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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
Australia: Recognition of the Thai Airways business reorganisation proceeding in Australia under the Model Law

 

In brief

Baker McKenzie recently acted for the Foreign Representatives of Thai Airways International Public Company (Thai Airways), in successfully obtaining orders recognising the business organisation proceeding commenced by Thai Airways in Thailand as a foreign main proceeding pursuant to article 17 of the UNCITRAL Model Law on Cross‑Border Insolvency (the Model Law) which is incorporated into Australian law by the Cross‑Border Insolvency Act 2008 (Cth) (the Act).

Australia, Insolvency & Restructuring, Litigation, Baker McKenzie
Marblegate: what does it mean for European restructurings?

In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.

European Union, USA, Capital Markets, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Consideration, Second Circuit