This week's TGIF considers Kirk (in his capacity as liquidator of ARG Workforce Pty Ltd (in liq)) v Commissioner of State Revenue, in the matter of ARG Workforce Pty Ltd[2026] FCA 192(Kirk). In this case, the Federal Court (the Court) held that amounts paid to the Queensland Revenue Office (QRO) were unfair preferences.
With 2025 behind us, we are taking time at the start of 2026 to reflect on significant developments in the restructuring and insolvency space from both New Zealand and around the world and look ahead to what's coming in 2026.
28 May 2025 - High Court provides guidance on insolvency practitioner independence and behaviour
In Roseland Buildtech Private Limited vs.
On 13 March 2026, the Supreme Court handed down judgments in two important cases concerning a bank's right of set-off (netting) after the reference date of Art. 54 of the Dutch Bankruptcy Act (Fw). Both cases concern to the question whether a bank may set off incoming payments against outgoing payments in the phase preceding the account holder’s bankruptcy or suspension of payments.
The Government’s Insolvency Service has issued its insolvency figures for January 2026 which show that construction is the UK’s worst performing sector for insolvencies in 2025. This is the fourth year in a row that construction has held that position. Construction accounted for 17% of insolvencies in 2025 ahead of retail on 16% and hospitality on 14%. The total number of insolvencies in the UK construction sector was 3,728 but was lower than the 2024 figure for the sector of 4,032 insolvencies.
With the aim of improving the regulatory framework of corporate insolvency and address shortcomings of the 2014 Law on Bankruptcy (the “LOB 2014”), the National Assembly, at its morning session on 11 December 2025, passed the Law on Rehabilitation and Bankruptcy (the “New LORB”), which takes effect from 1 March 2026 and replaces the LOB 2014. In this article, we will discuss several remarkable changes introduced under the New LORB.
Applicable Legislation and Fundamental Principles
Market Financial Solutions ("MFS"), the mortgage provider, collapsed suddenly last month. This collapse has intensified scrutiny of asset-based lending practices, where loans are secured against tangible assets, and has renewed focus on the risks of double pledging.
As China’s policy of opening up continues to advance into a new stage, an increasingly open, inclusive, and evolving investment environment has attracted a growing number of foreign enterprises to invest in the Chinese market. Many of these enterprises have formed strategic partnerships with Chinese companies, pursuing joint development and global expansion. Among the various entry mechanisms for foreign investors, the Joint Venture model remains one of the most significant forms of foreign investment in China.
Under the Insolvency and Bankruptcy Code, 2016 (“IBC”),the approval of a resolution plan under Section 31 of the IBC is statutorily binding on the corporate debtor, its creditors, and other stakeholders to the restructured arrangement embodied in the plan.