The collapse of Passaredo Linhas Aéreas (currently known as "VOEPASS") in the beginning of 2025 has exposed a weakness, at the trial court level, in Brazil's legal framework for international aviation finance, revealing violations of both the Cape Town Convention and its Aircraft Protocol (together, the “CTC”) and the domestic bankruptcy law. VOEPASS is a regional airline that operated with ten leased ATRs aircraft in early 2025.
Developing the support scheme for banks that take over weaker banks (“Acquiring Banks”) has become a cornerstone of Vietnam’s restructuring agenda under Decision No. 689/QD-TTg on “Restructuring credit institutions in conjunction with non-performing loan resolution for 2021 – 2025” dated 8 June 2022. In this context, lawmakers have gradually equipped Acquiring Banks with stronger tools, from asset seizure rights under the Amended CsI 2025 (as discussed in Topic 7.1) to new regulation designed to mobilize foreign capital. Specifically, Decree No.
Introduction
1932’den beri yürürlükte olan 2004 sayılı İcra ve İflas Kanunu’nun yerine, Adalet Bakanlığı tarafından hazırlanan Cebrî İcra Kanunu Taslağı, icra ve iflas hukukunda köklü yenilikler getirmektedir. İlamlı icrada istinaf süresi beklenmesi, ilamsız icrada belge şartı ve “itirazın kaldırılması” yolunun kaldırılması, kambiyo ve banka alacaklarının genel takibe tabi kılınması, ödeme emrine itiraz süresinin 2 hafta olması, haciz ve satışta süre sınırlaması, nemalandırma ve kıymet takdirinde düzenlemeler öne çıkan değişikliklerdir.
Giriş
In Yeo (liquidator), in the matter of Tuftex Carpets Pty Ltd (in liquidation) [2025] FCA 1200 the liquidators sought approval from the court to enter into a settlement agreement. The claims underlying the settlement agreement were against the former director and parent company for insolvent trading and the resulting loss.
Key Takeaways
In Re Resource Development Group Limited (Administrators Appointed) [2025] WASC 408, the Court granted relief to the voluntary administrators of Resource Development Group Ltd (RDG) from personal liability under a loan arrangement and extended time for the registration of a related security interest.
Key Takeaway
In Re Bayview Health – Matilda Bay Pharmacy Pty Ltd; ex parte Smith & Jacobs [No 2] [2025] WASC 405, the Court held that a failure to provide the 14 days’ notice of a board meeting, required by a shareholder agreement, to appoint a voluntary administrator, was a procedural irregularity that could be cured.
Key Takeaway
On 11 August 2025, the Honourable Madam Justice Linda Chan made a winding up order against China South City Holdings Ltd (the “Company”). According to Reuters, this is the first state-backed property developer to be wound up in Hong Kong since the Chinese property sector tipped into debt crisis in 2021.
Background
The Company and its group of subsidiaries (the “Group”) is a real estate developer and operates a large scale integrated logistics and trade centre in 8 major cities in the Mainland under the brand name “華南城”.
On 26 August 2025, the Singapore International Arbitration Centre (SIAC) introduced the SIAC Restructuring and Insolvency Arbitration Protocol (Protocol), which took effect immediately.
According to the latest statistics from the Australian Securities and Investments Commission (ASIC), the construction industry has faced sustained and accelerating financial distress over the past four years. Since FY 2021-2022, the number of insolvency appointments has almost tripled, with nearly 4,900 cases in FY 2024-2025 alone. And, the 744 cases already recorded for FY 2025-2026 indicate the construction industry continues to suffer severe financial distress.