A&O Shearman global insights

Restructuring across borders: Toolkit for Italy

This episode marks the finale of the initial series celebrating the relaunch of A&O Shearman’s acclaimed Toolkit, a free, expert resource covering key practical aspects of restructuring and insolvency in over 50 jurisdictions worldwide. As global markets face increasing complexity, understanding the nuances of insolvency and restructuring frameworks is more crucial than ever. 

In this final episode of Restructuring across borders, Christopher Poel, Senior Knowledge Lawyer at A&O Shearman, as he sits down with Tommaso Paltrinieri and Giulia Longoni to unpack the latest developments in Italian restructuring law.  

Together, they explore the recent amendments to the Italian Crisis and Insolvency Code, the spectrum of in- and out-of-court restructuring tools available to debtors, and the practical implications for companies navigating financial distress.    

What innovative uses of these procedures are emerging in Italy? How do these changes impact cross-border restructurings, and what should international investors and advisors be watching for next?  

Tune in and consider how these legal reforms might shape the future of distressed companies in Italy. What lessons can be drawn for cross-border restructurings elsewhere? 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

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The Fuse Podcast: Asset tokenisation with Morgan Krupetsky and Keerthi Mougdal

The future of finance is the focus of the latest episode of The Fuse Podcast where the spotlight is on one of the most transformative trends in the industry today: asset tokenization.  

This episode unpacks how blockchain and smart contracts are reshaping the way we think about ownership, value, and the very infrastructure of financial markets. From tokenizing stocks and bonds to real estate and even identity credentials, the conversation explores how embedding assets on a blockchain can unlock new levels of transparency, efficiency, and accessibility for businesses and investors alike. 

What are the practical challenges and opportunities for businesses looking to embrace this technology? How are legal and regulatory frameworks evolving to keep pace with innovation? And what does the rise of digital assets mean for the broader financial ecosystem? These questions and more are explored in a dynamic discussion that bridges technical insight with strategic foresight. 

In this episode, Head of Fuse Shruti Ajitsaria is joined by: 

• Morgan Krupetsky – Head of Ecosystem Growth for Institutions at Ava Labs, a core contributor to the Avalanche Protocol 
• Keerthi Mougdal – Head of Product at Onyx Digital Assets, J.P. Morgan’s pioneering blockchain platform for tokenized digital assets 
• Dario DeMartino – Partner and Co-Chair of the Global Fintech and Blockchain Group at A&O Shearman, specializing in cryptocurrency and digital assets 

Whether you’re a finance professional, a tech enthusiast, or simply curious about the next wave of digital transformation, this episode offers invaluable perspectives and practical insights. 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

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Restructuring across borders: Toolkit for Belgium

Belgium's transposition of the EU Directive on Restructuring and Insolvency has introduced a materially reformed toolkit for companies facing financial difficulty. New pre-insolvency procedures are now available that were not previously part of Belgian law, and early deployments are already offering insight into how these tools perform in practice. For creditors and advisers working with Belgian entities, the change is significant. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Bart De Bock, Julien Hislaire, and Esther Maes to examine how Belgium has implemented the EU Directive and what it has added to the Belgian restructuring landscape. The discussion covers the types of pre-insolvency rescue and compromise proceedings now available to Belgian debtors, how they differ from what existed before, and the most instructive recent examples of where companies have used the newly available options to restructure. What are the key conditions for accessing each procedure? How do Belgian courts and creditors approach the confirmation of restructuring plans? And what does the emerging case experience tell us about the practical strengths and limitations of the new framework? 

Restructuring advisers, creditors to Belgian entities, and in-house counsel tracking the implementation of the EU Restructuring Directive across Europe will leave this episode with a practical grounding in how the new Belgian framework operates and where the most significant opportunities and challenges lie. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

Restructuring across borders: Toolkit for Luxembourg

Luxembourg's restructuring landscape changed materially in November 2023 with the introduction of new in-court and out-of-court reorganization proceedings. For the many international companies, fund structures, and holding entities that operate through Luxembourg, and for the creditors that hold Luxembourg law-governed security, understanding exactly how these new procedures work, who they apply to, and what they mean for creditor rights is now a practical necessity. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Bénédicte Kurth and Lena Walin for a detailed examination of the new Luxembourg framework. The discussion covers the scope of the new proceedings and who falls within their reach, how the in-court and out-of-court routes differ in terms of process and outcome, and the specific implications for creditors to Luxembourg-incorporated entities or holding Luxembourg law-governed security. What conditions must be satisfied for a debtor to access each procedure? How do the new tools compare with the pre-existing Luxembourg insolvency framework? And what should creditors be doing now to understand their position in any restructuring involving a Luxembourg entity? 

