Europe: Insolvency/Bankruptcy/Re-Structuring

Private credit providers taking control of distressed borrowers face unique challenges in designing effective management incentive plans. Unlike traditional private equity structures, post-restructuring scenarios require innovative combinations of equity and cash-based incentives to align management interests with lender objectives while navigating significant debt obligations and steep return hurdles.

El Tribunal Supremo español ha emitido una sentencia que establece criterios sobre el tratamiento de créditos privilegiados especiales en procedimientos concursales cuando no pueden satisfacerse completamente con la realización del bien afecto. La decisión determina cómo debe aplicarse la quita acordada en convenio a la porción no satisfecha de estos créditos una vez clasificados como ordinarios.

Steven Geerlings shares insights from his extensive international career in asset-based lending, spanning work across the UK, Netherlands, Belgium, and Germany. Drawing on experience managing multi-billion euro transactions for Deutsche Bank and navigating complex cross-border finance structures, he explores the operational and legal challenges that arise when lending against assets across multiple European jurisdictions. The discussion reveals how evolving regulations and practical expertise are reshaping

Winning a judgment against an individual is only half the battle—converting that legal victory into actual recovery requires understanding where wealth truly sits and how it can be accessed. From property holdings and offshore structures to bankruptcy proceedings and asset preservation, successful enforcement demands strategic thinking that goes far beyond the courtroom judgment.

Frasers Group's acquisition of Harvey Nichols for £43.3 million has sparked controversy as creditors face significant losses, while Victoria Beckham's fashion empire achieves its first-ever profit after years of financial struggle. Meanwhile, China's luxury market shows signs of weakening recovery amid tax pressures and economic uncertainty, raising questions about the future of global luxury growth.

Private capital is reshaping real estate financing beyond traditional senior debt, with operational real estate at the center of this transformation. As interest rates remain elevated and traditional lenders retreat, alternative capital providers are filling the funding gap with flexible structures and creative solutions. The shift requires lenders to underwrite not just buildings, but the businesses that operate within them, fundamentally changing how distress is managed and value is realized.