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    Using the AFSA Online Bankruptcy Portal
    2021-07-20

    1. Before using the Online Bankruptcy Portal

    The consequences of bankruptcy are serious, and a bankruptcy cannot be cancelled if you change your mind.

    Before filing any documentation with the Australian Financial Security Authority (AFSA), seek advice from an insolvency lawyer. An insolvency lawyer will be able to provide you advice on your rights and obligations throughout the bankruptcy process.

    2. Create an Account

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Bankruptcy
    Authors:
    Sayward McKeown
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    Winding-up and forfeiture restrictions extended
    2021-07-19

    The Government has extended the restrictions in place concerning winding-up petitions and forfeiture of business tenancies until 30 September 2021 and 25 March 2022 respectively.

    The extensions will receive a mixed reception, with landlords likely to feel particularly aggrieved at the limitations imposed on their ability to pursue debt (by winding-up petition) in circumstances where the tenant can pay, but won’t pay.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, DAC Beachcroft, Coronavirus, Winding-up
    Authors:
    Kevin Hawthorn , Giles Hindle , Christopher Wall
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Liquidators’ Powers: Successful application under section 266 of the Companies Act to examine former director
    2021-07-19

    Liquidators have wide-ranging powers under the Companies Act 1993 (Companies Act), including the power to request directors, shareholders or any other relevant person to assist in the liquidation of a company.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Hesketh Henry
    Authors:
    Glen Holm-Hansen
    Location:
    New Zealand
    Firm:
    Hesketh Henry
    Rescinding a winding-up order - the importance of timing
    2021-07-19

    In Sarjanda Ltd (in liquidation) v Aluminium Eco Solutions Ltd and another [2021] EWHC 210 (Ch), an application to rescind a winding up order was refused where the application had been made over two years outside of the five-day time limit. That level of delay, allegedly caused by the company negotiating payment of its debts, was not a good enough reason for the breach of the time limit.

    Filed under:
    United Kingdom, England & Wales, Insolvency & Restructuring, Litigation, DAC Beachcroft, Coronavirus, Winding-up
    Authors:
    Kevin Hawthorn , Giles Hindle , Christopher Wall
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Delaware Bankruptcy Court Decision Supports Pathway to Make Chapter 11 Cases Less Expensive
    2021-07-16

    Section 1930(a)(6) of Title 28 requires the payment of quarterly fees to the United States Trustee (the “UST”) for each quarter that a bankruptcy case is open. The amount of fees is calculated based on the amount of disbursements made by the debtor during each quarter. But, are these fees payable when a trust, established by a confirmed plan, makes distributions rather than a debtor?

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Maura P. McIntyre
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Singapore: Court of Appeal clarifies that the cash flow test is the determinative test to ascertain whether a company is unable to pay its debts
    2021-07-15

    In brief

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Baker McKenzie
    Authors:
    Nandakumar Ponniya , Emmanuel Chua , Kai Tai Yiu
    Location:
    Singapore
    Firm:
    Baker McKenzie
    HKSAR and Mainland sign record of meeting concerning mutual recognition of and assistance in insolvency proceedings
    2021-07-15

    On 14 May 2021, Hong Kong’s Secretary for Justice, Ms. Teresa Cheng, SC, and Mainland China’s Vice-President of the Supreme People’s Court (“SPC”), Mr. Yang Wanming, signed a record of meeting in Shenzhen concerning mutual recognition of and assistance in insolvency proceedings between the courts of the Mainland and the Hong Kong Special Administrative Region (“HKSAR”).

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Hauzen
    Authors:
    Emma Tsang
    Location:
    China, Hong Kong
    Firm:
    Hauzen
    Insurance Commissioner, Acting as Liquidator of RRG, Is Not a “Governmental Authority”
    2021-07-15

    When is an insurance commissioner not a governmental authority? A federal district judge reminds us that a state insurance commissioner, when acting as receiver of an insolvent insurer, acts in a different capacity to his governmental role. This principle can cause an insurance commissioner to fall outside a contractual definition of “governmental authority” even where the definition contains inclusive language on multiple capacities.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, Insurance commissioner
    Authors:
    Daniel A. Rabinowitz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Opinion of Interest - In re Homaidan: Not all Private Student Loans are Presumptively Nondischarbeable in Bankruptcy
    2021-07-16

    With more than $1.7 trillion in student loan debt outstanding in the United States, student loan borrowers sometimes try to turn to the bankruptcy courts for relief, often without success due to the fact that most student loans are presumed to be nondischargeable.[1] In its July 15, 2021 decision in In re Homaidan,

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Joshua R. Gross , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Non-party v "real party": third-party costs orders and liquidators
    2021-07-16

    The recent case of Official Receiver v Deuss [2021] EWHC 1842 (Ch) provides legal and insolvency practitioners with guidance as to the test to be applied when considering whether a third-party costs order should be made against a liquidator who takes steps against an alleged de facto director of the company in liquidation. In this case, the step concerned was an application for public examination pursuant to section 133(2) of the Insolvency Act 1986 (the Section 133 Application).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Macfarlanes LLP
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP

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