Zone of Insolvency

Zone of Insolvency

Category Archives: Europe

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No amendment to the ranking of security rights under the Dutch Scheme (WHOA) procedure

By Bas van Hooijdonk on Posted in Europe, Global
The Rotterdam District Court, the Netherlands, has ruled that an amendment to the ranking of security rights is not possible under the Dutch Scheme procedure (WHOA), without the consent of the relevant secured creditors. While there is still ambiguity about the (im)possibilities of amending creditors’ rights under the WHOA, the ruling is a welcome clarification… Continue Reading

UK Supreme Court delivers landmark judgment on directors’ duties when a company faces insolvency

By Helen Coverdale on Posted in Europe, Financial Restructuring & Insolvency
Why is the decision important? For the first time, the Supreme Court has considered whether there is a common law duty on directors to act in the interests of creditors when a company faces insolvency, but is not yet in an insolvency process (the so-called twilight zone) (the Creditors’ Duty). Unanimously agreeing that such a… Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q2 2022 issue of International Restructuring Newswire

By NRF Digital Team on Posted in Australia, Bankruptcy Courts, Europe, Financial Restructuring & Insolvency, Global, Singapore, US
Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire. Our new issue features articles from Singapore, the US, the Netherlands, Canada, Italy and Australia to help you stay current on recent developments in restructurings in various jurisdictions around the globe.   Recent case law developments in Singapore’s restructuring and insolvency laws show… Continue Reading

Omar Salah appointed as CERIL Conferee

By NRF Digital Team on Posted in Europe, Financial Restructuring & Insolvency
Prof. Omar Salah, Partner at Norton Rose Fulbright’s Amsterdam office, has been appointed as Conferee of the Conference on European Restructuring and Insolvency Law (CERIL). CERIL is a non-profit organisation with a unique independent perspective on developments in restructuring and insolvency systems across Europe. It is a membership organisation of experienced and respected restructuring and… Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q1 2022 issue of International Restructuring Newswire

By NRF Digital Team on Posted in Canada, Europe, Financial Restructuring & Insolvency, Global, UK, US
Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire.   Our new issue features articles from Canada, Germany, the Netherlands, South Africa, the US and the UK to help you stay current on recent developments in restructurings in various jurisdictions around the globe. Steinhoff restructuring: The Dutch suspension of payments as an… Continue Reading

Omar Salah inducted into III NextGen Leadership Program

By NRF Digital Team on Posted in Europe, Financial Restructuring & Insolvency
Omar Salah, partner in our Amsterdam office and professor at Tilburg University, has been induced into Class X of the NextGen Leadership Program of the International Insolvency Institute (III). The NextGen Leadership Program was established in 2012 and recognises the most prominent “rising stars” in the international insolvency area by inviting them to become members… Continue Reading

2021 World Bank & INSOL International’s Legislative & Regulatory Group: COVID-19 response and the challenges ahead

By Scott Atkins (AU) on Posted in Australia, Canada, Europe, Latin America, Singapore, UK, US
This article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group). COVID-19 continues to… Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q3 2021 issue of International Restructuring Newswire

By Howard Seife (US) on Posted in Australia, Canada, Europe, Latin America, UK, US
Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire. In this issue, our team examines the impact of the COVID-19 pandemic on the global restructuring market and the reform of legal framework that governs restructurings in Italy, Hong Kong, mainland China and Australia. Also, we are pleased to announce the appointment of… Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q2 2021 issue of International Restructuring Newswire

By Howard Seife (US) on Posted in Australia, Canada, Europe, Latin America, UK, US
This issue of the International Restructuring Newswire surveys recent developments in no fewer than five countries. In the United States, on the 15th anniversary of the enactment of the Model Law on Cross-Border Insolvency as Chapter 15, we present our annual survey of new case law in the US. These decisions have far-reaching influence in the… Continue Reading

Litigation trends survey

By NRF Digital Team on Posted in Australia, Canada, Europe, Singapore, UK, US
Fieldwork for Norton Rose Fulbright’s sixteenth annual litigation trends survey was conducted in December 2020, providing up-to-date insights on key US disputes trends across a tumultuous year and a look ahead into 2021. View our sixteenth annual litigation trends survey here for insights from 183 corporate counsel on disputes trends, the impact of COVID-19 on… Continue Reading

Scheme update: fees, class composition and forum shopping in Re Codere Finance

By Matthew Thorn (UK) on Posted in Europe, Latin America, UK
Introduction Spanish gaming company Codere proposed an English scheme of arrangement to restructure over €800 million in existing note debt. As a part of the scheme, Codere agreed to pay fees and provide benefits to an ad hoc sub-committee of noteholders that were not available to all noteholders. The High Court held that those fees… Continue Reading

UK Update: Foreign solvent proceedings not recognised in England under the UNCITRAL model law (as enacted)

By Matthew Thorn (UK) and Joseph McHale (UK) on Posted in Europe, UK
Introduction In Carter v Bailey and Hutchinson (as foreign representatives of Sturgeon Central Asia Balanced Fund Ltd) [2020] EWHC 123 (Ch), the English High Court found that a foreign solvent liquidation could not be recognised under the Cross-Border Insolvency Regulations 2006 (CBIR) (which enacted the UNCITRAL Model Law on Cross-Border Insolvency in Great Britain). Accordingly,… Continue Reading

Claims against IPs: the rising tide

By Helen Fairhead (UK) on Posted in Europe
The role of an IP has always been challenging – taking control of a company in crisis, making swift decisions based on limited information and balancing the competing interests of stakeholders; all of this requires sound judgment, often under extreme pressure. It is no surprise that, when things go wrong (or perhaps more accurately when… Continue Reading

Cambridge Gas resuscitated — Farewell Rubin and Singularis?

By John Verrill (UK) on Posted in Europe
Cambridge Gas Resuscitated – Farewell Rubin and Singularis? On September 19, 2018 UNCITRAL published the final text of its new Model Law on Recognition and Enforcement of Insolvency-Related Judgments. The working group considered the arrested development of the concept of modified universalism following the UK Supreme Court (“UKSC”) judgments in Rubin v Eurofinance SA [2013]… Continue Reading

“No Deal Brexit” and cross-border insolvency cases in the EU

By John Verrill (UK) on Posted in Europe
On 13 September 2018 the UK Government published a briefing on the likely response post exit of the UK to cases which currently fall within the Recast EU Insolvency Regulation (2105/848) (“Regulation”) The full text of its proposal for insolvency cases is as follows: Cross-border insolvency cooperation The majority of the Insolvency Regulation, which covers… Continue Reading