Changes to the Listing Rules and further consultation on enhancing the effectiveness of the regime
When we began analysing in depth the possibility of Britain exiting the European Union, 18 months prior to the June 2016 referendum, the HERBERT businessSMITH FREEHILLS consensus w07as very muchSECTION TITLE that Brexit was a remote prospect that either would never happen or not matter.
Fast forward just over two years and the reality could not be more different. In this updated edition of our Brexit legal guide, we take stock of the present situation, summarising the key developments since last year's vote and what is to be expected in the months ahead. 10 33 99
The Financial Reporting Council (FRC) and institutional bodies have published the following guidance in relation to corporate governance and directors' remuneration in the last few months.
Introduction
The giants of Asia – Indonesia, China, and India – raise many opportunities and challenges for insolvency practitioners. Baker McKenzie’s own Andi Kadir spoke this morning about some of the solutions to those problems, showcasing his significant experience with insolvency reforms and opportunities in Indonesia.
Andi highlighted the benefits of the Penundaan Kewajiban Pembayaran Utang regime as a restructuring tool in Indonesia. A PKPU is a debtor in possession mechanism, somewhat like a blend of a US Chapter 11 administration with aspects of the insolvency laws of the Netherlands.
Indonesia’s Financial Services Authority (OJK) has updated public companies’ disclosure obligations concerning bankruptcy. The regulations create a new sanctions regime for non-compliance that improves the OJK’s enforcement capacity. The changes are relevant to investors and others with an interest in Indonesia’s capital markets. They came into effect on 22 June 2017.
Global Restructuring Review is a leading source of news and insight on cross-border restructuring and insolvency law and practice, read by international lawyers, insolvency practitioners and accountants, judges, corporate counsel, investors and ac
In Heince Tombak Simanjuntak & Ors v Paulus Tannos & Ors (2019), the Singapore High Court granted recognition of Indonesian bankruptcy orders made against the four respondents, each of whom is an Indonesian citizen. This allows the applicants to administer the respondents’ property in Singapore. The case provides banks with the assurance that bankruptcy orders obtained in Indonesia may be enforced in Singapore.
Six days into 2020, the Indonesian Constitutional Court (“Constitutional Court”) began the New Year with a bang, issuing a decision that is not likely to be received well in loan markets.
The Constitutional Court has decided in favour of two petitioners (a married couple) and effectively changed the interpretation of Article 15(2) and (3) of the Fiducia Law (Law No. 42 of 1999), striking at the core principles of that law (“Constitutional Court Decision”).
Supreme Court issued guidelines on bankruptcy and suspension of debt repayment – you might want to rethink your options.
The highest judiciary authority in Indonesia, the Supreme Court (Mahkamah Agung, MA), recently issued MA Decree No. 3/KMA/SK/I/2020 on the Guidelines on the Handling of Bankruptcy and Suspension of Debt Payment Proceedings (the Guideline). This Guideline sets out, among others: