Zone of Insolvency

Zone of Insolvency

Category Archives: Australia

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The use of mediation to improve global restructuring outcomes in a post-pandemic world

Posted in Australia, Financial Restructuring & Insolvency, Global, Singapore, UK, US
Jurisdictions across the world have been seeking to simplify their domestic insolvency processes and create flexible restructuring alternatives to enable viable entities experiencing financial distress to have better prospects of recovery. In an article co-authored by Scott Atkins and Debra Grassgreen and published in the Global Restructuring Review, the authors discuss the potential uses of mediation… Continue Reading

John Martin appointed President of the International Insolvency Institute

Posted in Australia, Financial Restructuring & Insolvency, Global
Norton Rose Fulbright is delighted to announce that restructuring and insolvency partner, John Martin has been appointed President of the International Insolvency Institute, succeeding Debra Grassgreen. Having been a Board member of the International Insolvency Institute since 2016, John most recently served as a Vice President. At the Institute’s annual conference in New York this… Continue Reading

Outer Space: The New Frontier for Restructuring and Insolvency

Posted in Australia, Financial Restructuring & Insolvency, Global
Activities in outer space have increased significantly over the last few years and there is a river of untapped potential in the modern ‘space economy’. In an article written for International Corporate Rescue, Scott Atkins and Dr Kai Luck explore the intersection between outer space activities and restructuring and insolvency. Read the article here.… Continue Reading

UNCITRAL Academy 2021 Webinar: Potential Uses of Mediation in Debt Restructuring and Insolvency

Posted in Australia, Singapore
Webinar Global | September 08, 2021 | 09:00 – 17:30 AWST On 8 September 2021, Norton Rose Fulbright Partner and Australian Chair, Scott Atkins spoke on a panel at the inaugural United Nations Commission on International Trade Law (UNCITRAL) Academy, as part of Singapore Convention Week 2021. The event, held annually, is co-organised by the Singapore Ministry of Law and… Continue Reading

APKI Webinar on COVID-19 Temporary Measures to Prevent the Increasing Insolvency and PKPU Petitions in Indonesia

Posted in Australia
Scott Atkins joined the Indonesian Receivers and Administrators Association’s webinar on September 2, 2021 to discuss the temporary insolvency measures introduced in Australia and other jurisdictions in response to COVID-19. He also discussed some of the more enduring and permanent insolvency reforms that certain jurisdictions have begun to introduce. The webinar featured a keynote address… Continue Reading

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… 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… Continue Reading

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… 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… 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… Continue Reading

Litigation trends survey

Posted in Australia, Canada, Europe, Singapore, UK, US
Fieldwork 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… 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… Continue Reading

Contagion liability risk in the United States and Australia for parent entities arising from the insolvency of a subsidiary

Posted in Australia, US
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… Continue Reading

Modernising business registers and director identification numbers

Posted in Australia
A package of five legislative reforms — Commonwealth Registers Bill 2019, Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2019, Business Names Registration (Fees) Amendment (Registries Modernisation) Bill 2019, Corporations (Fees) Amendment (Registries Modernisation) Bill 2019, and National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Bill 2019 — received royal assent on 23 June… Continue Reading

UNCITRAL draft Model Law on Enterprise Group Insolvency

Posted in Australia
In December 2018, UNCITRAL Working Group V (Insolvency Law) held its 54th session in Vienna where it discussed, among other topics, cross border insolvency of enterprise groups. These discussions included amendments to the Enterprise Group Insolvency: Draft Model Law (‘draft Model Law’) and the Enterprise Group Insolvency: Guide to Enactment of the Draft Model Law… Continue Reading

English Court of Appeal affirms application of the “Gibbs Rule” in a cross-border restructuring

Posted in Australia, US
Under the English common law rule known as the “Gibbs rule,” a contractual obligation can be changed or discharged only in accordance with the law governing that obligation. Consequently, a debt governed by English law may not be discharged in a foreign insolvency or under a foreign restructuring plan unless the creditor submits to the… Continue Reading