The Supreme Court of New South Wales has provided guidance as to the meaning of “true employer” for the purposes of the external administration provisions of the Corporations Act 2001 (Cth) (the Act) in In the matter of Mosaic Brands Limited (administrators appointed) (receivers and managers appointed) [2025] NSWSC 959. The decision is important for liquidators and receivers of large corporate group where there are individual trading and employing entities and funds have been recovered from circulating assets.

In the February 2026 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.

The process of company liquidation involves a series of legal and administrative steps aimed at terminating the company’s legal personality, assessing its assets, and settling its liabilities. This process is conducted according to the following stages:

I. Primary Stages of Liquidation

Issuance of the Dissolution Resolution: The process begins with an official resolution to dissolve and liquidate the company, whether it is a voluntary resolution by the General Assembly (partners) or a judicial ruling issued by the competent court.

Here’s a judicial estoppel hypothetical:

• debtor files Subchapter V bankruptcy and achieves a confirmed plan;
• in the bankruptcy debtor fails to disclose a pre-petition lawsuit claim;
• after plan confirmation, debtor files suit on the pre-petition lawsuit claim; and
• defendant seeks dismissal of the lawsuit, with prejudice, on grounds of judicial estoppel—i.e., for debtor/plaintiff’s failure to disclose the claim in bankruptcy.

Question: Who should be the ultimate beneficiary of a lawsuit claim that debtor fails to disclose:

On January 26, 2026, the Court of King’s Bench of Alberta (ABKB) held that the Alberta Department of Energy and Minerals (Alberta Energy) is required to first advance its claim for royalty arrears owed by an insolvent energy company within ongoing restructuring proceedings of that insolvent company, before seeking recovery from jointly liable solvent co-lessees.

Rules of Territorial Jurisdiction in Insolvency Lawsuits: A Reading of Dubai Court of Cassation Rulings

Insolvency cases raise fundamental questions regarding the geographical scope of litigation, especially given the economic integration between the Emirates. One of the most prominent questions is: Can a debtor file an insolvency lawsuit before Dubai Courts while residing in another Emirate?

近年来，预重整已成为上市公司进入司法重整前几乎不可或缺的前置环节，其源于本土需求、服务于纾困实践的兴起路径，彰显了市场对高效挽救机制的迫切期待。然而，在立法规则尚属空白、实践探索快速扩张的背景下，该制度正面临深刻的异化趋势：预重整作为解决重整效率瓶颈与确定性风险而诞生的“辅助工具”，当其价值被证明有效后，迅速从“可选项”变成“默认项”，几乎成为上市公司重整的必经之路，其功能从“预先协商桥梁”偏移为“实质工作前置”，进而引致临时管理人角色模糊、权责失衡、企业拯救成本攀升等一系列结构性困境。基于对这一市场趋势的密切关注与忧思，本文聚焦于制度逻辑的完整性、各方权责利的平衡性以及程序正义的可实现性，将依次追溯制度的生成逻辑，呈现规则图谱的留白现状，解剖功能偏移衍生的核心痛点，并最终尝试提出使预重整回归其商业谈判本质、约束于重整前协商程序的路径展望。笔者深信，唯有正视当前实践中的张力与悖论，方能推动这一重要企业风险纾困工具的行稳致远，真正实现其提升困境企业重生效率与公平的初心。

一、制度起源：中国本土语境下的生成逻辑与“生存突围”

Between the Hammer of Debt and the Anvil of the Law: Dubai Courts Uphold Compassionate Justice in GCC National’

Overview. The first Bankruptcy Law was introduced in 1993 (“1993 Law”). It remained in place for 10 years and was replaced in 2003 (“2003 Law”). Subsequently, the National Assembly adopted an entirely new bankruptcy law in 2014 (“2014 Law”[1]).

Highlights