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.
22 May 2019
CMA director disqualification cases signal greater focus on individual liability for breach of competition rules
On 10th May 2019 the CMA secured the disqualification of three former directors of companies involved in a bid rigging cartel in the design, construction and fit-out services sector. The three directors have given legally binding disqualification undertakings under which they will be banned from...
21 May 2019
A new Aboriginal heritage system for WA
In March 2019, the Minister for Aboriginal Affairs released a discussion paper outlining proposals for reforming the Aboriginal Heritage Act 1972 (WA) ( Discussion Paper ). The 31 May 2019 date for lodging a submission in response to the Discussion Paper is fast approaching. Any person with land or...
21 May 2019
Foreign Direct Investment Podcast: Episodes 1-4 now available
Herbert Smith Freehills and Global Counsel have joined forces to explore the key issues affecting foreign direct investment from a legal and political perspective. Each podcast looks at how specific regimes across the world shape wider global trends, covering what transacting parties should be...
20 May 2019
The next step in the battle for data? EU Commission opens formal investigation into Ireland's insurance market
On 14 May 2019, the EU Commission (" the Commission ") announced that it has opened a formal antitrust investigation into Insurance Ireland, an association of insurance companies active in Ireland (" Investigation "). The association administers a database (Insurance Link), to which its member...
20 May 2019
Africa Day 2019 celebration in London
Join us at Herbert Smith Freehills LLP for an event in honour of international Africa Day on Monday 20 May 2019. Africa Day is a global annual celebration of the founding of the Organisation of African Unity, as well as independence and development across the continent.
16 May 2019
The Dynamics of Diversity
Organisational diversity is not a new concept. It is increasingly being recognised that a diverse workforce and leadership team are not only necessary but also a strategic asset. Less well understood are the reasons why diversity initiatives either flourish or founder, if they are implemented at...
16 May 2019
A mega boost for the mega projects of the future
At a business breakfast in Perth on Wednesday 15 May, Bill Shorten announced an important policy the ALP will pursue if it achieves Government after this weekend’s election. The initiative will enable greenfield enterprise agreements to be struck for a period which covers the whole of the...
15 May 2019
A Gig Deal – ‘Gig Economy’ Regulation Initiatives at the Federal Level
The Australian Labor Party (ALP) has a broad industrial relations platform that it is promoting in the lead up to the federal election. However, one key policy that has been set since early 2018 is a ‘crackdown’ on what is described as the ‘casualisation of Australia’s workforce and insecure work...
14 May 2019
Australian Federal Election Reforms Podcast: Episodes 1-2 now available
As part of Herbert Smith Freehills’ series on the employment and industrial relations reforms leading up to the Australian federal election, the inaugural podcast focuses on the Australian Labor Party’s policy platform. Future podcasts will focus on specific subject areas in more details.