News & Analysis as of

Insolvency

Warning: Ipso Facto Ahead

by DLA Piper on

The new ipso facto amendments* will apply to all contracts entered into after 1 July 2018 and will place a stay on the enforcement of ipso facto clauses where a counterparty enters voluntary administration, receivership or a...more

Consultation Process on Ipso Facto Insolvency Regulations Begins

by K&L Gates LLP on

In September 2017, the Australian government introduced the most significant reforms to Australia's insolvency regime for the past 30 years with the enactment of the Treasury Laws Amendment (2017 Enterprise Incentives No. 2)...more

Chapter 15 Update: U.S. Venue Selection Clause Does Not Trump Distribution Scheme in Italian Restructuring Plan

by Jones Day on

In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under chapter 15 of the Bankruptcy Code, the court must consider, consistent with...more

Alabama Adopts the Uniform Voidable Transactions Act

by Balch & Bingham LLP on

In the 2018 session, the Alabama Legislature adopted its version of the Uniform Voidable Transactions Act (the “VTA”) promulgated by the National Conference of Commissioners on Uniform State Laws (the “Commission”). Alabama...more

Transaction Highlights: Frigoglass Restructuring

by Shearman & Sterling LLP on

Shearman & Sterling advised the Frigoglass Group on its successful capital restructuring (the “Restructuring”), which included the use of an English scheme of arrangement....more

High Court Decision in Norske Skog: Puh! (Norwegian for Phew!)

by Latham & Watkins LLP on

Ruling confirms majority noteholder should not be disenfranchised from voting - The English High Court held that it had jurisdiction in a cross-border dispute involving the Norske Skog group (Norske Skog), and confirmed...more

Victorian Court of Appeal in Façade Treatment Case was "Plainly Wrong"

by K&L Gates LLP on

What you need to know in light of Seymour Whyte - Constructions Pty Ltd v Ostwald Bros Pty Ltd (in liq) The NSW Supreme Court recently handed down its decision in the matter of Seymour Whyte Constructions Pty Ltd v...more

U.K. Government Publishes Guidance on Corporate Governance in Insolvency

by Bryan Cave on

Following a number of corporate governance failures in situations of insolvency, the Government has published a consultation paper (located here) aimed at cracking down on directors and employers behaving irresponsibly. ...more

Taking the easy way out of business rescue proceedings

by Hogan Lovells on

It’s an open secret that the commendable goals envisaged by the legislature with the introduction of the business rescue proceedings in Chapter 6 of our Companies Act are being hampered as a result of poorly drafted statutory...more

Comparative analysis of the provisions of Federal Law No. 214-FZ in light of recent amendments

by Dentons on

The adoption of Federal Law No. 218-FZ on the Public Law Company for the Protection of Rights of Individuals Who are Shared Construction Participants in the Event of Insolvency (Bankruptcy) of Developers and on Amendments to...more

Winding-up Petition v Arbitration Clause: Hong Kong Court Dismisses Winding-up Petition in Favor of Arbitration Clause

by Hogan Lovells on

On 2 March 2018, the Hong Kong Court of First Instance (“CFI“) issued a notable decision which signifies a development of Hong Kong law in the contexts of insolvency and arbitration. ...more

Accountancy Forum Newsletter - March 2018

by Reed Smith on

In this edition, we look at the new corporate criminal offences for failure to prevent the facilitation of tax evasion, recent court decisions and hot topics in the industry, such as the inquiry into the Paradise Papers....more

From Across the Pond: The BHS Saga Continues – Can a Company Voluntary Arrangement (CVA) Ever Permanently Vary the Terms of a...

by Bryan Cave on

In Wright (and another) (as joint liquidators of SHB Realisations Ltd (formerly BHS Ltd) (in liquidation)) v Prudential Assurance Company Ltd, the court held that, when the BHS CVA terminated, the landlord was entitled to...more

Recovering Rent After A CVA

by Reed Smith on

A new wave of CVAs? A company voluntary arrangement (CVA) is, provided the voting thresholds are met, a binding agreement made between a company and its creditors, designed to compromise a company’s obligations to its...more

Court Decision Reviews Key Concepts Concerning Executory Contracts

This post reviews some concepts concerning executory contracts. The ground covered will be familiar to insolvency experts and should be insightful for readers who don’t specialize in U.S. bankruptcy law. The springboard...more

ASX Releases Continuous Disclosure Guidance on the Insolvent Trading Safe Harbour

by Jones Day on

On 9 March 2018, an updated version of the Australian Securities Exchange's ("ASX") Guidance Note 8 came into effect to include guidance on a listed entity's continuous disclosure obligations in the context of the new...more

ASX Guidance on Continuous Disclosure Obligations in Light of the Safe Harbour Reforms

by K&L Gates LLP on

In a previous Legal Insight, we foreshadowed potential guidance from the ASX on the interaction between the new insolvent trading safe harbour laws and the continuous disclosure obligations of a public company. On 9 March...more

Limited recognition of foreign insolvency proceedings in Singapore

by Dentons on

Creditors and anyone seeking recognition of foreign insolvency proceedings in Singapore should consider how the presence of an injunction or an adverse court order may affect the chances of successful recognition....more

Court of Appeal Finds the Missing Linc

by K&L Gates LLP on

On 9 March 2018, in what was a highly anticipated judgment for many liquidators, the Queensland Court of Appeal reversed the controversial first instance Supreme Court decision in the matter of Linc Energy Pty Ltd (In...more

Court Confirms that Priority of Receivers’ Charges is Discretionary

Justice R. Graesser of the Court of Queen’s Bench of Alberta (Court) recently released his decision in Royal Bank of Canada v. Reid-Built Homes Ltd. (Decision), where he held that the Court has the discretion, but not the...more

Retail Industry News: Australia introduces insolvency reforms which limit contract rights to terminate for insolvency

by Dentons on

Under reforms commencing in July 2018, Australia will have new insolvency laws which will limit the exercise of contract rights to terminate for insolvency. Partners David McIntosh and Robyn Chatwood, explain how these...more

German coalition government plans insolvency law reform

by DLA Piper on

On 4 March 2018, Angela Merkel secured her fourth term in power after the Social Democratic party (SPD) agreed to form another “grand coalition” government with the conservative Christian Democratic Union (CDU), ending months...more

BHS Company Voluntary Arrangement – Landlords Win on Penalties

by Hogan Lovells on

The English High Court has decided that collapsed retailer British Home Stores cannot challenge its own company voluntary arrangement as an unenforceable contractual penalty and must repay rental discounts to its landlords...more

Navigating the Insolvency Reforms - Impending Changes to Contractual Termination Rights

by K&L Gates LLP on

Last year the government introduced the most significant reforms to Australia's insolvency regime for over three decades. Among other changes, reforms that will come into effect on 1 July this year (or earlier by...more

Protecting Your Supply Chain in the Face of Potential Auto Industry Challenges in 2018

by Foley & Lardner LLP on

As the economy has improved and unemployment has fallen in the nearly 10 years since the Great Recession, North American vehicle sales volumes have also steadily increased and the forecast remains strong for 2018. Bloomberg...more

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