollard credited with putting firm in the running for big-ticket contracts.
Each new day sees retailers large and small going to the wall. This article addresses the plight of customers who have ordered and paid for expensive goods – such as furniture or computer equipment – but not yet taken delivery when the shop goes into administration. Can they insist on the goods being delivered or get their money back? Or are they just unsecured creditors who will probably get nothing?
Pearl Group has begun talks to restructure £3bn of debt, some of which was used to buy rival Resolution in 2008, with Simpson Thacher & Bartlett winning the mandate from the insurane giant. It is understood that Simpson Thacher is acting for Pearl after advising it on the financing for its £5bn acquisition of Resolution. Finance partner Stephen Short acted on that deal.
Linklaters has bagged the instruction advising four PricewaterhouseCoopers partners on the administration of Lehman Brothers.
Shepherd and Wedderburn has won the mandate to advise the UK administrators of Canada’s Zoom Airlines after the low-cost airline filed for bankruptcy.
Jones Day and Freshfields Bruckhaus Deringer have bagged the top legal roles in the bankruptcy proceedings of XL Leisure Group, the UK’s third largest package holiday operator.
Offshore firm Bedell Group has been appointed to advise on the liquidation of collapsed hedge fund, Carlyle Capital Corporation (CCC).
Allen & Overy (A&O) has made millions of pounds in fees out of bankrupt furniture retailer Courts, which still has a pension deficit of over £14m.
Commercial chambers 3-4 South Square has scored all the lead instructions in the public-private partnership (PPP) administration of Metronet, confirming the set as the bar leader for insolvency work.
UK firms are positioning their restructuring teams in anticipation of further market volatility, although a dearth of talent is hampering expansion.
Bingham McCutchen has strengthened its global restructuring and insolvency capabilities with the addition of antitrust specialist Hiroshi Iyori from Asahi Law Offices.
EVERSHEDS, North West firm DWF and Linklaters have all acted in an against-the clock bid to save supermarket chain Kwik Save from collapse.
Five UK firms have scooped key roles on the Metronet administration, which was launched earlier today.
Large-scale insolvencies have been largely absent from the UK market over the past few years. That was until the spectacular collapse of hamper savings company Farepak hit the newspaper headlines.
Clifford Chance is acting in the year's biggest retail insolvency so far as the beleaguered sector suffers another casualty.
Two years on since new EU-wide insolvency laws were introduced, cherry-picking your jurisdiction for insolvency is increasingly tough. By Cary Kochberg and Laurence Crowley
What happens when a bankrupt’s house has negative equity? This year’s changes to the Insolvency Act provide the answer. Adrian Hyde reports
Morgan Lewis & Bockius is set to pay out millions of dollars to Brobeck Phleger & Harrison’s estate, as Clifford Chance continues its battle to agree a settlement with the collapsed West Coast firm’s liquidation committee.
Lawrence Graham has secured the first ever extension on company administration following the introduction of changes to the Enterprises Act 2002 last September.
US bankruptcy firm Pachulski Stang Ziehl Young Jones & Weintraub has been disqualified from acting for a group of former Brobeck Phleger & Harrison partners who are attempting to sue Clifford Chance for $100m (£55.8m).
The bankruptcy practice at Weil Gotshal & Manges now accounts for 20 per cent of the firm’s business – about $160m (£87.7m) of a total 2004 turnover of $801m ($439m) – following lead roles on MCI (formerly Worldcom), Enron and Global Crossing.
North West firm Halliwells last week finalised the takeover of niche insolvency practice LCL Law’s Manchester office.
Gateley Wareing has recruited a new associate to bolster the corporate services division in its Birmingham HQ. Chris Reed, who specialises in acquisitions and disposals as well as joint ventures, joins from Wragge & Co.
Allen & Overy (A&O) has billed in excess of £10m for last year’s rescue of Drax Holdings, reaping nearly 80 per cent of the total over a six-month period.
The battle surrounding embattled Russian oil giant Yukos has escalated, with its core shareholders instructing lawyers to act against the Russian authorities should the company be forced into bankruptcy.
Gianni Origoni Grippo & Partners is reaping an average €1m (£656,000) a month for its role on the Parmalat administration, with overall annual legal fees expected to reach €30m (£19.7m).
In Putin’s battle with the oligarchs, the rule of law is looking increasingly fragile. By Joanne O’Connor
Cadwalader Wickersham & Taft has thrown Queen Moat House’s (QMH) debt restructuring into a state of flux after client Goldman Sachs Whitehall Fund bought up large debt and equity stakes in the troubled hotel operator.
Addleshaw Goddard is promoting 11 lawyers after losing three partners earlier this month. Three will become partners, including employment lawyer Ruth Davies, finance and projects lawyer Andrew Pettinger and corporate restructuring and insolvency lawyer Daniel Redstone. Another eight lawyers will step into legal director roles, which have been designed to provide a career development path for ...
Specialist pensions law firm Sacker & Partners has promoted three associates to the partnership: Claire Carey, Alison Cribbs and Joanna Matthews.
