A recent decision of Justice Rees of the Supreme Court of New South Wales confirms the importance of keeping proper financial books and records in the context of insolvency.

Commissioned shortly after the Monarch Airlines collapse in October 2017, the UK Government's Airline Insolvency Review has published its Final Report. This article looks at how the Report's recommendations – if implemented - would impact passenger protection if, in the future, airlines become insolvent and what these recommendations mean for airlines.

In late 2017 the UK Government spent £60 million of taxpayers' money repatriating over 110,000 Monarch Airlines passengers stranded overseas.

The Airline Insolvency Review was created to "consider both repatriation and refund protection to identify the market reforms necessary to ensure passengers are protected".

The Sixth Circuit recently held that Baker Botts, L.L.P. v. ASARCO, L.L.C., 135 S. Ct. 2158 (2015) does not apply to contempt sanctions. Baker Botts stands for the proposition that the general American Rule (i.e., each party is responsible for paying its own attorneys’ fees) applies in the normal course of bankruptcy proceedings, preventing courts from awarding attorneys’ fees incurred for defending fee applications filed pursuant to section 330 of the Bankruptcy Code.

On 1 October 2018, the Singapore Parliament passed the Insolvency, Restructuring and Dissolution Bill (the "Bill"), an omnibus legislation which will consolidate Singapore's personal insolvency, corporate insolvency and restructuring laws, which are currently under separate legislative regimes.

The overhaul follows recent amendments to the corporate insolvency and restructuring provisions of the Singapore Companies Act, and is part of a wider effort to boost the debt restructuring ecosystem in Singapore.

Key provisions introduced by the bill

1. Genussrechte können nur dann als inhaltsgleiche Schuldverschreibungen aus Gesamtemissionen dem Schuldverschreibungsgesetz unterfallen, wenn sie in einer Urkunde verbrieft sind (Genussschein).
2. In einem Prozess über Rechte der Schuldverschreibungsgläubiger aus den Schuldverschreibungen sind diese auch dann Partei des Prozesses, wenn sie einen gemeinsamen Vertreter bestellt haben.
3. Die Vertretungsmacht im Insolvenzverfahren berechtigt den gemeinsamen Vertreter auch ohne vorhergehenden gesonderten Beschluss der Gläubigerversammlung, der Forderungsanmeldung eines anderen Gläu

Foreign judgments may be enforced in Australia under the Foreign Judgments Act 1991 or, if that Act does not apply, pursuant to common law principles.

Registration and enforcement pursuant to the Foreign Judgments Act 1991

Leveraged transactions, such as leveraged buyouts (LBO) and leveraged recapitalizations, carry the risk of being unwound in a later bankruptcy of the party that transferred assets (including granting liens) or incurred obligations in the transaction. The risk that such transactions may be upset in bankruptcy extends, of course, to selling shareholders in an LBO and to shareholders who receive purchase price funds or dividends in a leveraged recap.

On May 25, 2018, the United States Court of Appeals for the Second Circuit upheld a district court’s decision that Sabine Oil & Gas Corporation could reject certain gathering service agreements in bankruptcy. The agreements, with Nordheim Eagle Ford Gathering, LLC, provided that Nordheim would supply Sabine with certain gathering, transportation and treatment services for Sabine’s natural gas and condensate production.

1. It is hard to get rid of this preconceived idea that unlike other systems, the French insolvency system (excessively) favours debtors at the expense of their creditors.

Some recent decisions make it possible to question this idea.

These decisions deal with the conditions required for the approval of a safeguard plan and are warnings to debtors that might be tempted to force their plan through.

Safeguard proceedings end with the court-approval of a restructuring plan when there are serious chances of rescuing the business (French Commercial Code, Art. L.626-1).