Tag Archives: reorganization

EACTP debates draft Business Insolvency Directive in Brussels

The European Association of Certified Turnaround Professionals (EACTP) organized an evening of debate about the proposed new European Directive on business insolvency held in Brussels on May 2nd at the offices of Squire Patton Boggs. Salla Saastamoinen, the European Commission Director of the Civil and Commercial Justice Unit, attended the event called A New European … Continue Reading

Taxation of restructuring profits – a new and unexpected obstacle for restructurings in Germany

The question whether restructuring profits are taxable or not has been answered differently in Germany in the past. However, on 7 February 2017, a decision of the Grand Senate of the Federal Fiscal Court (the “FFC Decision”) was published, in which the highest German tax court declared the Restructuring Decree as unlawful. The FFC found that … Continue Reading

Gibraltar Court Recognises Chapter 11 Bankruptcy as a Foreign Main Proceeding

Peabody Energy Corporation is one of the biggest energy companies in the world. Its main business is coal mining and it conducts extensive operations in the United States and in Australia. Peabody had been hit by declining coal prices both for thermal coal and also for metallurgical coal used for steel making, especially due to the declining demand from … Continue Reading

US and English Courts welcome most- but not all- foreign debtors

TMA’s Journal for Corporate Renewal July/August 2016 published an article written by Nava Hazan, Mark Salzberg and Susan Kelly, which discusses how the US Bankruptcy Courts have been open to foreign debtors, as well as the limits to such availability, which was the subject of the recent Baha Mar decision in Delaware. The article further … Continue Reading

Russian Retailers Run into Trouble

There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development Bulletin “Concentration on the Russian Markets: Trends in the Period of Recession” published in December 2015 by the Analytical Centre of the Government of the Russian Federation. … Continue Reading

Singapore – – Becoming the “Delaware” of the Asia Pacific Region?

Delaware has long established itself as a welcoming jurisdiction for various legal purposes. It began as a center for company incorporation by providing a corporate law framework that was flexible and continuously updated for new developments. More recently, Delaware has applied those same principles (plus an expansive view of venue) to become a center for … Continue Reading

Saudi Arabia’s Vision 2030

On April 25, 2016, H.R.H. Deputy Crown Prince Mohamed Bin Salman announced the Kingdom of Saudi Arabia “Vision 2030”, a plan to radically transform the Kingdom’s economy in, what many commentators saw as, a response to budgetary pressures arising from the slump in crude oil prices. Vision 2030 sets out a comprehensive road map to … Continue Reading

Promociones Habitat, S.A. agrees to reschedule its debts

Promociones Habitat SA, the Spanish residential homebuilder, has completed a €1.45 billion restructuring which was the first refinancing of an existing composition agreement to use the provisions in a debt/equity swap within Spain’s new company rescue laws. In 2008 Promociones Habitat SA (Habitat)applied for voluntary bankruptcy with accumulated liabilities of 2,840 million euros. Two years later, … Continue Reading

Russia: Recent Developments in the Bankruptcy of Banks

IBA Insolvency Restructuring International in its Vol 10 No 1, March 2016 published an article by Sergey Treshchev and Elena Malevich, two practitioners in our Moscow office on Russia: Recent Developments in the Bankruptcy of Banks. The article provides a brief outline of the particularities of insolvency proceedings in relation to banks and credit organisations in … Continue Reading

German Administrator of Maple Bank GmbH seeks Chapter 15 Recognition in US

Maple Bank GmbH (“Maple”) has operated in Frankfurt, Germany since 1994. The bank acted in the business areas of equity and fixed income trading, repos and securities lending, deposits, structured products and institutional sales. Maple has branches in Germany, Netherlands and Canada and subsidiaries in U.S., U.K. and the Cayman islands. It is part of the … Continue Reading

‘Safe Harbour’ For Insolvent Trading: Australian Reforms Encourage Business Activity

In December 2015, as part of its National Innovation and Science Agenda, the Federal Government announced a proposal to introduce a ‘safe harbour’ for directors from personal liability for insolvent trading. The proposal seeks to address Australia’s insolvent trading laws, which are significantly stricter than comparable laws in the United Kingdom, Canada and New Zealand. The … Continue Reading

Breaking Up is Hard to Do…

As the next quarterly rental payment fast approaches, some companies – particularly in the retail sector where sales in the run up to Christmas haven’t been what they’d hoped – may be considering exiting an onerous, costly lease. That will involve reviewing the break clauses in the lease and weighing up the costs of exercising … Continue Reading

New Focus on Cross-Border Restructuring of Groups for the Recast EC Regulation on Insolvency Proceedings

Background As things currently stand The aim of the EC Regulation on Insolvency Proceedings (1346/2000) (Regulation) is to improve the efficiency of insolvency proceedings with cross border aspects. It provides, within the European Union (EU), rules for determining: the proper jurisdiction for a debtor’s insolvency proceedings; the applicable law to be used in those proceedings; … Continue Reading

UK Retail – Another Dressing Down?

Is UK Retail still in the doldrums? Christmas is a critical time for most retailers and can be the difference between life and death for many high street stores. With the economy’s recovery in its early stages and purse strings remaining tight, Christmas 2014 was never expected to be all tinsel and mistletoe. Christmas trading … Continue Reading

Reorganization by Foreign Debtors in the US and UK

Nava Hazan and Susan Kelly have written for the October newsletter of the American Bankruptcy Institute’s Business Reorganization committee about how the UK and US have become the two main jurisdictions where debtors outside of such jurisdictions (foreign debtors) have been able to successfully restructure their businesses, due to the flexibility of the UK and … Continue Reading
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