25 October 2018
Asia-Pacific Restructuring Review 2019
The Asia-Pacific Restructuring Review 2019 provides exclusive insight from local practitioners in 10 different Asia-Pacific jurisdictions. Herbert Smith Freehills and Hiswara Bunjamin & Tandjung authored the Australian and Indonesian chapters (respectively) for the Asia-Pacific Restructuring...
27 September 2018
“Holding” DOCAs confirmed as valid by High Court of Australia
On 12 September 2018, the High Court of Australia ( High Court ) gave judgment in the case of Mighty River International Limited v Hughes ( Mighty River ). 1 In that decision, the High Court (by a 3:2 majority) held that a “holding” deed of company arrangement ( DOCA ) is valid.
24 July 2018
India proposes to adopt the UNCITRAL Model Law on Cross-Border Insolvency
On 20 June 2018, the Indian Government released a suggested draft chapter on cross-border insolvency to be included into the Insolvency & Bankruptcy Code, 2016 ( Code ). This addresses a missing link in the ambitious reforms of the Indian insolvency framework and is to be welcomed.
09 July 2018
Comments on UK proposal for the future relationship with the EU
Last Friday, 6 July, it was understood that the UK Cabinet had finally united around a UK position on the desired future relationship with the EU. However, it now remains to be seen if the proposal survives the protests of “betrayal” heard from some quarters and the resignations of the Secretary of...
03 July 2018
Australia’s new ipso facto regime is now live: Are your contractual rights affected?
Australia’s new ipso facto regime is now in effect. It stays the enforcement of contractual rights triggered upon the entry of a corporate counterparty into certain restructuring and insolvency processes. The regime will affect a broad range of contracts entered into on or after 1 July 2018;...
17 April 2018
Ipso facto law reform: public consultation commences on exceptions to the stay
On 16 April 2018, the Australian Federal Government ( Government ) launched a public consultation on proposed exceptions to the recently enacted stay on ipso facto clauses. These exceptions, which will be contained in a forthcoming declaration and regulations, will be critical to the operation of...
28 February 2018
Getting back to Bis-ness: Ground-breaking use of creditors’ schemes effects A$1.2 billion restructuring
Bis Industries’ ground-breaking creditors’ schemes of arrangement facilitated the restructure of A$1.2 billion of debt and transferred ownership of the Bis Industries group to its lenders.
14 February 2018
The UK's access to the EU's preferential trade arrangements
The position of the UK under the EU's preferential trade agreements following Brexit is likely to become a major complicating factor in the negotiations. UK-based companies that rely on such agreements should be warned of the potential difficulties that may arise. The EU has approximately 60...
23 January 2018
Rights of creditors – requesting information from liquidators and administrators
The Insolvency Practice Schedule (Corporations) set out in Schedule 2 of the Corporations Act 2001 (Cth) ( Schedule ), and the Insolvency Practice Rules (Corporations) 2016 ( Rules ), grant individual creditors increased rights to information in the conduct of an external administration.
21 November 2017
High Court refuses priority rescue financing status in first case on Singapore’s new DIP financing regime
In the first judgment under Singapore’s new ‘super priority’ DIP financing regime, the Singapore High Court declined to grant priority status to funds to be advanced to the Attilan Group. The Singapore regime is the first to import US Chapter 11-style DIP priority funding mechanisms into a...
16 November 2017
General Counsel Update, November 2017
This is the latest in our series of general counsel updates which aim to summarise major developments in key areas. Click Download for a copy of the update. Please see a summary of content below. Click download above for a full copy. For more information, please contact Emily Lew , Editor.
20 August 2019
DC Circuit Court Requires Subpoenaed Chinese Banks to Produce Documents in Money Laundering Case
On July 30, 2019, the US Court of Appeals for the DC Circuit unanimously upheld a district court order requiring three unnamed Chinese banks to produce financial records subpoenaed by US federal prosecutors. Although the US government does not currently suspect that the subpoenaed banks took part...
16 August 2019
NSW Modern Slavery – opportunity to provide input
In June 2018, the Parliament of New South Wales passed the NSW Modern Slavery Act , ahead of the Commonwealth Modern Slavery Act which passed in December 2018. However, the NSW Modern Slavery Act is yet to commence and it has been reported that the NSW Special Minister of State had received advice...
15 August 2019
Australian Patent Update: three key changes underway
Last August we considered IP Australia’s Exposure Draft outlining the potential impact of proposed changes to the Patents Act 1990 (Cth). Following the Exposure Draft’s release, IP Australia received 18 submissions in response, including submissions from AusBiotech, Medicines Australia and the...
07 August 2019
Policyholder successfully appeals refusal to apply one deductible to multiple claims in Class Action
In good news for policyholders defending class actions, the NSW Court of Appeal has ruled that multiple claims in a class action against Bank of Queensland over a “Ponzi scheme” should be treated as a single claim under the Civil Liability Policy’s aggregation clause, meaning that only one...
05 August 2019
Paddling to surfing: the rise of Online Dispute Resolution
ODR has become a common term in the disputes world. Given business is almost always conducted online, why shouldn't disputes be resolved in the same way? Whether it is Brexit or the Belt and Road, ODR has been touted as part of the solution.
31 July 2019
Takeovers Panel issues guidance on shareholder requisitions and undisclosed associations
The Takeovers Panel recently found that unacceptable circumstances existed in relation to Aguia Resources in the context of a shareholder requisitioned meeting to change the composition of the company’s board. Whilst the Panel has generally been reluctant to interfere with shareholders’ rights to...
30 July 2019
CONSTRUCTION CONTRACT & CLAIMS MANAGEMENT PODCAST
In this podcast series, our Construction & Infrastructure Disputes experts discuss construction contract and claims management in the UK. The series covers common contentious issues arising from construction contract management and construction claims and explores the legal and practical do's...
29 July 2019
ACCC’s game changing digital platforms final report: 5 things you need to know
The ACCC is at the forefront of the global debate on the implications and consequences of digital platforms for competition and consumers. In its final report , the ACCC has approached the challenges and opportunities presented by digital platforms by adopting a holistic approach that takes account...