Market overview
Introduction & Key Takeaways
The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.
On September 10, 2024, the U.S.
Le 27 juin 2024, la Cour suprême des États-Unis a publié une décision très attendue qu’elle a rendue dans l’affaire William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (l’« affaire Purdue »).
On June 27, 2024, the Supreme Court of the United States released its highly anticipated decision in William K. Harrington, United States Trustee, Region 2, Petitioner v. Purdue Pharma L.P. et al. (Purdue). At issue was whether the U.S. bankruptcy court had jurisdiction to confirm a plan that provided for releases in favour of non-debtor parties, including parties providing a significant monetary contribution in support of the plan itself.
Welcome to the 2024 edition of "From Red to Black", our annual review of significant developments and topical issues in the Australian restructuring and insolvency market.
Regulator intervention and government stimulus packages in response to market shocks often mask underlying systemic distress and disrupt economic cycles. With companies now largely weaned off COVID-19 support packages, insolvencies have significantly increased.
By following certain steps and focusing on relevant courses of action, directors of startups can leverage the Safe Harbour provisions to increase their chances of navigating financial difficulties and achieving a better outcome for their company.
The Alita matter serves as a good illustration that if you intend to seek leave under section 444GA(1)(b) you should act swiftly and with regard to the potential regulatory risk.
With the mass of reports, reviews and consultations that have already occurred, there is no lack of critiques, complaints and proposed solutions. The risk is that these will (once again) be cherrypicked for fixes, rather than form the basis for a comprehensive review.
It has been 33 years since the "recession we had to have" in 1991. Fears that Australia would enter a technical recession during 2023 didn’t eventuate.
Plusieurs décisions judiciaires notables et mises à jour législatives importantes pour les prêteurs commerciaux, les entreprises et les professionnels de l’insolvabilité ont marqué l’année 2023. Le présent bulletin résume les principaux développements survenus en 2023 et met en lumière les points saillants à connaître en 2024.
1. Régime de priorité
En 2023, plusieurs affaires et mises à jour législatives ont soulevé des questions importantes concernant le régime de priorité dans le cadre des procédures d’insolvabilité.