Lawyers’ fees related to the Enron Chapter 11 reorganisation are continuing to snowball, sparking fears of dwindling returns to disgruntled creditors The latest tally shows that the cost of the 23 firms acting for Enron and unsecured creditors has now reached $174m (£110.8m). The running total of professional fees on Enron is $237m (£150.9m). Enron’s […]
Insolvency reforms move a step closer with the dawn of the Enterprise Act. Patricia Godfrey reports The Enterprise Bill (the bill) finally became the Enterprise Act (the act) with the grant of royal assent on 7 November. This article concentrates on the principal insolvency reforms, highlighting a series of last-minute amendments. It is anticipated that […]
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
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 While the Premiership continues to prosper, the fates of many of the 72 Nationwide Football League clubs still hang in the balance. The single biggest cause of […]
There appear to be mixed feelings about the radical changes currently being introduced to the UK insolvency laws The changes are aimed in some respects at laying down clearer guidelines to those involved with insolvency work, and in other respects changing the focus of the purpose of certain procedures to allow a fairer system to […]
Unlicensed debt advisers and conflicting regulatory bodies are still holding reform at bay, says John Verrill In 1986 the Government created by statute a new profession, that of the licensed insolvency practitioner. The key driver behind the move to license insolvency professionals was a cleaning up of the profession. The Government hoped to exclude those […]
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 deal is the first cross-border acquisition of a telecoms business by a Chinese state-owned company. Shearman won the instruction after participating in a […]
Julia Salt and Ben Conway give the lowdown on methods of commercial aviation funding Aviation finance is the generic term used for activities relating to the business of providing funding for participants in the commercial aviation arena. This funding can be supplied through a variety of structures, all with the aim of providing financing solutions […]
The doyen of corporate restructuring is now at Nomura. Dearbail Jordan talks to Richard Gitlin about Maxwell, the IMF and being big in Japan Culture is an important issue for Richard Gitlin. The former Bingham McCutchen partner quietly glides into the office within the rabbit warren that is Nomura’s London branch and perches on the […]
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 […]
Robin Tutty has left Fox Williams, where he was a partner, to become joint head of insolvency at Nicholson Graham & Jones. A non-contentious insolvency specialist, Tutty will oversee the Nicholsons practice in conjunction with contentious expert Tony Griffiths.Nicholsons managing partner Michael Johns said that the appointment was the result of a concerted effort to […]
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. `Bon will complement Bevan Ashford’s existing insolvency practice led at the Exeter office by Louise Wilkinson. Insolvency assistant Claire Cole is also moving from Laytons to Bevan Ashford.`Bon’s practice is […]