Once a pioneer of Indian aviation, Jet Airways (India) (Jet Airways) completely ceased its flight operations on 17 April 2019, attracting international concern. Legal hardship started for the debt-laden airline on 21 May 2019 when the Dutch Noord-Holland District Court placed the company, which had an establishment at Amsterdam Schiphol airport and its corporate seat in Mumbai, into bankruptcy (faillissement).… Read More »2020-07-doc1 Jet Airways Insolvency Protocol
In Global Restructuring Review (GRR) I have a regular column. Its publisher has recently launched GBRR, the Global Banking Regulation Review, which evidently focuses on the financial industry. It is possible to sign up to receive GBRR’s free email briefing and get access to Global Banking Regulation Review’s latest content during its initial launch period. Recent examples of its content… Read More »2020-05-doc1 Newsletter for de banking sector, GBRR
In June 2019, INSOL International released under the banner “Towards 2021” its Ethical Principles for Insolvency Professionals. These principles are the result of work carried out by a working group of a forward-looking task force chaired and they are intended to serve as general guidance on a set of common issues affecting insolvency professionals. Members of INSOL International are actively… Read More »2019-11-doc5 Insolvency and ethics
In this contribution, Leiden PhD researcher Ilya Kokorin and I, seek to revisit the Zetta Jet case, as was decided on 4 March 2019 by the High Court of Singapore (Justice Aedit Abdullah) (Re: Zetta Jet Ptd and others (Asia Aviation Holding Pte Ltd, intervener)  SGHC 53 (Zetta Jet)). We highlight what we see as its major significance, namely… Read More »2019-05-doc4 Singapore Zetta Jet case: COMI as an elastic ball
Since 2016, Brazilian telecom group Oi’s restructuring has led to several court proceedings in the Netherlands. The District Court in Amsterdam decided one issue in March 2018, in a conflict between Cayman Islands-incorporated Capricon Capital (Capricorn) and two Dutch financial vehicles, Portugal Telecom International Finance (PTIF) and Oi Brasil Holdings Co-operative (Finco) – both part of the Oi group and… Read More »2019-03-doc2 No-action clause in Brazil Oi case
In legal theory, the regulation of cross-border insolvency is dealt with from two different angles. Under the universalist approach, cross-border insolvencies are administered pursuant to a single global insolvency regime. All of the debtor’s assets are distributed by a single insolvency office holder, regardless where the assets or claimants are located. The ideal of universalism is one court, one law… Read More »2019-01-doc3 Modified universalism in European cross-border insolvency?
Interview published in Global Restructuring Review (globalrestructuringreview.com) published on its blog on 24 August 2017 on the theme: Who’s in charge of Annex A? GRR editor Kyriaki Karadelis: Just a few weeks after the entry into force of the recast European Insolvency Regulation, the European Commission is inviting comments on a legislative proposal to change its Annex A – a… Read More »2017-09-doc5 On Annex A of the Insolvency Regulation
Under the new Insolvency Regulation Member States will be required to publish relevant information on cross-border insolvency cases in a publicly accessible electronic register. The aim is to improve in the EU the provision of information to relevant creditors and courts, and to prevent the opening of parallel insolvency proceedings. Furthermore, in order to facilitate access to that information for… Read More »2017-05-doc4 Insolvency registers in the EU
In November 2016 a proposal for a Restructuring Directive was published two weeks ago. Officially it has a much longer titel: ‘Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU’ (‘Restructuring Directive’). For a short… Read More »2017-03-doc7 What’s a Pifor?
With great sadness I inform about the death of Stephen Adamson CBE. He is an insolvency veteran from England, but with global experience. See below, his obituary from Global Restructuring Review of 10 January 2017. I learned he died in October last year. In the 90s I was a young partner of Ernst & Young (EY now) and I remember… Read More »2017-01-doc5 Passing of Stephen Adamson