Committee Articles

One Step Toward Chapter 11: Australian Safe Harbour Reform

The new safe harbour from insolvent trading is the most significant change to corporate insolvency law in Australia since the introduction of voluntary administration in 1993. Before the reform was enacted, directors of insolvent companies were effectively mandated to appoint a voluntary administrator. The new safe harbour encourages directors to attempt an informal turnaround upon insolvency rather than immediately appointing a voluntary administrator or liquidator.

 

Urbancorp: The Promised Land (of Insolvency)?

The collapse of the Urbancorp group of companies has provided an opportunity for an unusual interplay of bankruptcy proceedings between Canada and Israel. The courts in both countries have had to address issues and demonstrate significant judicial cooperation between two countries with vastly different legal systems. This article provides a brief background around the companies and touches on three of the orders that are of interest to practitioners from an international perspective.

Transnational Insolvency in Brazil

The Brazilian Bankruptcy Law — enacted in February 2005 — has not adopted the UNCITRAL Model Law regarding transnational insolvency. In fact, Brazilian law is laconic in this regard and only says that the court of the place where the debtor has its main establishment or where the branch of a foreign company is located is the competent court to grant judicial reorganization or to declare the debtor bankrupt (art. 3º).

Recent Developments in Practice: New York, Delaware and Singapore

Weeks before Hanjin Shipping sought protection from its creditors in Korea, I got an unexpected call: “Tally, I think one of the world’s largest shipping companies is going to file for bankruptcy in Korea and seek chapter 15 protection in New York, are you up for being my local counsel?” This was in early August 2016, and my life has not been the same since.

Does Seeking Discovery on Parties in Foreign Countries Under Bank...

This article addresses foreign discovery pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) and the application of the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters (the “Hague Convention” or the “Convention”) to such discovery. It concludes that discovery under the Hague Convention, including Bankruptcy Rule 2004 discovery, may end up being a drawn-out and difficult process.