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September 15, 2025 19 mins

Phoebe Appenteng and Katie McMahon open with the landmark Aggregate case (02:18), where a German court ruling has cast doubt on London’s position as Europe’s restructuring capital. What began as a standard Part 26A restructuring plan has turned into a jurisdictional battle that could reshape cross-border insolvency. A Berlin-based developer’s billion-dollar debt restructuring faces challenge from German creditor KVH, with Frankfurt courts preliminarily ruling against UK jurisdiction. Phoebe and Katie unpack the Rule in Gibbs, Brexit implications, and whether this signals the end of London’s 135-year dominance.

From there (07:19), the conversation shifts to Prax, the UK energy group that collapsed spectacularly with just £203 in its accounts. Once hailed as one of the country’s fastest-growing companies, the oil refinery operator’s sudden insolvency reveals £1.5 billion in intercompany loans, a frozen £783 million HSBC securitization facility, and owners who fled to Dubai under a £150 million asset freeze. They examine the political fallout as Energy Secretary Ed Miliband faces questions about government oversight.

The episode closes with an autumn check-in (14:30), where Phoebe and Katie swap seasonal routines, nostalgic YouTube algorithms, and personal reading goals. From McKinsey consultant sagas to Bloomberg’s Paper Soldiers and Saudi oil exposés, the exchange highlights the balance between professional insight and guilty-pleasure entertainment as markets heat up post-summer.

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Hosted by: Phoebe Appenteng & Katie McMahon Produced and Edited by: Tanya Hubbard A Production of The Octus Podcast Network

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