Fulltext Search
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)
Supreme Court holds that denial of plan confirmation is not appealable as a matter of right

On May 4, 2015, the Supreme Court of the United States issued an opinion regarding a Chapter 13 bankruptcy case from the United States Court of Appeals for the First Circuit (the “First Circuit”).1 The question on appeal was whether debtor Louis Bullard (“Bullard”) could immediately appeal the bankruptcy court’s order denying confirmation of his proposed Chapter 13 payment plan (the “Plan”).2 The Court held that denial of confirmation of a debtor’s plan is not a final, appealable order.3  

Case Background

USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Supreme Court of the United States, United States bankruptcy court, First Circuit
Second Circuit issues ruling regarding determination of a debtor's center of main interest under Chapter 15

On April 16, 2013, the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued its decision in In re Fairfield Sentry Ltd.,1 in which the court held that (1) the relevant time for analyzing a debtor’s center of main interest ("COMI") for purposes of recognizing a foreign proceeding is at or around the time a petition for recognition is filed; (2) the determination of COMI is dependent on the facts of each case, which may include insolvency proceedings in the foreign jurisdiction; and (3) the public policy exception to relief sough

British Virgin Islands, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Hunton Andrews Kurth LLP, Second Circuit