Norton Rose Fulbright’s global insolvency chair is conference chair of INSOL International’s Latin America Virtual Seminar
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So Many Troubled California Health Care Districts, So Many Have Filed Chapter 9—Lessons To Be Learned
With the increasing financial pressures on California hospitals in general, and rural hospitals in particular, it is likely that growing numbers of California health care districts will seek chapter 9 protection in the future.
For further discussion on the challenges facing California health care districts you can read the article featured in California Bankruptcy Journal (Vol. 35 Cal. Bankr. J. No 3 (2020)) which Ms. Winthrop co-authored with Mary H. Rose, a shareholder of Buchalter, A…
Small businesses, big changes: Australia’s new restructuring process
On 1 January 2021, significant changes to Australia’s restructuring and liquidation regime came into effect for small businesses, including a new restructuring process. These changes were announced on 24 September 2020, however many aspects of the pending changes did not become clear until the bill and associated regulations were released in December 2020. These changes are part of a series of measures introduced in Australia in response to the current and anticipated economic impact of…
Contagion liability risk in the United States and Australia for parent entities arising from the insolvency of a subsidiary
With the influx of insolvency cases expected on a global basis in coming months as government support measures are wound back, now is an opportune time for businesses to consider the extent of their potential exposure if a subsidiary liquidates. In particular, can losses be isolated within a liquidating subsidiary, or will there be a contagion effect, so that a parent entity may be held liable for the outstanding debts of the subsidiary?
Read the International …
Brexit’s impact on UK-EU cross-border restructuring
Brexit—the UK’s exit from the European Union—became fully effective at the turn of the year with the expiry of the implementation period on 31 December 2020.
Prior to 1 January 2021, recognition and enforcement of restructuring and insolvency procedures and judgments between the UK and EU member states was subject to common EU regulations which had direct effect and broadly offered automatic recognition. Those common regulations no longer apply to the UK.
Notwithstanding the loss…
Scheme update: fees, class composition and forum shopping in Re Codere Finance
Introduction
Spanish gaming company Codere proposed an English scheme of arrangement to restructure over €800 million in existing note debt. As a part of the scheme, Codere agreed to pay fees and provide benefits to an ad hoc sub-committee of noteholders that were not available to all noteholders. The High Court held that those fees and benefits were not so material as to fracture the single voting class of noteholders. Re Codere Finance 2 (UK)…
Global bankruptcy financial restructuring and insolvency group releases the Q4 2020 issue of International Restructuring Newswire
A DIP of the toe into US Chapter 11 waters for Australia
On 24 September 2020, the Australian Government announced the introduction of two new restructuring and insolvency processes for small businesses (having liabilities of less than AU$1 million). It is proposed that these measures will be introduced from 1 January 2021 with a view to reducing the cost, time and complexity burden imposed on small businesses by the existing insolvency processes. The Australian Government has described the changes as “the most significant changes to the Australian…
The Insolvency, Restructuring and Dissolution Act 2018 – Reforming the law on contractual remedies
On 30 July 2020 Singapore’s new “omnibus” Insolvency, Restructuring and Dissolution Act 2018 (the Insolvency Act) came into effect. This marks the third phase in recent years to strengthen Singapore’s restructuring and insolvency laws.
The Insolvency Act consolidates the laws on insolvency, bankruptcy, restructuring and dissolution into a single enactment and introduces a number of changes to the restructuring and insolvency framework in Singapore including: (i) the introduction of a new licencing and regulatory regime…