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    Guide to Restructuring in Australia - Informal workouts
    2022-10-25

    Introduction

    Informal workout agreements can renegotiate, delay, reduce or waive pre-existing debts owed by a company. For the debtor company, the main purpose of entering into an informal workout is to obtain agreements from its creditors to relinquish rights and refrain from enforcing certain debt covenants. The following are some commonly used informal workout mechanisms:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Ashurst, Insolvency, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Ashurst
    New Insolvency Bills Proposed in Parliament
    2022-10-25

    Three bills are being read in Parliament proposing new insolvency-related legislation and amendments:

    Filed under:
    Malta, Insolvency & Restructuring, MAMO TCV Advocates, Insolvency
    Authors:
    Mikiel Calleja , Tessa Borg Bartolo
    Location:
    Malta
    Firm:
    MAMO TCV Advocates
    Germany: In reaction to the energy crisis - Further relief from the obligation to file for insolvency
    2022-10-26

    In brief

    Filed under:
    Germany, Insolvency & Restructuring, Baker McKenzie, Coronavirus, Insolvency, Federal Court of Justice
    Authors:
    Joachim Ponseck , Artur Swierczok , Tim Kerim Hosgör LL.B.
    Location:
    Germany
    Firm:
    Baker McKenzie
    Landmark Privy Council ruling establishes scope and ranking of ex-trustees’ interest in an insolvent trust
    2022-10-26

    Jersey law ruling will have far reaching ramifications for trust administration in common law jurisdictions

    Filed under:
    Jersey, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Protection and indemnity, Insolvency, Trustee, Courts of Jersey
    Authors:
    Richard Norridge , Philip Lis , Hussein Mithani
    Location:
    Jersey, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    United Kingdom: Supreme Court confirms existence of directors’ “creditor duty”
    2022-10-26

    In brief

    The UK Supreme Court has handed down its long-awaited judgment in relation to the case of BTI 2014 LLC (Appellant) v. Sequana SA and others (Respondents) [2022] UKSC 25, concerning the duty of directors of a company registered under the Companies Act 2006 to consider (and act in accordance with) the interests of the company’s creditors.

    Contents

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Baker McKenzie, Insolvency, UK Supreme Court
    Authors:
    Priyanka Usmani , Matthieu Hucker
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    Restructuring plans and their Impact on Third Party Guarantees
    2022-10-25

    Oceanfill Ltd v Nuffield Health Wellbeing Ltd and Cannons Group Ltd. [2022] EWHC 2178 (Ch)

    A recent decision of the High Court has given helpful clarity on the effects of the UK's restructuring plan procedure on lease agreements and the implications for lease guarantors.

    The Virgin Active plan

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown, Insolvency
    Authors:
    Devi Shah , Ben Ward
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Clear as mud
    2022-10-21

    As the tile suggests the state of recognition and assistance jurisprudence & practice in Hong Kong is less than clear. This follows the recent (mostly) conflicting 1st instance decisions of Up Energy and Global Brands. Here are my views about (i) what I believe is settled; (ii) the points of judicial difference; and (iii) what remains unclear.

    Settled

    Filed under:
    Asia-Pacific, China, Hong Kong, Insolvency & Restructuring, Stephenson Harwood LLP, Insolvency
    Authors:
    Jamie Stranger
    Location:
    Asia-Pacific, China, Hong Kong
    Firm:
    Stephenson Harwood LLP
    Keeping it in the Family (Court): successful application to transfer insolvency proceedings
    2022-10-21

    This week’s TGIF examines the decision in Re Farley Bay (in liq) [2022] VSC 604, where an insolvency proceeding was successfully transferred to the Federal Circuit and Family Court despite the Supreme Court of Victoria considering the Applicant’s ultimate proprietary claims to be ‘weak’.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Insolvency, Australian Taxation Office, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    The Restructuring Directive and its impact on Belgian judicial reorganisation by means of a collective agreement
    2022-10-21

    The Restructuring Directive of 20 June 2019 harmonises insolvency legislation for the first time at the European level.

    An important part of this Directive concerns preventive restructuring frameworks, which aim to limit the unnecessary liquidation of viable companies.

    In Belgium, this will mainly impact judicial reorganisation, and more specifically judicial reorganisation by means of collective agreement.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, Andersen, Insolvency
    Authors:
    Leo Peeters , Joost Van Genechten
    Location:
    Belgium
    Firm:
    Andersen
    “Momentous decision” by UK Supreme Court impacts duty of Australian directors to creditors
    2022-10-23

    This is an important update in the Australian corporate and insolvency law context because, in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25, the UK Supreme Court (being the UK’s highest court) confirmed the existence of a duty owed by directors to creditors in certain circumstances (creditor duty). Under the common law and equity (together, general law), there is a gateway to applicability of the creditor duty in Australia.

    Filed under:
    Australia, Hong Kong, New Zealand, Singapore, South Africa, United Kingdom, USA, England, Company & Commercial, Insolvency & Restructuring, Litigation, Ironbridge Legal, Dispute resolution, Insolvency, Corporations Act 2001 (Australia), Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Trevor Withane
    Location:
    Australia, Hong Kong, New Zealand, Singapore, South Africa, United Kingdom, USA
    Firm:
    Ironbridge Legal

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