The current Dutch Bankruptcy Code dates back to 1893 when it was first enacted, has aged nicely and still functions well despite the now existing international financial markets and complex financial instruments that could not have been imagined 127 years ago. Although many changes were made since its inception, the Dutch Bankruptcy Code has never had a major overhaul, even though many initiatives were launched over the years.
In Chandos Construction Ltd. v. Deloitte Restructuring Inc., a decision released on October 2, 2020, the Supreme Court of Canada affirmed the anti-deprivation rule in the common law of Canada. The dispute in this case revolved around a construction contract between Chandos Construction Ltd. and Capital Steel Inc.
In brief
We update our earlier client alert with a version including additional details that are available.
In brief
On 24 September 2020, the Treasurer announced that the Australian Government would introduce new legislation to give effect to:
In brief
The Treasurer has today announced two new corporate insolvency regimes:
- a new "debtor in possession" restructuring plan process; and
- a new simplified liquidation process,
due to commence from 1 January 2021 and available to companies with liabilities of less than A$1m.
Restructuring Plan Process
The new restructuring plan process involves:
In brief
In brief
In brief
Baker McKenzie recently acted for the Foreign Representatives of Thai Airways International Public Company (Thai Airways), in successfully obtaining orders recognising the business organisation proceeding commenced by Thai Airways in Thailand as a foreign main proceeding pursuant to article 17 of the UNCITRAL Model Law on Cross‑Border Insolvency (the Model Law) which is incorporated into Australian law by the Cross‑Border Insolvency Act 2008 (Cth) (the Act).
What is it?
The UK Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. It introduced a new restructuring plan procedure amongst its package of permanent measures. The restructuring plan gives directors another tool when considering restructuring options. Directors faced with financial distress can now weigh up the new restructuring plan, or the existing “tried and tested” scheme of arrangement.
The Western Australian Court of Appeal has today delivered its judgment in the appeal of Westpac Banking Corporation v The Bell Group Ltd (in Liq) [2012] WASCA 157 ( The Bell Appeal ). The Court substantially rejected the appeal. The decision has important implications for directors, financiers and bondholder investors. It is a salutary reminder for financiers of the consequences of "knowingly receiving" a benefit from a breach of directors' duties.
Background