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    Boart: a landmark decision for reconstructions
    2017-09-27

    On 1 September 2017, Boart Longyear Limited (Boart), successfully implemented the reconstruction of its US law governed debt using Australian creditor schemes of arrangement (Schemes).

    This is a landmark case that will influence Australian corporate reconstructions for years to come.

    The case involved approval by the NSW Supreme Court and recognition by the US Bankrupcty Court under Chapter 15 of the US Bankruptcy Code, ensuring cross border effectiveness for the reconstruction.

    Highlights

    Filed under:
    Australia, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Piper Alderman, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Authors:
    Mark Williamson
    Location:
    Australia
    Firm:
    Piper Alderman
    Revised and improved: new insolvent trading safe harbour and ipso facto legislation passes through the Senate
    2017-09-15

    On 11 September 2017, two major reforms to Australia’s insolvency laws – an insolvent trading safe harbour and a restriction on the enforcement of ipso facto rights in certain circumstances – passed through the Senate with certain amendments being made at the final hour. The Bill now awaits royal assent.

    In this article we summarise the final amendments made to the Bill and the key improvements compared to the earlier draft legislation.

    EXECUTIVE SUMMARY

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Herbert Smith Freehills LLP
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Navigating the safe harbour reforms
    2017-09-19

    On 11 September 2017, major reforms to Australia's insolvency laws including an insolvent trading safe harbour and a restriction on the enforcement of ipso facto rights in certain circumstances passed through the Senate. These insolvency reforms amend relevant provisions of the Corporations Act.

    The safe harbour provisions commenced on 19 September 2017.

    Filed under:
    Australia, Employee Benefits & Pensions, Insolvency & Restructuring, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz
    Australian Insolvency Reforms - A Bill Becomes Law
    2017-09-21

    Last year, we reported that Australia had proposed significant insolvency reforms that, in our view, are long overdue ("A Major Leap Forward for Australian Insolvency Laws").

    Filed under:
    Australia, USA, Insolvency & Restructuring, Bracewell LLP
    Location:
    Australia, USA
    Firm:
    Bracewell LLP
    A port in the storm - What directors need to know about the new safe harbour provisions
    2017-09-21

    It is a concern for directors in charge of companies experiencing financial difficulty that they may fall foul of the provisions under the Corporations Act 2001 (Cth) regarding a director’s duty to prevent insolvent trading by a company.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, William Roberts Lawyers
    Authors:
    Bill Petrovski , Katrina Li
    Location:
    Australia
    Firm:
    William Roberts Lawyers
    Anchors dropped! Safe harbour now open for directors
    2017-09-21

    On 11 September 2017, the Commonweath Parliament passed the Treasury Law Amendments (2017 Enterprise Incentives No.2 Bill). The new legislation:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Hall & Wilcox, Australian Labor Party
    Authors:
    David Dickens , Shane Wallace
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Channel Ten: Administrators Vindicated
    2017-09-22

    This week’s TGIF considers whether, in a voluntary administration, a report to creditors constituted sufficient disclosure and whether the proponent of a DOCA should be allowed to vote as a creditor in favour of that DOCA.

    WHAT HAPPENED?

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    Kirsty Sutherland , Mark Wilks , Matthew Critchley , Rachael King , Sam Delaney
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Safe Harbour and Ipso Facto reforms pass into law
    2017-09-25
    1. On 18 September 2017 the Treasury Law Amendment (2017 Enterprise Incentives No. 2) Act 2017 (the Safe Harbour and Ipso Facto Act) became law.
    2. The Safe Harbour reforms introduced in the Safe Harbour and Ipso Facto Act create a safe harbour for company directors from personal liability for insolvent trading if the company is undertaking a restructure outside formal insolvency processes.
    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, McCabe Curwood
    Authors:
    Andrew Lacey
    Location:
    Australia
    Firm:
    McCabe Curwood
    Getting a handle on the new funds handling provisions under the ILRA 2016
    2017-09-25

    Division 65 and the New Strict Liability Regime

    Filed under:
    Australia, Insolvency & Restructuring, McCabe Curwood
    Authors:
    Andrew Lacey
    Location:
    Australia
    Firm:
    McCabe Curwood
    Safe Harbour laws commence operation and ipso facto laws pass into law
    2017-09-25

    Introduction

    Filed under:
    Australia, Insolvency & Restructuring, The Commercial Bar Association of Victoria
    Authors:
    Stewart J Maiden
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria

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