MoFo Restructuring Round-Up

February 15, 2023 - UK Updates and Analysis
High Court Rules that ISDA Bankruptcy-Related Events of Default Can Be Cured in Lehman Case
By: Clara Wong, Vladimir Maly, Polly Ehrman, Sam Riley and Howard Morris
In Grant & Ors v FR Acquisitions Corporation (Europe) Ltd & Anor (Re Lehman Brothers International (Europe)) [2022] EWHC 2532 (Ch), the English High Court ruled on an application for directions (the “ Application ”) made by the administrators (the “ Administrators ”) of
... ›
February 08, 2023 - UK Updates and Analysis
London BRIG Update
By: Howard Morris and Amrit Khosa
In the following blog post, the London BRIG team look back at the restructuring trends that helped shape the market in 2022, review the outlook for the upcoming year and introduce MoFo’s recent hires who expand the team's BRIG and related capabilities. Understanding and
... ›
August 03, 2022 - UK Updates and Analysis
The National Security and Investment Act 2021: The UK Government Updates the Consequences of the Appointment of Liquidators and Receivers
By: Howard Morris
For background on the Act and the National Security and Investment (NSI) regime, please see our November 2020 Client Alert , August 2021 Client Alert , and April 2022 Client Alert. On 19 July 2022, the UK government’s Department for Business, Energy & Industrial
... ›
July 28, 2022 - UK Updates and Analysis
Substance over Form: How the Rule in Gibbs lives on
By: Howard Morris
Is the rule in Gibbs justifiable in the context of modern international insolvency laws or is England clinging to an outdated rule simply to keep restructurings here? The rule stems from an 1890 Court of Appeal Case, which holds that only English courts can
... ›
July 27, 2022 - UK Updates and Analysis
Will Creditors Amend and Extend or Enforce With(out) Remorse?
By: Howard Morris
There has been a series of warnings of an upcoming financial downturn; just too many strains on and impediments to the domestic and global economy, with inflation galloping and interest rates following, it seems – as the markets certainly believe – a downturn is
... ›
April 28, 2022 - UK Updates and Analysis
The Curious Case of VTB Bank’s UK Administration
By: Howard Morris
On 6 April 2022, the English High Court made an administrative order in respect of the UK arm (VTB Capital) of Russia’s second largest bank, VTB Bank. VTB Capital is a designated entity under the UK sanctions regime, which has led to extensive asset
... ›
April 28, 2022 - UK Updates and Analysis
The Insolvency Practitioner’s Playbook: Making Sense of the UK Sanctions Regime
By: Howard Morris
As Russia’s invasion of Ukraine continues, governments around the world are coordinating and responding with increasingly severe sanctions and export controls on Russian entities, institutions, and individuals. Insolvency practitioners first wonder whether sanctioned entities, or entities connected to sanctioned individuals, can enter into an
... ›
April 08, 2022 - UK Updates and Analysis
The National Security Investment Act 2021 and its Implications for Distressed Investments and Restructuring
By: Howard Morris
This article explores transactions by buyers, lenders, security agents, and insolvency practitioners that may trigger the application of the UK’s new investment screening regime. Download the below infographic
... ›
April 07, 2022 - UK Updates and Analysis
Five Tips for Investor Directors in the Zone of Insolvency
By: Amrit Khosa
Here are our top tips for investor appointed directors to help them navigate the complexities that arise when portfolio companies are in financial distress and investor interests diverge. View the full client alert.
... ›
March 29, 2022 - UK Updates and Analysis
Smile Telecoms’ restructuring plans considered at UK High Court hearing: questions of valuation and exclusion of out-of-the-money creditors
By: Howard Morris
On 10 March 2022, the UK High Court held the adjourned sanction hearing regarding Smile Telecoms Holdings Limited’s (“Smile”) second proposed restructuring plan. Despite Smile Telecoms’ first restructuring plan being sanctioned by the UK High Court back in March 2021, the African telecommunications company
... ›