On 31 January 2017, Brereton J of the Supreme Court of New South Wales in In the matter of OneSteel Manufacturing Pty Limited (administrators appointed) [2017] NSWSC 21 declared that the interests of Alleasing Pty Limited as lessor of a certain crusher and spare parts had vested in OneSteel Manufacturing Pty Limited, effectively giving ownership of the leased assets to the insolvent estate to be realised for the benefit of creditors generally after the company mistakenly registered the financing statements against Onesteel’s ABN rather than its ACN.
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.
Important revisions to the insolvency legislation in the Qatar Financial Centre ("QFC") came into effect on 22 December 2013.
At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).
The Decree is significant in two respects:
At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).
The Decree is significant in two respects: