3月9日，最高人民法院院长周强在第十三届全国人大一次会议第二次全体会议上作最高人民法院工作报告，重点提及25个在过去五年中具有全国代表性并深具行业参考意义的大案要案，金杜代理的 “重庆钢铁破产重整案”、“东北特钢破产重整案”和“华为诉美国交互数字公司滥用市场支配地位案” 入选报告重点典型案件。

“东北特钢破产重整案：东北特钢重整之后两个月实现扭亏为盈，开启了民营控股的混合所有制运营新模式，为辽宁的国企改革提供了新路径。”

东北特钢破产重整案是近年来破产重整领域内出现的债务总额最高的案件之一，受到社会各方的高度关注。重整计划综合运用留债、一次性现金清偿、债转股等手段，妥善处理了逾七百亿元的债务问题。重整期间尊重当事方的意愿，运用市场的机制和手段，通过公开、公平、公正的程序遴选了重整投资人，得到了债权人的普遍认可。该案具有诸多创新之举，在重整投资人引进、关联公司整体重整、债权清偿方案设计、债转股等方面都进行了创新，为破产重整实践、立法完善和理论研究提供了成功的案例。

A paradigm shift is underway in Australian corporate restructuring.

Bold reforms are already in force which have changed the landscape for companies, their directors, creditors and other stakeholders.

From 1 July 2018, termination and other rights against companies in administration and other restructuring-related procedures will be unenforceable under the ipso facto reform.

Regulations are expected to have significant effect on the scope of the stay – these regulations are yet to be published.

Since the decision of the Supreme Court of New South Wales in Re Independent [2016] NSWSC 106, there has been doubt about whether receivers and liquidators should apply the statutory priorities afforded to employee entitlements in sections 433, 561 and 556 of the Corporations Act 2001 (Cth) (Act) when distributing the assets of companies who have conducted their businesses as trusts.

In January 2018, the Aviation Working Group (“AWG”)1 as part of its review of closing opinion practice, released a revised Form of Cape Town Convention Closing Opinion. The aim of the review was to provide further guidance and consistency in the approach legal practitioners adopt in respect of Cape Town and the State of Registry Jurisdiction.

The AWG was founded in 1994, with stated aims of contributing to the development and acceptance of policies and laws that:

• facilitate advanced international aviation financing and leasing, and

In a significant decision for the insurance industry, the Federal Court of Australia has granted leave to shareholders to bring a direct action against a company’s insurers where the (insured) company was in liquidation. This is one of the earliest cases to make use of the new Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Third Party Claim Act), and provides some useful guidance for the industry on how this new legislation will be applied.

The decision impacts plaintiff lawyers, policyholders and insurers alike. Importantly:

A recent decision of the Privy Council dismissing the claim of liquidators of an insolvent hedge fund to claw back redemption payments made to an investor leaves lingering uncertainties for investors generally.

Claw backs post 2008 crisis

The Pugachev tale

October 2017

INSURE

InSure

This month's roundup of developments affecting the insurance industry sees ECON calling on the European Commission to postpone the application date of the IDD, EIOPA issuing final guidelines on complex insurance-based investment products under the IDD and the European Commission releasing a report on consumers' decision-making process in insurance services.

General Update

It is now clear that the Pensions Regulator will take a much tougher approach in future towards employers and scheme funding. The new approach comes after a select committee of MPs looking into the BHS collapse criticised the Regulator for being reactive, slow-moving and reluctant to exercise its powers.

The two key areas where we expect the Regulator to be more aggressive are scheme funding and "moral hazard" powers.

BANKING

ECON votes to adopt draft report on proposed BRRD Insolvency Hierarchy Directive