International restructuring practitioners, distressed debt investors, and advisers to fund structures and holding companies with Luxembourg exposure will leave this episode with a clear and current understanding of how Luxembourg's new reorganization tools operate and the creditor-side implications they carry. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com.

Restructuring across borders: Toolkit for Netherlands

The Netherlands' Wet Homologatie Onderhands Akkoord, known as the WHOA, has rapidly established itself as one of Europe's most significant additions to the restructuring toolkit. A debtor-in-possession, court-confirmed procedure, it enables struggling businesses to restructure their debts outside of formal insolvency proceedings while retaining the ability to bind dissenting creditors where the court approves the plan. Since its introduction, it has attracted both domestic and cross-border use. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Geza Orban and Gijs Kerstjens from A&O Shearman's Amsterdam Restructuring team. The discussion examines how the WHOA operates in practice, how it compares with other pre-insolvency tools available in the Netherlands, and the key areas of focus and challenge that have emerged from its deployment in recent restructurings. What conditions must be met for a debtor to access the WHOA? How have Dutch courts approached the confirmation of contested plans? And what recent developments are most relevant for creditors with Dutch law-governed exposures or counterparties? 

Cross-border restructuring advisers, distressed debt investors, and creditors with Dutch exposures will leave this episode with a practical understanding of how the WHOA works, where it has been tested, and what its expanding track record tells us about its strategic value. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

The Fuse Podcast: Stablecoins – The future of payments? with Nick Philpott and Iain Monk

As blockchain technology continues to disrupt traditional finance, stablecoins are emerging as a powerful tool for corporates and institutions seeking faster, safer, and more cost-effective cross-border transactions. But what makes stablecoins so compelling—and what challenges lie ahead? 

In this episode of The Fuse Podcast, we dive into the transformative potential of stablecoins in reshaping the global payments ecosystem.

Head of Fuse Shruti Ajitsaria welcomes leading voices in digital finance:  

• Nick Philpott, Co-Founder and Head of Partnerships at Zodia Markets, a bank-backed crypto asset exchange offering institutional-grade access to stablecoins 
• Iain Monk, Digital Asset Strategy Lead at ClearBank, the UK’s first new full-service clearing bank in over 250 years.  
• Nick Bradbury, Partner in A&O Shearman’s Financial Services Regulatory team 

Together, they explore how stablecoins are enabling programmability, liquidity control, and settlement efficiency for UK corporates—and what regulatory frameworks are needed to support their growth. 

Tune in to hear expert perspectives on the opportunities and risks of stablecoins, and how they could redefine the way value is stored and exchanged in financial markets. 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

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Restructuring across borders: Toolkit for Spain

Spain's restructuring framework has undergone significant reform, and the new tools now available to Spanish debtors are already being deployed in high-profile cases. The introduction of the new restructuring plan and pre-pack procedures gives companies in financial distress considerably more flexibility in how they approach creditors and structure a path to recovery. But with new tools come new strategic and legal questions — and understanding what these procedures can and cannot deliver is essential for anyone advising in or investing in the Spanish market. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Lara Ruiz, Teresa Hermosilla, and Oscar Guinea from A&O Shearman's Madrid Restructuring team. Their discussion examines the new Spanish restructuring plan and pre-pack procedures in detail, covering the key benefits each tool offers, the challenges and limitations practitioners have encountered in early deployments, and the lessons emerging from the most significant recent uses of these procedures in the Spanish market. How do the new tools interact with Spain's existing insolvency framework? What are the conditions for accessing each procedure, and where are the most significant practical obstacles? And what do the early high-profile cases tell us about how courts and creditors are responding to the new framework? 

