Zone of Insolvency

Zone of Insolvency

2021 World Bank & INSOL International’s Legislative & Regulatory Group: COVID-19 response and the challenges ahead

Posted in Australia, Canada, Europe, Latin America, Singapore, UK, US

This article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group).

COVID-19 continues to present a variety of unique challenges for insolvency regulators and lawmakers worldwide. In March 2020, closing borders and widespread uncertainty underscored a crisis, prompting authorities around the world to devise and rapidly roll out measures designed to shield businesses, financial institutions and individuals against … Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q3 2021 issue of International Restructuring Newswire

Posted in Australia, Canada, Europe, Latin America, UK, US

Our global bankruptcy financial restructuring and insolvency team has released its quarterly International Restructuring Newswire.

In this issue, our team examines the impact of the COVID-19 pandemic on the global restructuring market and the reform of legal framework that governs restructurings in Italy, Hong Kong, mainland China and Australia.

Also, we are pleased to announce the appointment of our partner, Scott Atkins, to the role of President of INSOL International.

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Cross-border insolvency in Hong Kong: Will the new cooperation and coordination framework with mainland China provide the impetus for broader reform

Posted in Australia

The Government of the Hong Kong Special Administrative Region and the Supreme People’s Court of the People’s Republic of China recently signed a joint record of meeting on mutual recognition of, and assistance to bankruptcy and insolvency proceedings between the courts of the Mainland and of the HKSAR.

International Corporate Rescue has now published an article by Scott Atkins and Dr. Kai Luck which looks more deeply at the implications of this development. We consider whether, despite this initiative, the absence of a uniform cross-border recognition and cooperation framework and an effective formal local rescue and restructuring process will continue … Continue Reading

An Australian perspective – directors’ duties in an insolvency context: existing regulations and opportunities for reform under UNCITRAL Legislative Guide framework

Posted in Australia

UNCITRAL’s Legislative Guide on Insolvency Law is one of the key international policy frameworks intended to assist lawmakers globally to implement optimal insolvency processes.  It contains an outline of the objects and principles that should be reflected in domestic and cross-border insolvency systems to achieve the balance that a best-practice insolvency regime aspires to: efficiency and cost effectiveness on the one hand and fairness to competing creditors on the other hand.

Read the full article which first appeared in SMU’s Singapore Global Restructuring Initiative blog on June 14, 2021.… Continue Reading

So Many Troubled California Health Care Districts, So Many Have Filed Chapter 9—Lessons To Be Learned

Posted in US

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 which was featured in California Bankruptcy Journal (Vol. 35 Cal. Bankr. J. No 3 (2020)) or contact Ms. Winthrop for a copy which she co-authored with Mary H. Rose, a shareholder of Buchalter, A Professional Corporation.… Continue Reading

Scott Atkins appointed President of INSOL International

Posted in Australia, Canada, Europe, Latin America, Singapore, UK

INSOL International is delighted to announce that Norton Rose Fulbright’s Scott Atkins has been appointed INSOL President, succeeding Julie Hertzberg.

An INSOL Fellow, having been part of the inaugural class in 2008, Scott has been heavily involved with INSOL for almost 15 years, and a Board member since 2014. Scott was a driving force behind INSOL’s Taskforce 2021 and its initiatives which included the establishment of a physical presence in the Asia Pacific region; the launch of an on-line qualification; and the development of a forum for legislators and regulators to consider restructuring and insolvency matters.

Read more on Scott Continue Reading

Global bankruptcy financial restructuring and insolvency group releases the Q2 2021 issue of International Restructuring Newswire

Posted in Australia, Canada, Europe, Latin America, UK, US

This issue of the International Restructuring Newswire surveys recent developments in no fewer than five countries.

In the United States, on the 15th anniversary of the enactment of the Model Law on Cross-Border Insolvency as Chapter 15, we present our annual survey of new case law in the US. These decisions have far-reaching influence in the more than 50 countries that have enacted the Model Law.

In Canada, we look at developments in the use of a corporate “arrangement ” as an alternative to the CCAA insolvency regime.

Recent developments in new restructuring laws are examined in … Continue Reading

Norton Rose Fulbright’s global insolvency chair is conference chair of INSOL International’s Latin America Virtual Seminar

Posted in Latin America, US

Latin America Virtual Seminar

Global Head of Financial Restructuring and Insolvency Howard Seife is conference chair of INSOL International’s Latin America Virtual Seminar, which will cover the latest news and developments in cross-border restructurings in Latin America.

The seminar will run over three different dates—March 4, March 11 and March 18.

INSOL International is a global federation of lawyer and accountant national associations who focus on turnaround and insolvency. With over 40 member associations with over 9,000 professionals, the organization involves over 100 countries.

Please visit the INSOL International site for more information and to register.… Continue Reading

Litigation trends survey

Posted in Australia, Canada, Europe, Singapore, UK, US

16th Annual Litigation Trends Survey ReportFieldwork for Norton Rose Fulbright’s sixteenth annual litigation trends survey was conducted in December 2020, providing up-to-date insights on key US disputes trends across a tumultuous year and a look ahead into 2021.

View our sixteenth annual litigation trends survey here for insights from 183 corporate counsel on disputes trends, the impact of COVID-19 on litigation, emerging dispute sources, and more.… Continue Reading

Small businesses, big changes: Australia’s new restructuring process

Posted in Australia

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 the COVID-19 pandemic. See Jeffrey Black and Nick White’s previous discussion on these issues,  here and here.

Now that the legislation has commenced, the … Continue Reading