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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)
Productivity Commission's recommended changes to Australia's corporate insolvency laws

The Productivity Commission published its final report on Business Set-up, Transfer and Closure on 7 December 2015. A copy of the final report is available here.

The final report recommends a number of changes to Australia's corporate insolvency laws and follows public consultation on the Productivity Commission's draft report released in May 2015.

Australia, Insolvency & Restructuring, Baker McKenzie, Liquidation
Liquidators' remuneration and expenses - value-based remuneration and closer scrutiny of expenses

On 25 July 2014 and 17 September 2014 respectively, Justice Brereton of the Supreme Court of NSW delivered two related judgments in Re AAA Financial Intelligence Ltd (in liquidation) andRe AAA Financial Intelligence Ltd (in liquidation) (No 2). The decisions deal with the evergreen topic of Liquidator remuneration and expenses.

Importantly, in fixing the Liquidators' remuneration, Justice Brereton adopted a "value" focussed approach, and discussed the relevance of considering matters beyond simply time spent multiplied by fixed hourly rates. 

Australia, United Kingdom, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, New South Wales Supreme Court
Time extensions for voidable transaction proceedings, and the commissioner for taxation

The importance of notifications to potential defendants and directors of the insolvent company

The decision in Re Octaviar Administration Pty Ltd (in liq) [2013] NSWSC 786 highlights two key issues for insolvency practitioners:

Australia, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, Liquidation