In brief
Even with the fiscal stimulus and other measures taken by the Federal and State governments in Australia, corporate insolvencies are likely to increase in coming months.
Under Australia's insolvency regimes, a distressed company may be subject to voluntary administration, creditor's voluntary winding up or court ordered winding up (collectively, an external administration). Each of these processes raises different issues for the commencement and continuation of court and arbitration proceedings.
In brief
The North America Tax Practice Group presented The Future of IP Planning, the fourth webinar in the series The Importance of Tax in the Response to COVID-19 on 1 May 2020.
In brief
The Federal Judiciary Council issued on April 27, 2020, the General Resolution 8/2020 on the Work Plan and Contingency Measures in the Jurisdictional Entities as a consequence of the Covid-19 Virus (the "Resolution").
The Resolution establishes that during the period from May 6 to May 31, 2020, only new requests, claims, ancillary proceedings and appeals, i.e. not previously filed, will be processed in urgent cases, regardless of whether they are filed physically or electronically.
Overview
The voluntary administration procedure in the Corporations Act was introduced in 1993. Prior to this, the only formal mechanism for a company to compromise with its creditors was by a creditors’ scheme of the arrangement, a process often regarded as costly, time-consuming and cumbersome.
The primary objective of voluntary administration is to provide for the business, property and affairs of an insolvent company to be administered in a way that:
The Singapore Court of Appeal has clarified the standard of review that applies to winding-up applications where the underlying relationship between the debtor and creditor is subject to an arbitration agreement.
Background
Under Section 254(2)(a) of the Singapore Companies Act, a company can be wound-up by the court upon the application of a creditor who has served a statutory demand on the company for a debt of SGD 10,000 or more and the debt continues to remain unpaid for three weeks thereafter.
United States: Federal Reserve releases details of lending programs in response to COVID-19 pandemic, including Main Street lending program for mid-sized businesses
On 9 April 2020, the Federal Reserve announced that it would be providing up to USD 2.3 trillion in loans to support the US economy in response to the COVID-19 pandemic.
The Singapore Court of Appeal has clarified the standard of review that applies to winding-up applications where the underlying relationship between the debtor and creditor is subject to an arbitration agreement.
The oil and gas industry in Texas is currently facing a double whammy from the recent oil price shock and COVID-19 related demand reductions. While exploration and production operators in Texas are proactively taking self-help measures to reinforce their financial frameworks — reducing capital spending, operating expenses, overhead and dividends — the outlook remains highly uncertain.
Over the last few years Spain has amended its insolvency laws to promote
out of court refinancing arrangements as a much needed alternative
to formal insolvency proceedings. The outcome of these changes,
aimed at putting Spain on a par with other EU jurisdictions, is yet to be
seen. However, what is clear is that the latest round of amendments
has substantially improved the possibility of reaching an out of court
refinancing settlement in Spain.
Historically, in relation to syndicated facilities, out of court refinancing
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