Written by - James Conomos

Over the past few years, Australia’s construction sector has been facing unprecedented pressure, and by mid-2025, the effects have become painfully clear. Dozens of major construction companies across Queensland and nationally have gone under, leaving behind unfinished projects, unpaid contractors, and thousands of affected workers.

Retention of Title (“ROT”) clauses, although still not commonly used in India, are a well-established measure in various international jurisdictions to secure the interests of sellers in commercial transactions. An ROT clause allows a seller to retain ownership or title to the goods supplied until a specified condition, usually payment in full, is met by the buyer.

In a well-known episode of the comedy “Fawlty Towers”, hotel boss Basil Fawlty was frustrated. A guest had asked for a Waldorf salad. Basil had no idea how to make such a dish, and his attempts to do so were criticised by the guest.  

The Appellate Division of the Singapore High Court has in Goh Jin Hian v Inter-Pacific Petroleum Pte Ltd (in liquidation) [2025] SGHC(A) 7 allowed Dr Goh’s appeal against a US$146 million award, holding that breach of the duty of care, skill and diligence (the "Care Duty") does not automatically establish loss.

Welcome to the latest edition of Buddle Findlay’s insolvency update. It comes against the background of an economy that remains under stress. Unemployment is the highest it has been since the depths of Covid-19, and many businesses are struggling with tax payments. There is more than NZ$1.4b owed to the IRD in unpaid GST and PAYE from the 2025 tax year, and that's just a small part of the approximately NZ$8b the IRD is now chasing.

Effective January 1, 2026, the new Illinois Receivership Act will come effective to provide litigators in Illinois with expanded tools for creditors and distressed businesses to protect and manage assets during a business downturn. The Act does not apply to residential real estate with 1-6 dwelling units unless used for commercial purposes, receiverships under other laws such as the Illinois Mortgage Foreclosure Law and governmental receiverships.

This article examines whether a delay in implementing the Resolution Plan equates to failure of the plan or can timelines for implementation be extended?

Power to extend timelines

The landmark decision by the Judicial Committee of the Privy Council in Stevanovich v Richardson¹provides authoritative guidance on the proper interpretation of “person aggrieved” under section 273 of the BVI Insolvency Act, which deals with standing to challenge a liquidator’s decision.

As the summer months draw to a close and stakeholders prepare for the final quarter of 2025, lawyers, lenders and sponsors alike are confronting an evolving financing environment in the UAE. Several structural and regulatory developments suggest that distressed lending and restructuring activity will rise in the near term. This note highlights the growing role of non-bank capital providers, key legal updates and practical considerations for those navigating the market.

A shifting financing landscape

The High Court sanctioned Madagascar Oil Limited’s restructuring plan, exercising cross class cram down. The judgment deals with a few now familiar points: what is the relevant alternative? Can it be a different deal? As well as touching on a few novel ones in an unusual two class only plan: was there in fact an in the money class enabling cross class cram down? Almost a third of the judgment is devoted to international recognition and effectiveness of the plan in Madagascar and Mauritius, an unusually detailed analysis, but required here given the specific facts of the case.