Bankruptcy experts are applauding a proposed change to the Paycheck Protection Program that will allow small business debtors to access loans under federal COVID-19 relief packages, correcting what they say was a mistake in early versions of the aid program that left bankrupt companies without a valuable tool for surviving the pandemic.
As the global travel industry continues to grapple with the effects of COVID-19, many companies are now beginning to seek protections under various insolvency regimes. On 30 July 2020, Nok Airlines Public Company Limited ("NOK") filed a petition for business rehabilitation under the Bankruptcy Act at the Central Bankruptcy Court of Thailand (the "Court") and the Court accepted such petition on the same day under case number ForFor. 21/2563 with a debt amount of THB 26,522,203,418. NOK has nominated the following as its rehabilitation planners:
The High Court recently in an ex tempore (unwritten) judgment (to be followed by a more detailed written judgment) approved a scheme of arrangement under Part 9 of the Companies Act 2014 in what may be a template for future restructurings in the aviation sector and a further example, following on from the Weatherford and Ballantyne cases, of the Irish courts’ willingness to facilitate large international restructurings.
The case concerned the Nordic Aviation group, the largest regional aircraft lessor and the fifth largest aircraft lessor globally.
Singapore’s Insolvency, Restructuring and Dissolution Act (the “IRDA“), together with 48 pieces of subsidiary legislation, comes into force today, 30 July 2020 (available here).
In part 2 of this 3-part series, Omni Bridgeway turns to Nathan Landis, an Investment Manager based in our Perth office, Shane Taylor, a Business Development Director based in our Sydney office,
Steve Kottmeier explains several ways in which creditors actually may want/be helped by a bankruptcy filing.
Introduction
Section 209(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) empowers the Hong Kong court to make an order staying the winding-up proceedings after the winding-up order is made upon the application of, among others, a contributory. However, in the case of Safe Castle Limited v China Silver Asset Management (Hong Kong) Limited [2020] HKCFI 1028, Harris J made it clear that the court will be reluctant to exercise its discretion to stay a winding-up order pending appeal.
Since late March 2020 there has been a steady stream of voluntary administrators seeking the assistance of the court to limit their personal liabilities under the Corporations Act (Cth) 2001 (Act) by pointing to the social and economic disruptions and restrictions caused by COVID-19.
Ford (Administrator), in the matter of The PAS Group Limited (Administrators Appointed) v Scentre Management Limited [2020] FCA 1023
Introduction