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Sending disclaimer to the sawmill: A liquidator’s power to disclaim land subject to environmental liabilities following the Australian Sawmilling case

In The Australian Sawmilling Company Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 (Australian Sawmilling), the Victorian Supreme Court of Appeal (VSCA) dismissed an appeal by the liquidators of The Australian Sawmilling Company Pty Ltd (TASCO) against a decision of Garde J of the Victorian Supreme Court (VSC) setting aside the liquidators’ disclaimer of land subject to significant environmental ‘clean up’ costs (Primary Judgment).

Australia, Victoria, Capital Markets, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Australian Securities and Investments Commission, Corporations Act 2001 (Australia), Environment Protection Act 2017 (Victoria) (Australia)
COMI as first port of call? Harris J lays out a modified common law framework for recognising foreign insolvency proceedings in Hong Kong

Historically, the Hong Kong courts have generally recognised foreign insolvency proceedings commenced in the jurisdiction in which the company is incorporated. This may no longer be the case in Hong Kong following the recent decision of Provisional Liquidator of Global Brands Group Holding Ltd v Computershare Hong Kong Trustees Ltd [2022] HKCFI 1789 (Global Brands).

Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus, UNCITRAL, Hong Kong Stock Exchange
Bankruptcy 101: Ipso Facto Clauses

The Bankruptcy Protector

Bankruptcy Basics for New and Non-Bankruptcy Attorneys

This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for non-bankruptcy practitioners and professionals. This entry will discuss how ipso facto clauses are treated in bankruptcy.

Imagine you are the vendor to an entity that has just filed for protection under chapter 11 of the Bankruptcy Code. Your contract documents include the following default provision:

USA, Insolvency & Restructuring, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
Can a Chapter 15 order discharge US law governed debt for the purposes of the rule in Gibbs? The Rare Earth decision and beyond

On 6 June 2022, Mr Justice Harris sanctioned a Hong Kong scheme of arrangement for Rare Earth Magnesium Technology Group (the Company) in re Rare Earth Magnesium Technology Limited [2022] HKFCI 1686 (Rare Earth).

Hong Kong, USA, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
Bankruptcy 101: Lease Assumption, Assignment, and Rejection

The Bankruptcy Protector

Bankruptcy Basics for New and Non-Bankruptcy Attorneys

This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for non-bankruptcy practitioners and professionals. This entry will discuss lease rejection in chapter 11 bankruptcy cases.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, CARES Act 2020 (USA)
Dousing the phoenix - an initial decision on Australia’s creditor defeating dispositions regime

The first case has been decided under Australia’s statutory powers to set aside “creditor defeating dispositions”.

Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Australian Securities and Investments Commission, Corporations Act 2001 (Australia), Treasury Laws Amendment (Combatting Illegal Phoenixing) Act 2020 (Australia), Victoria Supreme Court
Bankruptcy Battle for InfoWars

The Bankruptcy Protector

How A Subchapter V Case Filed by Controversial Alex Jones Could Shape the Scope of Subchapter V Cases

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
Nobody expects the inquisition: High Court of Australia opens the door to extraordinary public examination powers to potential class action plaintiffs and beyond

In its recent decision in Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (in liquidation) [2022] HCA 3 (Walton), the High Court of Australia held, in a split decision, that the mandatory public examination power contained in section 596A of the Corporations Act 2001 (Cth) (the Act) could be used by eligible applicants to examine directors and other officers of a company in external administration, including senior management, external administrators and trustees, about the company’s affairs for the broad purposes of enforcing and promoting comp

Australia, Capital Markets, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, Australian Securities Exchange, Australian Securities and Investments Commission, Corporations Act 2001 (Australia), High Court of Australia, New South Wales Court of Appeal
A Growing Circuit Split: Does the IRS Have Sovereign Immunity from Fraudulent Transfer Claims under 11 U.S.C. § 544(b)(1)?

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Tax, Nelson Mullins Riley & Scarborough LLP, Internal Revenue Service (USA), Supreme Court of the United States, Ninth Circuit
Probuild - administrators obtain extension of ‘no personal liability period’ for leased property

On 23 February 2022, WBHO Australia Pty Ltd and 17 other companies in the Probuild group (Probuild, or the Group), entered voluntary administration in Australia. Probuild is one of the largest construction groups in Australia, working on many large office, residential and resources related construction projects across the country.

Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus, Financial Conduct Authority (UK), Corporations Act 2001 (Australia)