Analizamos las principales novedades en materia de insolvencia internacional contenidas en el Proyecto de Ley de reforma del Texto Refundido de la Ley Concursal. Sin perjuicio del texto final que resulte aprobado tras la correspondiente tramitación parlamentaria, el capítulo dedicado a la insolvencia internacional es uno de los que menos enmiendas han recibido y, por tanto, donde previsiblemente se producirán menos cambios.

We analyze the main novelties of the international insolvency regulation introduced in the Insolvency Law Reform Bill. Although the final wording will be approved after its passage through parliament, the chapter on international insolvency is among those that received the fewest amendments and therefore is expected to see the fewest changes. We therefore predict that all or a large part of the comments made below will also be applicable to the wording of the Insolvency Law that will be approved at the end of the process.

The European Court has issued a sentence of special relevance for the operation and effectiveness of the “pre-pack” insolvency procedures. Specifically, it clarifies the requirements that must be met to respect the rights of workers in the event of business transfers.

El órgano judicial europeo ha dictado una sentencia de especial relevancia para el funcionamiento y efectividad de los 'pre-packs' concursales. En concreto, aclara los requisitos que se deben cumplir para respetar los derechos de los trabajadores en caso de transmisión de empresas.

This week’s TGIF considers a recent case where the Supreme Court of Queensland rejected a director’s application to access an executory contract of sale entered into by receivers and managers on the basis it was not a ‘financial record’

Key Takeaways

This week’s TGIF looks at the decision of the Federal Court of Australia in Donoghue v Russells (A Firm)[2021] FCA 798 in which Mr Donoghue appealed a decision to make a sequestration order which was premised on him ‘carrying on business in Australia' for the purpose of section 43(1)(b)(iii) of the Bankruptcy Act 1966 (Cth) (Act).

Key Takeaways

AML changes for court-appointed liquidators

Important changes for court-appointed liquidators to the regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act) will come into force on 9 July 2021.  These changes provide that, for a court-appointed liquidator:

The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.

This week’s TGIF considers an application to the Federal Court for the private hearing of a public examination where separate criminal proceedings were also on foot.

Key takeaways

This week’s TGIF looks at a recent decision of the Victorian Supreme Court, where a winding up application was adjourned to allow the debtor company to pursue restructuring under the recently introduced small business restructuring reforms.

Key takeaways