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Updated: New "debtor in possession" corporate insolvency regime to commence from 1 January 2021

 

We update our earlier client alert with a version including additional details that are available.

In brief

On 24 September 2020, the Treasurer announced that the Australian Government would introduce new legislation to give effect to:

Australia, Capital Markets, Insolvency & Restructuring, Baker McKenzie, Coronavirus
Australia: Recognition of the Thai Airways business reorganisation proceeding in Australia under the Model Law

 

In brief

Baker McKenzie recently acted for the Foreign Representatives of Thai Airways International Public Company (Thai Airways), in successfully obtaining orders recognising the business organisation proceeding commenced by Thai Airways in Thailand as a foreign main proceeding pursuant to article 17 of the UNCITRAL Model Law on Cross‑Border Insolvency (the Model Law) which is incorporated into Australian law by the Cross‑Border Insolvency Act 2008 (Cth) (the Act).

Australia, Insolvency & Restructuring, Litigation, Baker McKenzie
Sixth Circuit rules in favor of bank and resolves conflict among bankruptcy courts concerning whether the arrearage amount on mortgages includes fees and costs permitted by the contract terms and non-bankruptcy law

Deutsche Bank held an under-secured home mortgage from a Chapter 13 debtor. The debtor was in arrears, but wanted to retain possession and control of her home. Thus, in her Chapter 13 plan, the debtor proposed to cure the arrearage, as required by 11 U.S.C. § 1322(e). The problem, however, was that the parties could not agree on the arrearage amount.

USA, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Costs in English law, Debtor, Collateral (finance), Statutory interpretation, Federal Reporter, Mortgage loan, Attorney's fee, US Congress, Deutsche Bank, Westlaw, US Code, United States bankruptcy court, Sixth Circuit