Zone of Insolvency

Zone of Insolvency

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

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… 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

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

Posted in Latin America, US
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… 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

Scheme update: fees, class composition and forum shopping in Re Codere Finance

Posted in Europe, Latin America, UK
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… Continue Reading