Birmingham’s St Philip’s Chambers has scooped a senior barrister from premier insolvency set 3-4 South Square.
The Inland Revenue’s attack on the football creditor rule could see the sport’s special status annulled. Amanda Milsom and Sohrab Daneshku report
Liquidation expenses: a victory for floating charge-holders? Anne Sharp investigates
The Enterprise Act 2002 dispenses with the Crown’s preferential treatment in insolvency cases. Philip May and Robert Foote look at the likely effects of this sea-change
International solutions to insolvency can lead to good results, but caution is needed to ensure that rules can be applied globally. Susan Moore reports
The Re Spectrum case has paralysed the insolvency profession. Anthony Elleray QC and Mark Cawson QC report
Legal fees involving the rescue of MCI look set to exceed $100m (£56.6bn) after the telecoms group, formerly known as WorldCom, this week emerged from Chapter 11 bankruptcy.
Merricks, which has recently elected to dissolve the partnership, has been put into administration.
Denton Wilde Sapte’s soon-to-be-defunct Hong Kong office has lost dispute resolution and insolvency partner Simon Powell to Jones Day. It is understood that Powell left the City firm last week when it announced that it was axing its entire Asian practice (The Lawyer, 12 April).
A new guard is to take over management of Nicholson Graham & Jones, with insolvency head Tony Griffiths succeeding Michael Johns as managing partner.
Parmalat’s special administrator Enrico Bondi has been barred from administering the collapsed dairy company’s Cayman Islands companies following a tense court battle.
Enrico Bondi’s battle to be Parmalat’s worldwide special administrator was widened last week to Ireland, where he went head-to-head with the Bank of America’s lawyers Linklaters and Sidley Austin Brown & Wood.
Gian Paola Zini, Parmalat’s infamous lawyer, has called in Massimo Dinoia (pictured), the former lawyer to Italy’s ‘Mr Clean’ to come to his defence. Dinoia advised Antonio Di Pietro, the former Italian magistrate who spearheaded major anti-corruption investigations in the mid-1990s in a case against Silvio Berlusconi’s brother.
Lawyers acting for Parmalat’s creditors will have to fight it out among themselves over the distribution of legal fees as negotiations over the reorganisation hit stalemate.
Four Parmalat-linked companies in Malta set up by Maltese government lawyers and a further three established by Parmalat’s own auditors have been given a clean bill of health by the island’s Financial Services Authority (MFSA).
Matheson Ormsby Prentice has been drafted in to advise the provisional liquidators looking at Parmalat’s Irish subsidiary, Eurofood IFSC.
The unravelling of the Enron debacle has stepped up a gear, with Herbert Smith scoring a major court victory over White & Case.
Leeds firm Zermansky & Partners welcomed in the new year with its eponymous founder Victor Zermansky celebrating 50 years on the roll of solicitors.
Hammonds is continuing to rebuild its insolvency team with the hire of partners Alistair Bacon and Jeremy Reilly from Matthew Arnold & Baldwin and Cobbetts respectively.
Kirkland & Ellis has consolidated its position as one of the US’s leading bankruptcy firms, after bringing in nearly $50m (£28.7m) worth of legal fees from just two cases in less than a year.
US firms target European and mid-market bankruptcies as US mega-insolvencies draw to a close
The spotlight on Enron has shifted to Kirkland & Ellis, Vinson & Elkins and Andrews & Kurth – all of which face the threat of litigation from a group of the disgraced energy trader’s unsecured creditors.
Richards Butler picks up entire defence as Erskine silk and Collyer-Bristow fall foul of legal tactics
The Enterprise Act could have introduced a Chapter 11-style process for restructuring in the UK. John Houghton reports on missed opportunities and avoided pitfalls
There has been a minor revolution in the corporate restructuring market in the past few years. Lyndon Norley reports on the changes
Company directors are increasingly culpable for scandals such as Enron. David Leibowitz reports on the extent to which directors' and officers' insurance cover can protect them
Advising three footballers on the media fallout of the alleged Grosvenor House rape has thrust Graham Shear into the limelight. Naomi Rovnick meets him
Insolvency reform in Northern Ireland is lagging behind the rest of the UK, says Leeanne Whaley
Interoute has hired experienced Bulldog Comm-unications chief legal officer and general counsel Maurice Woolf, who leaves the telecoms provider after just one year.
Bankruptcy lawyers - and their fees - may not be popular, but Kirkland & Ellis's James Sprayregen says they're worth it.
Former Shearman insolvency star Ronald DeKoven is used to the finer things in life. Matheu Swallow talks to a man coming to terms with grotty old London.
Second-tier Dublin firm Eugene F Collins has taken over commercial property and finance boutique GD Fottrell & Sons.
The legal fees on the 12-year BCCI insolvency reached £100m this year, with Lovells taking the lion's share of the cash, while Allen & Overy made a staggering £31m for less than two years work on the restructuring of Marconi. But will corporate restructuring and insolvency work see City lawyers through the downturn? Not quite.
