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    Bankruptcy & Insolvency — Consultation on the treatment of trusts under insolvency law
    2022-03-29

    Australia’s current corporate insolvency regime does not expressly cover how companies which structure themselves through a trust, or businesses which have a corporate trustee (corporate trusts) are to be dealt with during insolvency.

    On 15 October 2021, the government released a consultation paper seeking stakeholder views on whether the treatment of corporate trusts in Australia’s insolvency law needs to be clarified. Input was also sought on the benefits which this could deliver and how any new framework might operate.

    This consultation process closed on 10 December 2021.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Wolters Kluwer Asia-Pacific
    Authors:
    June Ahern
    Location:
    Australia
    Firm:
    Wolters Kluwer Asia-Pacific
    No statutory set-off for unfair preference claims
    2022-03-29

    Morton as liquidator of MJ Woodman Electrical Contractors Pty Ltd v Metal Manufactures Pty Limited [2021] FCAFC 228

    The Full Court of the Federal Court confirms that a statutory set-off under s 553C(1) of the Corporations Act2001 (Cth) is not available against a liquidator’s claim for the recovery of an unfair preference under s 588FA of the Act.

    Background

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia)
    Authors:
    Laura Mills
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria
    Far and Wide: Bankruptcy Court’s Expansive Definition of “Property” Under Section 109(a)
    2022-03-29

    Despite recent criticisms of venue selection and cries to limit or curtail various provisions of the Bankruptcy Code, a recent decision from the Bankruptcy Court of the Southern District of New York demonstrates that the bankruptcy courts may continue to broadly interpret the scope of their jurisdictional reach and the powers and authorities granted to them under the Bankruptcy Code. In In re JPA No. 111 Co., Ltd., No. 21-12075 (DSJ) (Bankr. S.D.N.Y. Feb.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Coronavirus
    Authors:
    Matthew Goren
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Insolvency Insight - Issue 9 | March 2022
    2022-03-28

    OVERVIEW

    Legislation

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Quadrant Chambers, Coronavirus
    Authors:
    Joseph England
    Location:
    United Kingdom
    Firm:
    Quadrant Chambers
    E D & F Man Restructuring Plan Sanctioned
    2022-03-28

    The High Court has sanctioned the Part 26A restructuring plan of E D & F Man Holdings Limited (the Plan) on which Freshfields has advised the E D & F Man Group (the Group). The Plan represents the first full-scale financial restructuring to utilise cross-class cram-down in respect of a financial creditor class and to amend articles of association. This scenario represents the paradigm use case practitioners and commentators envisaged when Part 26A was introduced in 2020.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer, Articles of association
    Authors:
    Nicholas Cooper , Craig Montgomery
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer
    ‘Unimpairment’ Under Chapter 11: More Than Just a Non-Word
    2022-03-28

    It begins with an awkward mouthful. Outside a bankruptcy brief, is “unimpairment” even a word? (No, per Merriam-Webster.) Inside Chapter 11, it’s much more: a trend.

    Want to refinance your bonds cheaply? Are you an otherwise sound and solvent business, forced into bankruptcy by a massive fire (PG&E), persistent low commodity pricing (Ultra Petroleum), or a pandemic (Hertz, whose airport rental business was shuttered in 2020 by COVID-19)?

    Or would you just prefer to boost your stock value by lowering your coupon?

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Bankruptcy, Coronavirus
    Authors:
    Nakisha Duncan
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Francis Tregear QC successful in US Bankruptcy Court
    2022-03-28

    Francis Tregear QC was instructed to act as an expert in English law for the successful party (“JPA”) in a dispute heard by Hon. David S Jones a judge in the Bankruptcy Court in the Southern District of New York.

    The case turned on English law relating to mortgages and equitable principles which are applicable to mortgages. The relevant English law fell to be applied in the context of aircraft finance for the purchase of two Airbus 350-941 aircraft.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, XXIV Old Buildings
    Authors:
    Francis Tregear KC
    Location:
    United Kingdom, USA
    Firm:
    XXIV Old Buildings
    Winding Up order made against a foreign incorporated listed company despites its restructuring attempts
    2022-03-24

    Re GTI Holdings Ltd[2021] HKCFI 3647

    The Company was incorporated in the Cayman Islands and listed on the Main Board of the HKEX. The Petitioner sought to wind up the Company on the ground that the Company failed to satisfy a statutory demand served upon it on 21 January 2020. On 26 May 2020, the Company presented a winding up petition (“Petition”) against itself and applied for the appointment of PLs for restructuring purpose with the Grand Court of the Cayman Islands. Subsequently, on 28 May 2020, the Cayman Court appointed PLs over the Company.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    The Shenzhen Intermediate People’s Court granted recognition and assistance to the liquidators in Samson Paper
    2022-03-24

     有關森信洋紙有限公司 (2021) 粵 03 認港破 1 號

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    Probuild update: Court extends convening period
    2022-03-25

    In a recent decision of the Federal Court of Australia (Re WHBO Australia Pty Ltd[2022] FCA 234), Administrators of the Probuild group of companies (the Probuild Group) were granted a three-month extension for the convening period for the second meeting of Creditors largely due to the ‘size and complexity’ of the companies involved.

    Key Takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Federal Court of Australia
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth

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