21 November 2019
Liquidator's firm ordered to pay costs of insolvent company's unsuccessful litigation
The High Court has ordered a liquidator's firm to pay a proportion of the costs incurred by successful defendants following judgment in proceedings commenced by a claimant company in liquidation. The court held that the liquidator's firm should not be made liable for all of the defendants' costs,...
23 October 2019
Managing Contractor Insolvency: A Legal and Practical Guide
One of the biggest risks faced by an employer in a construction project is the impact of the main contractor becoming insolvent, particularly in the current economic climate where it has become clear that main contractors are not regarded as being “too big to fail”. In this article, we discuss how...
07 October 2019
Re-Assessing Directors' Liability for Unlawful Dividends
PRACTICAL IMPLICATIONS FOR COMPANIES AND OFFICEHOLDERS Revisiting over 150 years of case law, the High Court has resolved a question on which both the courts and textbooks had given conflicting answers: is a director's liability for payment of a dividend which is unlawful as a result of incorrect...
06 September 2019
Classic cross-border cooperation: joint court hearings in the Halifax insolvency
On 22 August 2019, the Federal Court of Australia ( FCA ) held that it could make a request to the New Zealand High Court ( NZHC ) that there be a joint hearing of those courts in respect of applications relating to the pooling of various funds held by companies subject to Australian and New...
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...
11 December 2019
Real Estate. Reconsidered
The real estate sector has been at the centre of many of the most significant changes that are impacting the modern world. A decade ago the financial crisis shook our markets. However, the subsequent drive for diversification has led to an unprecedented period of cross-border investment and...
11 December 2019
Big data is transforming investigations
Big data is rapidly changing the way in which regulators and law enforcement conduct an investigation and build a case. New technology reduces compliance costs, but also increases regulatory expectations of businesses' monitoring, detection and reporting capabilities. And, as technology evolves,...
10 December 2019
The ACCC pilots its first ‘effect test’ in misuse of market power proceedings
On 6 December 2019, the ACCC launched its first enforcement proceedings under the new ‘effects test’ prohibition on misuse of market power. The proceedings will provide much needed guidance as to how the much-debated ‘effects test’ will apply to unilateral conduct. It is noteworthy that the two...
10 December 2019
Capital controls in the UK?
Since the US Dollar departed from the gold standard in 1971 much of the world has abandoned or substantially relaxed capital and exchange controls. International trade and investment has grown dramatically since that time and it is acknowledged that open markets stimulate trade. The UK has been...
06 December 2019
Corporate Crime update, December 2019
Welcome to the December 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click read more on...
04 December 2019
Online harmful content: the race to regulate
The decentralised, global internet has democratised many facets of everyday life, and consequently has allowed everyday citizens, extremists and everyone in between to share their views. The consequential proliferation of online harmful content meant some form of regulation was inevitable. However...
04 December 2019
Tech Regulation Series: The End of Permissionless Innovation?
The tech regulatory landscape is changing rapidly. It is complex and fragmented, both globally and by subject matter, making it difficult for technology providers to navigate. Almost weekly there are new headlines warning of risks and perils of ‘big tech’ and misuse of data. Now, more than ever, it...
02 December 2019
THE ANTI-BRIBERY AND ANTI-CORRUPTION REVIEW - THE 8TH EDITION: RUSSIA CHAPTER
The article highlights recent trends and summarises key developments of the anti-bribery and anti-corruption landscape in Russia. As a member of leading international organisations and conventions on countering corruption Russia makes efforts to implement international best practice. The country is...
29 November 2019
Considerations for bidders who dispose of target shares during a scheme
The application by ASIC to the Takeovers Panel in the recent Australian Unity Office Fund ( AOF ) trust scheme is a reminder that there are a number of important considerations that a bidder should keep front of mind if proposing to dispose of a pre-scheme stake during a scheme of arrangement.