GRR Volume 2 Issue 6
This edition of GRR magazine looks at some of the biggest cases and developments of 2017.
In our cover feature, we take a look at recent bank resolutions, assessing to what degree they were organised under the rules of Europe’s Bank Resolution and Recovery Directive. We compare the handling of Banco Popular’s sale to Santander under the BRRD, against the Italian government’s bailout of two non-critical banks, Banca Popolare di Vicenza and Veneto Banca and ask, why the EU allowed Italy to use taxpayers’ money in a pair of deals that, paradoxically, faced a lot less criticism than Banco Populare’s?
Following an exclusive interview with its offshore counsel Maples and Calder, we also examine the case of Ocean Rig: an offshore drilling group registered in the Republic of the Marshall Islands and tax resident in Cyprus, which changed centre of main interests to the Cayman Islands to make use of its provisional liquidation regime. We ask what the courts’ sanction of Ocean Rig’s schemes means for Cayman as an offshore restructuring hub, amid a multitude of challenges launched.
Also in this magazine, we look at developments in India since the enactment of its new Insolvency and Bankruptcy Code in May 2016. How can international law firms share a piece of the ever-growing pie of new cases being brought before the National Company Law Tribunal?
Meanwhile, we also interview the president of the Rome Court of Appeal Luciano Panzani, who helped to draft Italy’s new restructuring law, as well as coverage from the inaugural GRR Live Hong Kong.
Finally, partner Enrica Maria Ghia and associate Filippo Bosazzi from Studio Legale Ghia in Milan put a spotlight on the new Rordorf Law in our pre-insolvency column in association with TMA Europe, whilst Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses a recent case between Dutch and Indian companies that he says evidences the “unpredictable” regime in the Netherlands for parties from outside the EU.
In this magazine:
- BRRD: Challenges to Europe’s resolution ambitions
- Ocean Rig – A good sort of forum shopping?
- Interview: Luciano Panzani, Rome Court of Appeal
- Indian Insolvencies: From Blank Slate to Boomtown
- Europe: Crossing insolvency swords between India and the Netherlands
- Pre-Insolvency: Crisis management under Italy’s new Rordorf
- 1st GRR Live Hong Kong roundup
- ABI International Conference roundup: America Now!
- Global Developments
- Community News