BEIS has just published the Government's response to its March 2018 consultation on "Insolvency and Corporate Governance" reforms. The response identifies a number of proposals for reform, as summarised below:

Action to improve the insolvency framework in the cases of major failure

Recent legislative amendments in Ontario are intended to protect construction subcontractors from the claims of other creditors in the event of insolvency. They impose a new requirement to maintain written records for trust funds that will be in effect as of July 1, 2018.

Congress is attempting to pass tax reform legislation and presently the House of Representatives and the Senate have separate proposals under consideration (separately, H.R. 1 and the Senate Plan, respectively, and collectively, “Tax Reform”). The Tax Reform is changing daily, but one thing seems likely and that is that the Tax Reform will change the treatment of net operating losses (“NOLs”). These changes would have the most significant impact to bankruptcy cases filed after December 31, 2017.

Third Circuit holds that State-specific protections in favor of oil and gas producers did not apply under Article 9 of the UCC

Update on Liquidator remuneration post-Sakr1

Key points summary

Following the recent high-profile appeal decision2, the Supreme Court of New South Wales has now finalised the saga that was the review and approval of the remuneration of the Liquidator of Sakr Nominees.

From that decision emerge several key points for insolvency professionals when considering their remuneration:

With the backdrop of INSOL 2017, Asia Today International’s Leon Gettler explores the issues and challenges of insolvency and restructuring in Asia Pacific with special guests: FTI Consulting’s head of Corporate Finance & Restructuring in Asia, John Batchelor; Baker McKenzie’s head of Australian Restructuring & Insolvency, Maria O’Brien; and Senior Legal Counsel for ANZ, Miles Grant.

Please click here to listen to the podcast.

Returns to creditors from litigation against associates of the business are often a lucrative way of getting funds into an administration after a corporate failure. Claims are often made against banks, lawyers and accountants associated with the failure. In some cases, those claims may involve chasing other parties for the proceeds of a fraud. Often these claims provide a greater return than chasing down any remaining assets.

The recent decision in Re Swan Services Pty Limited (in liq)

The Court of Appeal has ordered a reference to the Court of Justice of the European Union (ECJ) in Grenville Holden Hampshire v the Board of the Pension Protection Fund which involves a pension scheme member, whose early retirement pension was reduced by two-thirds on the scheme's entry to the PPF, arguing that the statutory cap on compensation payable by the PPF does not give full effect to Article 8 of the EU Insolvency Directive.

BEIS has just published the Government's response to its March 2018 consultation on "Insolvency and Corporate Governance" reforms (for our March alert on this, click