Currently, Ukrainian legislation does not provide for a separate “pre-pack proceeding” as outlined in the draft EU directive for harmonising insolvency law (“Directive Proposal”). However, selling a business is a legally feasible option under the Ukrainian Bankruptcy Code and related laws, both in a pre-bankruptcy phase and during bankruptcy proceeding.
In brief
The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023.
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
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
In response to the economic crisis caused by the COVID-19 pandemic, lawmakers very quickly started working on improving the legal framework to enhance existing and develop new restructuring instruments. Contrary to expectations, not that many restructurings actually took place in 2020, likely because of support made available to businesses.
In May 2020 three years have passed[1] since Ukraine received the last funding of nearly USD 1 billion from the International Monetary Fund (the “IMF”). The funding that the IMF allocated to Ukraine was nearly four times larger than previous funding.
In brief
The Chairman of the Supreme Court has just issued a decree on judicial guidelines for bankruptcy and court supervised restructuring (PKPU) processes ("Supreme Court Decree"), which sets out how Commercial Court judges are to manage bankruptcy and PKPU cases.
This week’s TGIF takes a look at the recent case of Mills Oakley (a partnership) v Asset HQ Australia Pty Ltd [2019] VSC 98, where the Supreme Court of Victoria found the statutory presumption of insolvency did not arise as there had not been effective service of a statutory demand due to a typographical error in the postal address.
What happened?