The statutory restructuring plan mechanism, introduced by the Corporate Insolvency and Governance Act 2020, introduced a flexible, court-sanctioned tool to rescue financially distressed businesses. The take-up in England and Wales has been widespread, with several well-known names having plans approved. However, despite being available since summer 2020, Scottish restructuring plans remain remarkably rare.
A statutory demand is a formal notice under the Corporations Act 2001 (Cth) (Act) requiring a company to pay a debt or provide security within a prescribed timeframe. Ignoring it can have serious consequences, including insolvency proceedings. In an era of digital communication, can a statutory demand be validly served by email?
What does the law say?
Connected party transactions - transactions entered into between a company and persons or entities with a close relationship to it (such as directors, shareholders or group companies) - attract heightened scrutiny under the Insolvency Act 1986 (the Act). This is because connected parties are not independent of the transferring company and are often in a position to influence its decision‑making, giving rise to an increased risk that assets are transferred on non‑arm’s‑length terms.
1. INTRODUCTION
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (the "AmendmentAct"), represents the most sweeping reform of India's insolvency regime since the enactment of the Insolvency and Bankruptcy Code, 2016 (the "Principal Code").
There is something to be said for “assume the worst” when it comes to defects in administration appointments and extensions. The court has taken this approach in a few cases where, rather than trying to work out the intricacies and effect of a defect on an appointment or extension, it has assumed the worst (i.e invalidity) and made a retrospective order to remedy the position.
The U.S. District Court for the District of Delaware has issued a significant ruling in the cross‑border insolvency practice that reaffirms U.S. recognition of foreign restructuring plans containing third-party releases.