Australia’s new ipso facto regime is now in effect. It stays the enforcement of contractual rights triggered upon the entry of a corporate counterparty into certain restructuring and insolvency processes. The regime will affect a broad range of contracts entered into on or after 1 July 2018; however, certain contracts and contractual rights have been excluded from the operation of the stay pursuant to statutory instruments which have just been issued.
On 16 April 2018, the Australian Federal Government (Government) launched a public consultation on proposed exceptions to the recently enacted stay on ipso facto clauses. These exceptions, which will be contained in a forthcoming declaration and regulations, will be critical to the operation of the new ipso facto regime, and its impact on stakeholders.
O BANCO ESPÍRITO SANTO, S.A. – EM LIQUIDAÇÃO anunciou que o prazo para a apresentação das reclamações de créditos no âmbito do seu processo de liquidação terminará no dia 11 de dezembro de 2017.
O termo do prazo para apresentação de reclamações de crédito é estabelecido em função da última citação de credor no estrangeiro, contando-se 60 dias a partir dessa data. De acordo com o referido comunicado, a mais recente citação conhecida foi efetuada no dia 11 de outubro.
BANCO ESPÍRITO SANTO, S.A. – EM LIQUIDAÇÃO has announced that the time limit for the lodgement of claims under its liquidation proceedings ends on 11 December 2017.
The time limit for lodging claims is set with reference to the last service of notice to a creditor abroad and the 60-day period counted from said date. According to the aforementioned announcement, the last known notice was served on 11 October.
The announcement reserves the possibility of extending the time limit in the event of subsequent services.
In the first judgment under Singapore’s new ‘super priority’ DIP financing regime, the Singapore High Court declined to grant priority status to funds to be advanced to the Attilan Group.
The Singapore regime is the first to import US Chapter 11-style DIP priority funding mechanisms into a jurisdiction with primarily English-law based corporate law and insolvency regimes.
The judgment discusses how Singapore provisions align with established principles under US Bankruptcy Code provisions and case law.
No passado dia 1 de julho de 2017 entrou em vigor o Decreto-lei 79/2017 de 30 de junho de 2017 (“DL 79/2017”), que altera, entre outros, o Código da Insolvência e da Recuperação de Empresas, alterando, nomeadamente, o regime jurídico do Procedimento Especial de Revitalização (“PER”) que fica agora reservado a empresas.
Destacamos ainda outras alterações relevantes introduzidas pelo DL 79/2017:
On 1 July 2017, Decree-law 79/2017, of 30 June 2017 (“DL 79/2017”), entered into force. This piece of legislation amends, most notably, the Insolvency and Recovery of Companies Code and the legal framework of the Special Revitalization Procedure (“SRP”), which is now reserved only to companies.
Other noteworthy amendments introduced by DL 79/2017 are as follows:
The New South Wales Court of Appeal has, in a decision that has surprised many practitioners, dismissed an appeal which challenged the composition of classes in the creditors’ scheme of arrangement involving Boart Longyear Limited.1
In a recent landmark decision, Re Boart Longyear Limited [2017] NSWSC 567, the New South Wales Supreme Court granted orders to convene creditor meetings for two schemes of arrangement in respect of the restructuring plan of Boart Longyear Limited.
Major law changes intended to make Singapore the region’s pre-eminent restructuring and insolvency hub have now come into effect.
On 22 May 2017, the Singapore Ministry of Finance issued a notice that sections 22 to 34, 40, 41, 43, 45, 49, 50, 53(3) and (6) and 54 (the Relevant Sections) of the Companies (Amendment) Act 2017 (the Amendment Act) would come into operation on 23 May 2017.