Yeni Gelişme  

Türkiye Bankalar Birliği, hazırladığı Finansal Yeniden Yapılandırma Çerçeve Anlaşması'nı ("Önceki Çerçeve Anlaşma") büyük ölçekli ("Büyük Ölçekli Çerçeve Anlaşma") ve küçük ölçekli ("Küçük Ölçekli Çerçeve Anlaşma") borçlular için iki farklı çerçeve sözleşme olacak şekilde bölmek üzere değişiklik yaptı.

Değişiklik ne getiriyor?

There is now a divergence between New South Wales and Victorian authority on whether a company in liquidation may make a claim under Security of Payment legislation. The common law position in NSW is now that a company in liquidation can bring a Security of Payment claim. This decision will be rendered somewhat academic in NSW following enactment of legislation to come into force on a (currently unspecified) date in 2019 which has the effect of overriding this decision.

Recent Development 

Amendments to the Financial Restructuring Framework Agreement (the "Framework Agreement"), which was drafted by the Turkish Banks Association (the "TBA") within the scope of the Regulation Regarding the Restructuring of Debts Owed to the Financial Sector (the "Regulation"), were distributed to banks and other financial institutions to be executed.

This panel discussion at INSOL London 2022, moderated by Debra Dandeneau, Chair of the Global Restructuring & Insolvency Group at Baker McKenzie, explored how rescue financing works in different parts of the globe and provided insights on some issues that alternative capital providers typically face. The panellists also brought a wide variety of experience and views to creating an ideal system that promotes restructuring and rescue financing.

Some of the key takeaways and insights were:

Background

In this session, the panellists took up the challenge of predicting the post COVID future for directors, and the immediate challenges they will face as a result of the winding back of protections and support provided in 2020.

In brief

We update our earlier client alert with a version including additional details that are available.

In brief

On 24 September 2020, the Treasurer announced that the Australian Government would introduce new legislation to give effect to:

Can you take security over all types of assets, including working capital? Generally yes, before filing for the reorganization or the ruling setting forth the start of the liquidation bankruptcy. After the beginning of the reorganization proceedings, no further security interests can be granted over the assets of the debtor for credits due before the beginning of the reorganization proceedings. The debtor can grant security interests for new creditors after the start of the reorganization proceedings.

In summary

In our previous alert we discussed how Justice Markovic in the Federal Court of Australia had granted the administrators of retailer Colette Group relief from personal liability for rent in respect of 93 stores.