A bankruptcy discharge releases the debtor from pre-bankruptcy debts or liabilities. The purpose is to give the debtor a “fresh start” from excessive debts that cannot be repaid, except in certain situations such as where the debt arises from deceitful or fraudulent conduct. In Poonian v. British Columbia (Securities Commission), the British Columbia Court of Appeal held that securities sanctions are excluded from bankruptcy discharge.

The reform agenda for Australia's restructuring and insolvency regime has now received the views of the Productivity Commission, in the context of its wider review of Business Set-Up, Transfer and Closure.  A draft report published on 21 May 2015 sets out a number of recommendations that, while mostly not new to the reform agenda, will be relevant to restructuring and insolvency professionals in the not-too-distant future.

1864775-v3\MADDOCS 1 AMENDMENT OF THE INSOLVENCY ACT ROYAL DECREE-ACT 1/2015 SECOND-CHANCE MECHANISM URGENT MEASURES TO REDUCE FINANCIAL BURDEN (in force as of 1 March 15) THE NEW MEASURES CAN AFFECT YOU IF AN INDIVIDUAL OWES YOU MONEY AND THEY ARE DECLARED INSOLVENT  If an individual, be they businessmen/entrepreneurs or not, owes you money and they become insolvent, and you (or your Company) have not secured the credit with a guarantee or with some type of security interest (mortgage or pledge), then you could be affected by the so-called “unpaid debt waiver benefit" that is applicable t

In December 2014 Russia’s Federal Law “On Insolvency (Bankruptcy)” was  significantly amended to introduce bankruptcy of individuals and modify the  rules for bankruptcy of legal entities.  The amendments related to bankruptcy of legal entities came into effect on  29 January 2015.

Doing Business in Russia 2015 Doing Business in Russia 2015 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.

Restructuring & Insolvency
United Kingdom
Recovery and Resolution of Central Clearing Counterparties: AIMA’s Proposals

Need to know

In a first for the US and Australian markets, the Buccaneer Energy group of companies successfully had bankruptcy plans approved by the US Bankruptcy Court for both US and Australian incorporated debtor companies. 

1
REFORM OF THE INSOLVENCY ACT: Royal Decree-Act 11/2014
(passed on 5/9/2014; in force since 6/9/14)
WHO DOES IT AFFECT? HOW?
DEBTORS

"Once in a generation" review

Shortly before the Christmas break, the much anticipated review of the United States "Chapter 11 bankruptcy" regime was published by the American Bankruptcy Institute (ABI). This is one of very few such major "root and branch" reviews of Chapter 11 since its enactment in 1978, and the first since the 1990s.

On July 31, 2014, the Honourable Mr. Justice Penny of the Ontario Superior Court of Justice ruled in favour of the plaintiff in Indcondo Building Corporation v. Sloan (S.C.J.).