Insolvency and restructuring

News

Wirecard

Quinn drafts in litigation funder for Wirecard clash against EY

Litigation funder Omni Bridgeway has teamed up with Quinn Emanuel Urquhart & Sullivan to fund proposed litigation brought on behalf of shareholders of Wirecard. The litigation, which is being considered against EY, follows the insolvency of Wirecard in June after allegations of balance sheet manipulation. Senior executives and leadership at Wirecard were also arrested on […]

shard london

Shearman boosts restructuring ranks with Weil Gotshal hire

Shearman & Sterling has hired a new London restructuring partner from Weil Gotshal & Manges, adding firepower to a practice that has recently seen several defections. The US firm has brought in partner Alexander Wood, who has spent seven years in Weil’s London office. He advises on restructuring and insolvency across financial services, having acted […]

beach holiday

Eversheds nabs latest restructuring mandate on Fleetway Travel collapse

Travel operator Fleetway has called in PwC as it fell into administration yesterday, with Eversheds Sutherland appointed to assist the Big Four giant. The company’s collapse was brought on by cash flow pressures amid Covid-19, a scenario many travel companies are also facing as fewer holidaymakers book overseas trips. Fleetway, which employs around 62 employees, […]

Brooks Brothers

Weil Gotshal advises Brooks Brothers on Chapter 11 proceedings

A team from Weil Gotshal & Manges is advising US clothing retailer Brooks Brothers as it files for Chapter 11 bankruptcy protection. The US firm has taken legal duties as the company officially started the proceedings in the United States Bankruptcy Court for the District of Delaware yesterday morning. Alongside the firm is Delaware-based Richards Layton […]

cafe rouge

The deals that closed last week: New “Green” Milan and AI with Linklaters, Taylor Wessing and Paul Hastings

Every week of June a retailer has collapsed into administration, citing cash flow pressures exacerbated by Covid-19. The last week saw further collapses, including shirt maker TM Lewin and furniture store Harveys while Bensons for Beds was saved. Shoosmiths and Eversheds Sutherland picked up two mandates apiece; Shoosmiths led for the administrators on the TM Lewin […]

Analysis

Roundtable: Remote investigations during Covid-19

The world of investigations relies upon in-depth scrutiny. Whether it be leafing through office documents, conducting forensic interviews or relying upon whistle blowers, an investigator’s physical presence on-site is often key to carving out the truth. However, the in-person part of investigations is largely on hold for the time being due to Covid-19, forcing individuals […]

Roundtable: how in-house lawyers can nail Libor

Lawyers are supposed to always have all the answers. But there can be exceptions. In a complex industry like financial services, there are regulatory changes that hit in-house legal teams like an avalanche. This is why, when Howard Wassall, principal sales engineer at software provider Apttus+Conga, laid out the urgency and complexity of tackling the […]

The Virus Diaries: Managing a law firm as crisis escalates in Serbia

Easter weekend in Belgrade. Late on Saturday night and into the early hours of Sunday, thousands of people would normally congregate in front of the Church of Saint Sava to celebrate the Holy Fire ceremony and the beginning of the Orthodox Easter. But this year the city was silent. The usual kissing of icons during […]

Featured Briefings

The Cayman Islands Court of Appeal Relieves the Tension between Arbitration Clauses and the Just and Equitable Winding Up Jurisdiction

In a comprehensive judgment published on 23 April 2020, the Cayman Islands Court of Appeal, comprising Moses JA, Martin JA and Rix JA, has provided welcome clarification of the interplay between a contractual agreement to arbitrate disputes arising between shareholders and the exclusive jurisdiction of the Court to determine whether a company should be wound […]

Challenging an IVA on the grounds of material irregularity

By Simon Clark, Gawain Moore In Gertner v CFL Finance Ltd [2018] the Court of Appeal found that there had been a material irregularity at the creditors’ meeting convened to consider the debtor’s IVA proposals. The lender’s breach of the good faith principle between creditors was sufficient to revoke the IVA on grounds of material irregularity.