Before the US Supreme Court’s landmark decision in Purdue Pharma,1 it had become common practice for Chapter 11 debtors to include a consensual or nonconsensual non-debtor third-party release in their plans of reorganization.
On 3 December 2025, the Official Gazette published Law no. 202/2025 that amends and supplements Law no. 213/2015 on the Insureds Guarantee Fund (FGA) and Law no. 85/2014 on insolvency prevention and insolvency proceedings.
These amendments significantly recalibrate the institutional design, financing toolkit, and cross-border coordination of Romania’s insurance guarantee scheme, with particular emphasis on the handling of motor third party liability (MTPL) insurance claims and alignment with the EU framework introduced by Directive 2021/2118.
Paul, Weiss, Rifkind, Wharton & Garrison LLP European Restructuring – 2025 in Review 5
Aquapoint LP v Fan [2025] UKPC 56
Introduction
In brief
This is the latest in our series of discussions about how clients have used HSF Kramer's Decision Analysis models as part of their strategy for disputes management.
This week, financial disputes specialist Donny Surtani describes its use in a sell-or-hold decision relating to a distressed debt holding:
The Judicial Committee of the Privy Council in CL Financial Ltd (in Liquidation)[1] has provided helpful guidance on applications for approving liquidators’ remuneration.
Key Insights
- The surge of distress and insolvency that occurred in 2024 showed no signs of stopping in 2025.
- Inflation, continued regulatory changes and global uncertainty have contributed to the continued rise in insolvency appointments, especially in the construction and hospitality sectors.
- Key trends included M&A, lenders supporting an operational or balance sheet restructuring, government intervention and increased regulatory scrutiny of private capital.
1. Distress and restructuring trends in 2025
What section 380A means for administrators
We recently achieved a significant milestone by obtaining permission from the Royal Court of Guernsey for Joint Administrators to make a distribution to unsecured creditors during an administration. This marks the first order granted under section 380A of the Companies (Guernsey) Law, 2008.
The University of Georgia, through the University’s athletic association (UGAA), is seeking damages totaling $390,000 against a former football player, Damon Wilson II, after he elected to transfer to Missouri following the 2024 season. The demand stems from a clause in Wilson’s NIL contract that required him to forfeit the balance of his agreement if he transferred to another school.