US firm Foley & Lardner has gained its first foothold in Asia by launching an office in Tokyo.
South-East firm Asb Law has continued its rapid expansion of the past 24 months, taking on small Kent-based practice Mere-dith Smith and Pratt (MSP) as well as announcing an increase in turnover of almost 20 per cent.
Eversheds' Singapore best friend Khattar Wong & Partners (KWP) has this week lost a partner and an associate, the latest in a string of defections over the past few months.
The controversial action by Deacons against White & Case and two of its former partners is due to be heard in the Hong Kong High Court next Monday (2 June).
Mayer Brown Rowe & Maw has made up seven partners in London, taking the partnership to 100. The new partners are Michael Brown in litigation and dispute resolution, Gary Cooper and Richard Smith in corporate, Christopher Fisher in employment, Nick Henchie in construction and engineering, Jonathan Moody in pensions and David Morrison in corporate/restructuring and insolvency. This is the second round of ...
A leisure and property management team of one partner, three associates and a consultant has quit Masons for niche insolvency and property firm Sprecher Grier Halberstam.
The boom in restructuring fees for US lawyers is continuing unabated as Conseco becomes the latest bankruptcy to add to the growing cash pile.
Coudert Brothers has been denied full payment of its second round of fees for the reorganisation of Global Crossing, after a judge ruled against a $54,000 (£34,000) pay-out for the firm's summer associates.
Second bankruptcy partner leaves to join Gibson Dunn in NY
The UK's premier insolvency set 3/4 South Square has signed up one of the best-known insolvency and restructuring lawyers in the US, Ronald DeKoven.
Robert Rhodes QC's embattled 4 King's Bench Walk (4KBW) is in talks with Claims Direct administrator Deloitte & Touche over some £1m owed for work it did for the claims management company.
Derivatives may not be the most exciting topic of conversation, but A&O's Jeff Golden manages to keep Catrin Griffiths interested - if only for one afternoon
Lawyers' fees related to the Enron Chapter 11 reorganisation are continuing to snowball, sparking fears of dwindling returns to disgruntled creditors
There appear to be mixed feelings about the radical changes currently being introduced to the UK insolvency laws
When businesses hit rock bottom the balance of power changes. The creditors are the new priority, but to what extent are they in the driving seat? Peter Bloxham reports
Unlicensed debt advisers and conflicting regulatory bodies are still holding reform at bay, says John Verrill
While the ITV Digital collapse massacred the finances of many football clubs, players' wages are finishing off the job. David Cohen and Amanda Hope examine clubs' escape routes
Insolvency reforms move a step closer with the dawn of the Enterprise Act. Patricia Godfrey reports
Julia Salt and Ben Conway give the lowdown on methods of commercial aviation funding
Shearman & Sterling has scooped an instruction to advise China Netcom Corporation (Hong Kong) in connection with its purchase of the assets of Bermuda-based undersea cable operator Asia Global Crossing (AGC)
The doyen of corporate restructuring is now at Nomura. Dearbail Jordan talks to Richard Gitlin about Maxwell, the IMF and being big in Japan
Sidley Austin Brown & Wood and Denton Wilde Sapte are advising Federal Mogul Corporation in one of the largest cross-border restructurings to date.Federal Mogul's UK and US subsidiaries simultaneously filed petitions on 1 October for administration and chapter 11 proceedings respectively. Sidley's US office has a longstanding relationship with Federal Mogul and brought in Dentons to advise ...
Robin Tutty has left Fox Williams, where he was a partner, to become joint head of insolvency at Nicholson Graham & Jones.
Bevan Ashford is to launch a dedicated insolvency practice from its Bristol office with the hire of Laytons' highly-rated Bristol head of insolvency Gordon Bon.
Head of Weil Gotshal & Manges' London office Mike Francies remains philosophical about the glut of departures that has hit the US firm
Leading travel insolvency practitioner Trevor Sears is quitting Kingsford Stacey Blackwell for Davenport Lyons, giving the firm an insolvency capability for the first time.
When head of Edge Ellison's insolvency practice John Sullivan picked up the baton for a broke British Athletics Federation in 1997 he did not expect to be fighting an athlete's claims in the House of Lords. Claire Smith reports.
Adrian Harris remains undaunted by the prospect of long working hours at US firm O'Melveny & Myers- he's simply given up all his hobbies, writes Sean Farrell
Chris Mallon made his name at Lovells as the man who co-ordinated London lawyers in the BCCI case. Now he has been lured from Biddle and handed the task of making Freshfields on of the best. Gulshanah Choudhuri reports
When Paul Rhodes quit as Dibb Lupton Broomhead's managing partner, his colleagues speculated he was through with legal practice. But the man who did much to pioneer Dibbs' rottweiler image is back - and he has gone to the aid of its arch-rival. By John Paul Flintoff
Sean Farrell talks to Stephen Gale, the man who is due next April to be only the second lawyer to take the helm as president of the Society of Practitioners of Insolvency.