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.

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).

A critical bankruptcy litigation issue has finally been resolved by the U.S. Supreme Court. Until recently, litigants had been faced with the dilemma of whether to immediately appeal a denial with prejudice of a request for stay relief or wait until the underlying matter had been fully adjudicated. Given the uncertainty, parties remained unsure if they risked losing the ability to challenge the denial of stay relief by a bankruptcy court if they waited to appeal. Now it is clear that they will. In Ritzen Group v. Jackson Masonry, 589 U.S.

Client Alert

Section 365(a) of the Bankruptcy Code is a powerful tool which enables a debtor to reject certain contracts it finds unnecessary or burdensome to its reorganization.