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Singapore unveils major debt restructuring law reforms

Singapore’s Ministry of Law has unveiled significant proposed changes aimed at revising Singapore’s restructuring and insolvency laws and developing Singapore into a regional debt restructuring hub.1

IN BRIEF

Draft legislation unveiled

Singapore, Insolvency & Restructuring, Herbert Smith Freehills LLP, Debt restructuring
Recognition of foreign insolvencies at common law: Singapore sets COMI precedent

In Brief

For the first time, a court has adopted the ‘centre of main interest’ (COMI) as grounds at common law to recognise foreign insolvency proceedings.

The decision earlier this year by the High Court of Singapore (the Court) recognised a Japanese bankruptcy trustee appointed to companies incorporated in the British Virgin Islands (BVI):

Singapore, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Herbert Smith Freehills LLP, Liquidation, Common law, UNCITRAL, Singapore High Court
Australia's Insolvency and Bankruptcy Law Reform: ipso facto clauses

Major insolvency reform: Getting the (ipso) factos straight

In brief

Australia, USA, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy
Australia's Insolvency and Bankruptcy Law Reform: Safe harbour

In brief

Australia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy
Australian Government forges ahead with major insolvency law reform

On 29 April 2016, the Australian Federal Government (Government) announced three major insolvency law reform proposals in its Improving Bankruptcy and Insolvency Laws Proposal Paper1 (Proposal). The Government has invited submissions from stakeholders and given this is a rare opportunity to undertake substantial reform, we strongly encourage involvement. 

Australia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Stakeholder (corporate)
Second Circuit Slams the Door Shut on a Loophole in Section 546(e) of the Bankruptcy Code

In a unanimous decision arising out of the Tribune Media Company bankruptcy cases, a panel of the Second Circuit held that the safe harbor under section 546(e) of the Bankruptcy Code, which precludes avoidance of certain transfers by a

USA, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP, Federal preemption, Bankruptcy, Debtor, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Second Circuit
ABI chapter 11 Reform Commission series: shallow harbors? An in-depth look at the proposed changes to the safe harbor provisions

In section IV.E of its report and recommendations of reforms to chapter 11 of the Bankruptcy Code, the American Bankruptcy Institute Commission to Study the Reform of Chapter 11 (the “Commission”) considered changes to the Bankruptcy Code’s “safe harbor” provisions.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor
Brazilian reorganization plan: fundamentally fair or wholesale trampling of creditors’ rights?

The United States Bankruptcy Court for the Southern District of New York was recently presented in In re Rede Energia, S.A.with the question of whether a confirmed Brazilian reorganization plan for Rede Energia, S.A. should be enforced in the United States.

Brazil, USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Title 11 of the US Code, United States bankruptcy court
Unfinished business: and the winner is . . .

In a unanimous decision, the New York Court of Appeals stuck a dagger through the heart of bankruptcy estates of failed law firms as it declared that profits earned on matters that former partners of the failed firm take with them to their new employers are not property of the former firm.  Those profits belong to the new firm that provides the legal services.

USA, Insolvency & Restructuring, Legal Practice, Litigation, Weil Gotshal & Manges LLP