A comprehensive review has begun into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. Undertaken by the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services, the review is seeking submissions by 30 November 2022.

mourant.com 2021934/84654107/1 GUIDE Insolvency claims in Guernsey Last reviewed: September 2022 Contents Introduction 2 Misfeasance / breach of statutory duty 2 Wrongful trading 2 Fraudulent trading 3 Preferences 3 Transactions at undervalue 4 Extortionate credit transactions 4 Director disqualification 4 Relief from sanctions 5 Contacts 5 2 mourant.com 2021934/84654107/1 Introduction When a company enters into a formal insolvency process, the office holder will conduct an examination into the affairs of the company.

On 28 September 2022, the Federal Government, through the Parliamentary Joint Committee on Corporations and Financial Services (PJC), began an inquiry into corporate insolvency in Australia.

The announcement follows calls from industry for a ‘root and branch’ review of corporate insolvency law in Australia.

Submissions are open until 30 November 2022 and the PJC intends to table a report to Parliament by 30 May 2023.

Between the lines... For Private Circulation-Educational & Information purpose only Vaish Associates Advocates… Distinct. By Experience. I. NCLAT: Moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is no bar for initiation of proceedings under Section 66 of the IBC. The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) has in its judgment dated August 4, 2022 in the matter of Rakesh Kumar Jain v. Jagdish Singh Nain and Others [Company Appeal (AT) (Ins.) No.

The Parliamentary Joint Committee on Corporations and Financial Services has commenced an inquiry into Australia’s corporate insolvency regime. The inquiry, due to be completed by 30 May 2023, will examine the effectiveness of the current regime and consider potential reform.

Key takeaways

The 5 (five) judge bench of the National Company Law Appellate Tribunal (“NCLAT”) has recently decided the long- standing issue of whether re-presentation of appeal constitutes a fresh filing before the NCLAT and its implication on the period of limitation. The NCLAT has held, inter alia, that ‘re-filing’ an appeal (after curing defects) beyond the prescribed 7 (seven) days period will not amount to a ‘fresh filing’ for the purposes of the limitation.

Facts

Having acted for employers on four projects in the past year where the main contractors have become insolvent, here are my 15 top actions for employers to consider when faced with main contractor insolvency.

On 2 August 2022, the Italian Supreme Court issued its judgment in Case no. 23980 stating, inter alia, that the five-year period during which an innovative start-up (“start-up innovativa”) can benefit from the favourable regulation set forth in Law Decree no. 179 of 18 October 2012 shall start from the date of its incorporation.

Introduction

Businesses are increasingly spreading their footprint across jurisdictions, be it through the diversified locations of their assets or operations. What this means is that, if and when the need to resolve financial distress arises, such businesses may need to select a forum that will serve as an effective base for the management of the cross-border legal issues.

BUSINESS RESTRUCTURING REVIEW VOL. 21 • NO. 5 SEPTEMBER–OCTOBER 2022 1 IN THIS ISSUE 1 Texas District Court: Bankruptcy Sale Break-Up Fee Satisfied Both Business Judgment Test and Administrative Expense Standard 2 Lawyer Spotlight: Gregory M.