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

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):

Major insolvency reform: Getting the (ipso) factos straight

In brief

In brief

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. 

Strike off is the procedure of removing a company from the Register of Companies (the Register) following which the company will cease to exist.

Under the Companies (Guernsey) Law, 2008 (the Companies Law), a company may be struck off in one of three situations:

1. if the company is defunct;
2. if the company is defaulting; or
3. if the company itself applies to be voluntarily struck off.

Strike off by the Registrar of Companies

The Registrar of Companies (the Registrar) has the power pursuant to the Companies (Guernsey) Law, 2008 (the Companies Law) to strike off companies which are either defunct or defaulting.