When a company enters administration, one of the administrator’s core statutory duties is to prepare proposals explaining how they intend to achieve the purpose of administration. These proposals must be approved by creditors. While approval is usually a formality, rejection can fundamentally derail the administration, leaving the practitioner without authority to act and, in some cases, forcing an early exit into liquidation.
This article explores the statutory framework, the common reasons proposals are rejected, and the key case law that guides the steps that follow.
In Re Country Garden Holdings Company Limited[2026] HKCFI 1619, the Honourable Madam Justice Linda Chan sanctioned, on 4 December 2025, a scheme of arrangement restructuring approximately USD 14.5 billion of offshore debt between Country Garden Holdings Company Limited (the “Company”) and its scheme creditors.
L’elaborazione dottrinale e giurisprudenziale successiva all’entrata in vigore del Codice della Crisi d’Impresa e dell’Insolvenza ha ormai chiarito come le misure cautelari non rappresentino un istituto marginale o residuale del sistema, ma costituiscano uno strumento essenziale nella gestione operativa delle situazioni di crisi e pre - crisi.
Thailand is updating its Bankruptcy Act to introduce a formal pre-packaged rehabilitation mechanism, a reform recently approved by the House of Representatives and currently awaiting Senate review.
This development represents a significant shift in the country’s corporate insolvency framework, building on foundations established after the 1997 Asian Financial Crisis while adapting international practices to Thailand’s legal context.
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.