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    Navigating Construction Industry Insolvency: Monitoring Insolvent Trading Risks
    2025-09-30

    According to the latest statistics from the Australian Securities and Investments Commission (ASIC), the construction industry has faced sustained and accelerating financial distress over the past four years. Since FY 2021-2022, the number of insolvency appointments has almost tripled, with nearly 4,900 cases in FY 2024-2025 alone. And, the 744 cases already recorded for FY 2025-2026 indicate the construction industry continues to suffer severe financial distress.

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Company & Commercial, Compliance Management, Construction, Insolvency & Restructuring, Litigation, Ironbridge Legal, Bankruptcy, Dispute resolution, Financial services
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Federal Court of Australia Exercises Statutory Power to ‘Stay’ and then terminate a Wind-Up Pending Effectuation of DOCA
    2025-09-30

    In Otway (liquidator), in the matter of AMD Freight Pty Ltd (in liq) (No 2) [2025] FCA 1169 the Federal Court of Australia considered an application for termination of a winding up under the Corporations Act brought by the liquidators of AMD Freight Pty Limited (In Liquidation) (Compan

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Ironbridge Legal, Bankruptcy, Dispute resolution, Deed of company arrangement, Financial services, Administration, Corporations Act 2001 (Australia), Federal Court of Australia
    Authors:
    Blake Shaw
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    DOCA Administrator Granted Leave to Transfer Shares and Options
    2025-09-26

    In a recent decision, In the matter of Toys “R” Us ANZ Limited (subject to deed of company arrangement) [2025] FCA 1135, the Federal Court provided important clarification as to its discretionary power to permit the administrator of a deed of company arrangement to transfer share in the company. 

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Ironbridge Legal, Bankruptcy, Dispute resolution, Deed of company arrangement, Financial services, Administration, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    De Facto Director Liable for Insolvent Trading
    2025-09-16

    Inthe matter of Trinco (NSW) Pty Ltd (in liq) [2025] NSWSC 993, the New South Wales Supreme Court found Mr Azizi to be a de facto director of Trinco (NSW) Pty Ltd (in liq) (Trinco) and liable for insolvent trading. Trinco’s liquidator was awarded compensation, payable by Mr Azizi.

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Ironbridge Legal, Bankruptcy, Dispute resolution, Directors' duties, Financial services, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Federal Court of Australia Upholds India’s State Immunity Claim, Narrowing Scope of Enforcement Under the New York Convention
    2025-06-30

    Introduction

    Filed under:
    Australia, Canada, Hong Kong, India, Singapore, United Kingdom, USA, England, Banking, Insolvency & Restructuring, Litigation, Ironbridge Legal, Corporate governance, Bankruptcy, Dispute resolution, Financial services, Corporations Act 2001 (Australia), International Arbitration Act 1974 (Australia), Federal Court of Australia
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, India, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Navigating Construction Industry Insolvency: Red Flags and Precautionary Measures
    2025-06-18

    Introduction

    In this first instalment of our insights series on construction insolvency, Ironbridge Legal outlines key red flags to look for and practical steps to manage counterparty risk.

    An Industry at Risk - With Contagion Potential

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Insolvency & Restructuring, Litigation, Ironbridge Legal, Corporate governance, Bankruptcy, Dispute resolution, Directors' duties, Financial services, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane , Jacqueline Ma
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    Directors Have a Duty to Prevent Insolvent Trading: Understanding ASIC’s Updated Guidance
    2025-06-11

    Introduction

    In December 2024, Australian Securities and Investments Commission (ASIC) released an updated version of Regulatory Guide RG 217. The guidance is designed to assist directors in complying with their duty to prevent insolvent trading. It sets out four key principles for directors to avoid insolvent trading, explains the safe harbour defence (which offers protection from personal liability), and clarifies ASIC’s approach to assessing breaches of duty and the application of the safe harbour defence.

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Banking, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, Ironbridge Legal, Corporate governance, Dispute resolution, Compliance, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal
    国有参股企业自行清算与破产清算程序的五点差异
    2024-09-26

    自主清算程序相对更加灵活,可根据实际情况灵活调整清算策略,因此退出效率会更高。破产清算需要根据企业破产法的规定履行相应的程序流程并受法院监督,清产核资、拍卖处置资产也是时间不可控的程序,原则上破产清算周期更长。尽管如此,从破产管理人的选派程序和破产清算的申请流程看,破产管理人由法院指定,而后从破产申请到清算程序终止的一系列工作,均由破产管理人负责开展,公司股东工作量极大减少。

    图:源自投中网

    虽然过去五年国有资本的参股投资行为在投资金额上并不领先,但其项目数量远超并购及新股发行认购行为。与此相对应的是,国务院国资委于2023年6月23日发布了《国有企业参股管理暂行办法》(国资发改革规〔2023〕41号)(简称“暂行办法”),该办法对国有资本的投资、管理、退出进行了规范,标志着国资监管向强化国有企业参股管理迈进了一大步。《暂行办法》将适用范围扩大至所有国资委履行出资人职责的企业及其子企业,而不仅局限于中央企业[1]。

    在投资方面,该办法对国有资本进行了谦抑化规范,严控非主业投资,例如第六条要求国有资产投资“坚持聚焦主责主业,符合企业发展战略规划,严控非主业投资,不得通过参股等方式开展投资项目负面清单规定的禁止类业务”。

    Filed under:
    China, Corporate Finance/M&A, Insolvency & Restructuring, AnJie Broad Law Firm, Bankruptcy, Private equity, Venture capital, Dispute resolution
    Authors:
    Cai Hang , Yin Ming
    Location:
    China
    Firm:
    AnJie Broad Law Firm
    First Impressions: Singapore International Commercial Court Approves Cross-Border Prepackaged Scheme of Arrangement for Unregistered Foreign Company
    2024-09-20

    The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution. It recently considered, as a matter of first impression for the SICC, whether to approve a prepackaged scheme of arrangement for a group of Vietnam-based real estate investment companies under Singapore's recently enacted Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA").

    Filed under:
    Global, Singapore, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, Dispute resolution, Insolvency, Insolvency, Restructuring and Dissolution Act 2018 (Singapore), Singapore International Commercial Court
    Authors:
    Corinne Ball , Sushma Jobanputra , Vinay Kurien , Dan T. Moss
    Location:
    Global, Singapore
    Firm:
    Jones Day
    Privy Council recommends stay of winding up application in favour of arbitration
    2023-10-24

    In FamilyMart China Holding Co Ltd (Respondent) v Ting Chuan (Cayman Islands) Holding Corporation (Appellant) (Cayman Islands) [2023] UKPC 33, the Privy Council has provided useful guidance about the interplay between an arbitration agreement and exercise of the Cayman court’s powers and discretion to wind up a company on just and equitable grounds.

    Filed under:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA, England, Arbitration & ADR, Insolvency & Restructuring, Litigation, Ironbridge Legal, Shareholder, Arbitration clause, Dispute resolution, Winding-up, Insolvency, Corporations Act 2001 (Australia)
    Authors:
    Trevor Withane
    Location:
    Australia, Canada, Hong Kong, New Zealand, Singapore, United Kingdom, USA
    Firm:
    Ironbridge Legal

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