Abhishek Tripathi and Mani Gupta, Sarthak Advocates & Solicitors

This is an extract from the 2021 edition of GRR's the Asia-Pacific Restructuring Review. The whole publication is available here.

In summary

Nuo Ji, Lingqi Wang and Jessica Li, Fangda Partners

This is an extract from the 2021 edition of GRR's the Asia-Pacific Restructuring Review. The whole publication is available here.

In summary

On 24 September 2020, the Supreme Court released its long-awaited decision in the case of Debut Homes Ltd (In Liquidation) v Cooper [2020] NZSC 100.

The main issue was whether a director was in breach of his directors’ duties under the Companies Act 1993 (Act) by continuing to trade against the background of an insolvent or nearly insolvent company.

On Friday afternoon the government announced temporary changes it intends to make to the Companies Act 1993 (the Act) to assist companies facing financial stress during the COVID-19 pandemic.

Summary of proposals

The proposed changes include:

As mentioned in Hesketh Henry’s article “COVID-19: Insolvency law changes” (https://www.heskethhenry.co.nz/insights-opinion/covid-19-insolvency-law-changes/), Grant Robertson has announced that the Government will soon be introducing legislation to make temporary changes to the Companies Act 1993 (“Act”) to help companies facing insolvency due to the COVID-19 pandemic.

We have prepared the following tips for businesses to guide them through the current circumstances. Urgent advice should be sought where cash flow problems are arising, or where contractual obligations may not be able to be met. The best protection is preparation.

Talk to the people you deal with

Check in with the people you do business with regularly. This will include:

Saam Golshani and Alexis Hojabr, White & Case LLP

This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.

Christopher Harlowe and Christopher Levers, Mourant

This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.

The Cayman Islands has established itself as the jurisdiction of choice for financially sophisticated businesses such as hedge funds, private equity funds, special purpose vehicles and trusts that use offshore vehicles.

David Baxter and Brian O’Malley, A&L Goodbody

This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.

Introduction

Pre-packs in Ireland probably are not as common as they should be. In theory, a pre-pack is broadly available in each of our insolvency procedures: liquidation, examinership and receivership.

Dominic Emmett and Hannah Cooper, Gilbert + Tobin

This is an extract from the first edition of GRR's The Art of the Pre-Pack. The whole publication is available here.