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February 08, 2024
Cadwalader partner Bevis Metcalfe spoke with Bloomberg Law about the longstanding practice of European businesses to go “forum shopping” when seeking to restructure, with the UK court system traditionally viewed as a desirable destination. However, a series of high-profile cases, including a recent ruling against Germany’s Adler Group SA, is leading to scrutiny of this practice and is challenging assumptions about the speed of getting things done.
The Adler case “is the first restructuring plan that has gone to the Court of Appeal, and it lays down some guardrails for other cases going forward,” said Bevis. Previously “it was difficult to avoid a conclusion that, if you got a majority of creditors together with the company, you could do whatever you wanted in the English courts.”
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