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Restructuring, Turnaround and Insolvency in Asia Pacific 2020

We are pleased to announce the publication of the third edition of the Herbert Smith Freehills Guide to Restructuring, Turnaround and Insolvency, Asia Pacific.

Against a backdrop of the COVID-19 pandemic and the resulting economic downturn, we are seeing companies and lenders respond to a new and challenging business environment. The challenges associated with this new environment are further exacerbated as the influencing factors change in nature and intensity.

Asia-Pacific, Insolvency & Restructuring, Herbert Smith Freehills LLP, Coronavirus
The Omnibus is finally here: changes to Singapore’s insolvency laws

Singapore’s Insolvency, Restructuring and Dissolution Act (the “IRDA“), together with 48 pieces of subsidiary legislation, comes into force today, 30 July 2020 (available here).

Singapore, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus
Court of Appeal confirms wide discretion afforded to a non-Defaulting Party when determining "fair market value" of securities under the GMRA (2000 version)

The recent Court of Appeal decision inLBI EHF v Raiffeisen Bank International AG [2018] EWCA Civ 719 affirms the wide discretion of the non-Defaulting Party to determine "fair market value" in accordance with the close-out mechanism under paragraph 10(e)(ii) of the standard Global Master Repurchase Agreement (2000 version) ("GMRA").

United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Lehman Brothers, Court of Appeal (England and Wales)
New guidance from the High Court on section 6(a) of the ISDA Master Agreement (right to terminate following event of default)

The High Court has recently considered the interpretation of Section 6(a) of the 1992 ISDA Master Agreement: Grant & Ors v WDW 3 Investments Ltd & Anor [2017] EWHC 2807 (Ch).

United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation, Unsecured creditor, International Swaps and Derivatives Association, High Court of Justice (England & Wales)
Banking litigation update
  1. The 1992 ISDA Master Agreement: Court of Appeal provides clarity on payment obligations owed to insolvent counterparties

Lomas v JFB Firth Rixson Inc [2012] EWCA Civ 419

United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Herbert Smith Freehills LLP, Condition precedent, Debt, Default (finance)