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    The Financial Report June 11, 2015 - news from Asia and the Pacific
    2015-06-11

    SFC released consultation conclusions on supervisory assistance. The Hong Kong Securities and Futures Commission (SFC) released consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO). The amendments would provide assistance to regulators outside of Hong Kong upon request by making inquiries and obtaining certain records and documents from licensed corporations or their related corporations. The proposed supervisory assistance will be subject to both existing and new legislative safeguards.

    Filed under:
    Australia, China, Hong Kong, Japan, Singapore, Capital Markets, Derivatives, Insolvency & Restructuring, Tax, DLA Piper, Securities and Futures Commission (Hong Kong), Monetary Authority of Singapore
    Location:
    Australia, China, Hong Kong, Japan, Singapore
    Firm:
    DLA Piper
    Clarity at last - priority of employee claims on insolvency of a corporate trustee
    2019-08-21

    An important decision[1] has been handed down by the High Court of Australia which relates to the order of payment of statutorily preferred debts out of trust property held by an insolvent corporate trustee.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, DLA Piper, Corporations Act 2001 (Australia), High Court of Australia
    Location:
    Australia
    Firm:
    DLA Piper
    Recovering domestic taxes and penalties on a pari passu basis before Australian assets are remitted to foreign liquidators
    2013-12-12

    A recent Federal Court of Australia decision has granted the Australian Commissioner of Taxation the right to recover, from a failed foreign company’s Australian assets, the pari passu amount the Commissioner would have been entitled to receive (on account of outstanding domestic tax and penalties) if he had been allowed to prove in the liquidation before the assets are remitted to the company’s foreign representatives (the liquidators). 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, DLA Piper, Liquidation, Liquidator (law), Commissioner of Taxation (Australia), Federal Court of Australia
    Authors:
    Amy Nolan
    Location:
    Australia
    Firm:
    DLA Piper
    Creditors' schemes of arrangement in Australia
    2019-06-26

    A key part of the international scheme landscape

    The use of creditors' schemes of arrangement is on the rise in Australia (as we discussed in our previous article - Update on Creditors Schemes of Arrangement in Australia). Along the way the Australian courts have made valuable contributions to international scheme jurisprudence. In this article we look at some of these contributions and then explore how Australian law might be further developed to remain a leading jurisdiction for creditors' schemes.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, DLA Piper
    Authors:
    Amelia Kelly
    Location:
    Australia
    Firm:
    DLA Piper
    Australia's corporate insolvency reforms: Ipso facto rules
    2018-07-20

    The Australian corporate insolvency regime is undergoing significant reform. A suite of new amendments have been implemented or proposed, and the new “ipso facto” amendments that have been implemented as part of the second wave of reforms will apply to most contracts entered into after July 1, 2018.

    Filed under:
    Australia, Insolvency & Restructuring, Projects & Procurement, DLA Piper
    Authors:
    Amelia Kelly
    Location:
    Australia
    Firm:
    DLA Piper
    Assigning liquidator rights to sue: what has been created?
    2017-10-18

    Following a suite of recent reforms to Australian insolvency laws, liquidators are now able to assign rights to sue, conferred on them personally by the Corporations Act. The new power to assign is broad. It appears that the implications of the power will need to be clarified by the judiciary before they are fully understood.

    In this article, we look at the issues that arise from these legislative amendments along with the opportunities created.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, DLA Piper, Corporations Act 2001 (Australia)
    Authors:
    Amelia Kelly
    Location:
    Australia
    Firm:
    DLA Piper
    Safe harbour and ipso facto reforms pass through the Australian Senate
    2017-09-12

    The reforms introducing a safe harbour for directors of insolvent companies and, from 1 July 2018, a limited stay on the operation of ipso facto clauses have been passed by both Houses of the Australian Parliament and will likely be enacted by month end. Late on Monday evening, after some debate, the Senate passed the reforms with only minor amendments. The Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 then returned to the House of Representatives who formally passed the amended Bill last night.

    Safe harbour

    Filed under:
    Australia, Insolvency & Restructuring, DLA Piper, Safe harbor (law)
    Authors:
    Amelia Kelly
    Location:
    Australia
    Firm:
    DLA Piper
    Safe harbour reform in Australia: Update
    2017-08-09

    The Senate Economics Legislation Committee has strongly recommended that the Australian Parliament pass the reforms to Australia's safe harbour and ipso facto regime currently before the Senate. As the reforms have already passed through the House of Representatives, this means that as early as the end of August 2017, in prescribed circumstances, directors could be entitled to a safe harbour from personal liability for insolvent trading claims.

    Safe harbour

    Filed under:
    Australia, Insolvency & Restructuring, DLA Piper, Safe harbor (law)
    Authors:
    Amelia Kelly
    Location:
    Australia
    Firm:
    DLA Piper
    Section 6 - farewell (and good riddance!)
    2017-07-17

    In December 2016 we posted on the NSW Law Reform Commission’s recommendation to replace section 6 of the Law Reform (Miscellaneous Provisions) Act 1946 (NSW). Six months later, we can now confirm that section 6 is (finally) dead and herald the new era of the Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Act). The new Act is now live (from 1 June 2017) and is a welcome clarification of the confusion and ambiguity caused by section 6.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Insurance, Litigation, DLA Piper
    Location:
    Australia
    Firm:
    DLA Piper
    Safe harbour and ipso facto reform in Australia
    2017-07-07

    Long-awaited law reform to bring Australia's insolvency regime into step with many of its trading counterparts is slated to be enacted in the second half of 2017. The text of the law is currently before parliament for debate. If passed, Australia will see:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, DLA Piper
    Location:
    Australia
    Firm:
    DLA Piper

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