Restructuring advisers, distressed debt investors, and in-house counsel with Spanish exposures will leave this episode with a current and practical view of Spain's reformed restructuring toolkit and how it is performing under market conditions. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

Restructuring across borders: Toolkit for Germany

Germany's Act on the Stabilization and Restructuring Framework for Businesses, universally referred to as the StaRUG, represented a significant shift when it came into force. It gave German companies a pre-insolvency restructuring tool with real teeth — the ability to bind dissenting creditors to a court-confirmed plan without triggering formal insolvency proceedings. In the years since, it has been tested in some of Germany's most high-profile restructurings, and its practical limitations and advantages are now considerably better understood. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Philipp Zehlicke from A&O Shearman's Frankfurt Restructuring team. The conversation examines what the StaRUG introduced, how it has changed the strategic calculus for German restructurings, and what the most significant real-world deployments of the procedure reveal about its strengths and the boundaries of its application. Which types of restructuring has the StaRUG proven most effective for? Where has it encountered friction, and how have courts responded? And what should international creditors and investors understand about the StaRUG's interaction with cross-border insolvency frameworks? 

Restructuring lawyers, distressed investors, and advisers working with German corporate debtors will leave this episode with a current and practically grounded view of how Germany's restructuring framework has evolved and where the StaRUG fits within it. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com. 

The Fuse Podcast: Navigating geolegal risk with Sean West and Andy Bird

In a world where geopolitical tensions, rapid technological innovation, and evolving legal frameworks collide, how can business leaders and general counsel stay ahead of the curve?  

In this thought-provoking episode of The Fuse Podcast, we unpack the emerging concept of geolegal risk—a powerful lens through which to understand the complex, interconnected challenges facing global organizations today. 

From the rise of AI and digital infrastructure to the shifting sands of international regulation and political instability, this episode offers a timely and practical guide for navigating uncertainty. What does it take to lead in this environment? How can legal tech empower decision-makers? And what lessons can be drawn from those who’ve led through disruption? 

Our expert guests bring deep insight borne of their real-world experience: 

• Sean West, Co-founder of Hence Technologies, shares how legal technology is transforming the way organizations interpret and respond to global events. 

• Andy Bird, former CEO of Pearson and previously President and Chairman of Walt Disney International, reflects on his leadership journey through geopolitical and technological upheaval and offers practical, strategic advice. 

Whether you're a general counsel, risk officer, or business leader, this episode will challenge your thinking and equip you with new tools to anticipate and manage the risks of tomorrow. 

The Fuse Podcast brings together industry leaders, technologists, and legal experts to explore the intersection of emerging technologies and law. Each episode offers practical insights into how innovation is reshaping business models, regulatory frameworks, and operational strategies. Designed for decision-makers navigating digital transformation, this series delivers forward-looking conversations that decode complex trends and spotlight actionable opportunities as technology drives the future of law. 

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Restructuring across borders: Toolkit for England and Wales

England and Wales remains one of the world's most sophisticated and frequently used restructuring jurisdictions. Its toolkit, anchored by the scheme of arrangement and the more recently introduced restructuring plan, gives debtors and creditors significant flexibility. But that flexibility comes with complexity, and the courts are increasingly called upon to resolve disputes over valuation evidence, class treatment, and whether a company's approach to different creditor groups is genuinely fair. 

Christopher Poel, senior knowledge lawyer at A&O Shearman, is joined by Philip Wells and Akshita Pandit from A&O Shearman's London Restructuring team. The discussion opens the Restructuring Across Borders series by mapping the English restructuring landscape and examining what distinguishes the scheme of arrangement from the restructuring plan in terms of their structure, requirements, and strategic utility. What are the key procedural and substantive differences between the two tools? Where are the courts currently drawing lines on disputed valuation evidence? And how are recent decisions shaping the way companies approach the treatment of different classes of creditors? 

Restructuring practitioners, distressed investors, and in-house counsel working on or monitoring English restructuring proceedings will leave this episode with a current view of the English toolkit and the areas of developing judicial focus that most affect how these processes are run. 

Restructuring Across Borders maps the restructuring and insolvency landscape across more than 50 jurisdictions worldwide, drawing on the expertise of A&O Shearman's global restructuring group and its partner law firms. Each episode examines the pre-insolvency tools, court-supervised procedures, and emerging developments in a specific jurisdiction, with a focus on the practical implications for debtors, creditors, and cross-border advisers. The series accompanies A&O Shearman's Restructuring Across Borders Toolkit, a free reference resource available at aoshearman.com.