When faced with a cross-border or multi-jurisdictional filing, it is important to understand the key attributes of the restructuring legislation in all applicable jurisdictions. Where Canadian assets, creditors and/or operations are involved, the Canadian Companies’ Creditors Arrangement Act (CCAA) provides
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Unfair preference claims shot? Impact of Australian High Court’s rejection of peak indebtedness rule in Gunns case
Summary
In a highly anticipated decision, the High Court of Australia has unanimously determined in Bryant & Ors v Badenoch Logging Pty Ltd [2023] HCA 2 that the peak indebtedness rule is not part of the unfair preference provisions in…
Australian High Court banishes statutory set-off, sets up liquidator recoveries in unfair preference decision
In a landmark case, the High Court of Australia this month unanimously determined in Metal Manufactures Pty Limited v Morton [2023] HCA 1 (Morton) that set-off is not available against a liquidator’s unfair preference claim.
The effect of the decision…
Australian corporate insolvency reform: What can we expect in 2023?
Overview
There has been a growing appetite for corporate insolvency law reform in Australia in the last 18 months. In 2021, public consultations were completed on improvements to creditors’ schemes of arrangement and the treatment of insolvent trusts, and there…
US Bankruptcy Court dismisses Ch. 15 case, bars foreign representative from appearing before it
Chapter 15 of the Bankruptcy Code was enacted to, among other things, foster cooperation between courts of the United States and courts of foreign countries “involved in cross-border insolvency cases.” 11 U.S.C. § 1501(a). In furtherance of this mandate, Section…
Norton Rose Fulbright’s global restructuring group releases the Q1 2023 issue of International Restructuring Newswire
Our global restructuring team has released its quarterly International Restructuring Newswire.
Our new issue features articles from Canada, Germany, the US, France and China/Hong Kong to help you stay current on recent developments in restructurings in various jurisdictions around the…
Norton Rose Fulbright’s global restructuring group releases the Q4 2022 issue of International Restructuring Newswire
Our global restructuring team has released its quarterly International Restructuring Newswire.
Our new issue features articles from the US, Australia and Canada to help you stay current on recent developments in restructurings in various jurisdictions around the globe.
…
UK Supreme Court delivers landmark judgment on directors’ duties when a company faces insolvency
Why is the decision important?
For the first time, the Supreme Court has considered whether there is a common law duty on directors to act in the interests of creditors when a company faces insolvency, but is not yet in…
Can restructuring plans strip out third party guarantees?
The English High Court has considered whether the new restructuring plan under Part 26A of the Companies Act 2006 (CA 2006) can release claims against third party guarantors. This decision has important implications for guarantors and creditors holding third party…
Global bankruptcy, financial restructuring and insolvency group releases the Q3 2022 issue of International Restructuring Newswire
Our global bankruptcy financial restructuring and insolvency team has released its
quarterly International Restructuring Newswire.
Our new issue features articles from the US, the Netherlands, Germany/the UK and Australia to help you stay current on recent developments in restructurings in various…