Zone of Insolvency

Zone of Insolvency

Category Archives: Australia

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

Posted in Australia, U.S.
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

Will Singapore become an international center of debt restructuring?

Posted in Australia
Singapore has set its sights on becoming an “International Center for Debt Restructuring”, approaching the status of London and New York. Key to achieving that goal, in 2017 Singapore enacted the Companies (Amendment) Act 2017 which effected major legislative changes to restructuring provisions of the Singapore Companies Act (Cap 50) 2006 (referred to hereafter as… Continue Reading

Australian law reform: the new ‘safe harbour’ for directors and stay on enforcement of ‘ipso facto’ clauses

Posted in Australia
Australian insolvency laws recently underwent the most comprehensive review and reform since the early 1990s.  Part of those reforms included the introduction of: * a ‘safe harbour’ for directors in respect of the insolvent trading offence; and * a stay on the exercise of certain rights (including termination rights) for counterparties (or ‘ipso facto’ clauses).… Continue Reading

AAT approves registered liquidator application of non-resident and provides important clarification in respect of the new registration regime

Posted in Australia
Norton Rose Fulbright represented Mitchell Mansfield, an Australian citizen but who now resides in and works in Singapore, of Borelli Walsh in a successful appeal before the Administrative Appeals Tribunal (AAT) in relation to his application for registration as a liquidator. The appeal raises significant issues about the new statutory regime for the registration of… Continue Reading

AAT approves application of non-resident insolvency practitioner to become a registered liquidator

Posted in Australia
Partner Scott Atkins and senior associate Jonathon Turner acted for Mitchell Mansfield of Borelli Walsh Singapore in a successful appeal before the Administrative Appeals Tribunal (AAT) in relation to an application under the new statutory scheme for registration as a liquidator. Reasons for the decision were handed down on Tuesday. The appeal raises significant issues… Continue Reading

Republic of Myanmar: new insolvency and restructuring laws

Posted in Australia
Sydney-based Financial Restructuring and Insolvency Partners of Norton Rose Fulbright, Scott Atkins and John Martin, together with Special Counsel Rodney Bretag, are close to finalising a new insolvency and restructuring law for the Republic of Myanmar. The team from NRF are working with the Asian Development Bank and the Union Supreme Court. Their work is… Continue Reading