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
Summary: Welcome to the fourth edition of our monthly Myanmar update in 2018. We have distilled the top news items into this summary 'speed read'.
Public Consultations on the Myanmar Insolvency Bill
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:
The recent judgment in Phones 4U Ltd (in administration) v EE Ltd [2018] EWHC 49 (Comm) has highlighted the need for care when communicating the reasons for terminating a contract. In this case EE, as a result of failing to identify a repudiatory breach as the grounds for terminating its trading agreement with Phone 4U, was precluded from later pursuing a common law claim for damages.
Background
Summary: This Expert Insight looks at the case of Ziggurat (Claremont Place) v HCC International Insurance Company PLC [2017] and considers the implications of the case for the surety industry generally, particularly in the context of construction insolvency.
上一篇我们谈到诉讼主体的确定问题，本文将从担保的视角对债券持有人的权利救济予以分析。
保证人单方出具《保证函》的效力
In the event of a contractual counterparty going into liquidation, whether or not a trade counterparty may claim set-off against debts owed to the insolvent counterparty can dramatically affect the commercial position of the account debtor. This was recently highlighted in the decision of Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (In Liquidation) (Receivers and Managers appointed) [2017] WASC (2 June 2017).
What does this mean for you?
Summary: Political uncertainty, increasing inflation, threat of interest rate rises and insecurity of overseas investment. Should real estate lenders remind themselves of the enforcement available if things go awry? Much has changed since the 2008 financial crisis; much for the better. In this article we look at the main enforcement options and suggest some factors that could result in a new approach to restructuring and enforcing real estate loans.
Enforcement Options