Pooling Orders: Use of Property in a Joint Business
Morgan v McMillan Investment Holdings Pty Ltd [2024] HCA 33("McMillan")
"Where two or more related companies have engaged in a common business enterprise and are being wound up in insolvency, it may be appropriate in certain circumstances for the separate entities of the companies to be disregarded so that they are wound up together as if they were the one company." Harmer Report [854]
Our latest briefing compares recent developments in the APAC restructuring market with those in the UK. Despite APAC's and the UK's divergent monetary policy and growth forecasts, we find that restructuring markets in both regions are seeing very similar themes:
Introducción
Dentro de las resoluciones concursales publicadas este verano vuelven a cobrar especial protagonismo las relativas a los planes de restructuración. La ley 16/2022, de 5 de septiembre, que introdujo los planes en nuestro ordenamiento cumple ahora dos años de vigencia y poco a poco se va formando un nutrido cuerpo de doctrina jurisprudencial.
Dicha doctrina comienza a perfilar límites en la flexibilidad total que se predica de los planes. En concreto en esta edición de las píldoras concursales reseñamos dos nuevas resoluciones clave, que son:
What you need to know
Introduction
Preventive measures
Out-of-court reorganisation
In-court reorganisation
Modernisation of bankruptcy
On 15 November 2023, the Temporary Transparency of Expedited Liquidation Act enters into force, initially for a period of two years. Expedited liquidation (also known as 'turboliquidation') concerns the dissolution of a legal entity with no assets, at its own initiative. The temporary Act aims to increase transparency in the case of an expedited liquidation and to improve the protection of creditors.
The Belgian legislator is preparing a legal framework on insolvency law to expand the restructuring toolbox. On 26 March 2023, a draft bill was published transposing EU Directive 2019/1023 on restructuring and insolvency. The Bill should be voted before the summer holidays. Our Restructuring & Insolvency team has identified five things you need to know about the upcoming changes.
The Luxembourg act of 28 October 2022 introducing the procedure of administrative dissolution without liquidation (procédure de dissolution administrative sans liquidation, the "Administrative Dissolution Procedure") (the "Act") has just been published and will enter into force on 1st February 2023.
Background and objective
The purpose of the Act is to dissolve empty shell companies within a short timeframe at reduced costs for the Luxembourg State.