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Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an affirmative obligation under section 362(a)(3) of the Bankruptcy Code to return that property to the debtor immediately following the filing of the bankruptcy petition.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Australia: New Small Business Insolvency Reforms - How Statutory Demands will change from 1 January 2021

 

In brief

The new small business insolvency reforms enacted by the Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (Cth) (Corporations Amendment Act) - which inserts a new Part 5.3B into the Corporations Act 2001 (Cth) (Corporations Act) - are due to come into effect on 1 January 2021.

Australia, Capital Markets, Insolvency & Restructuring, Baker McKenzie, Coronavirus
Updated: New "debtor in possession" corporate insolvency regime to commence from 1 January 2021

 

We update our earlier client alert with a version including additional details that are available.

In brief

On 24 September 2020, the Treasurer announced that the Australian Government would introduce new legislation to give effect to:

Australia, Capital Markets, Insolvency & Restructuring, Baker McKenzie, Coronavirus