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The Treasury has released a consultation paper on changes to improve creditors’ schemes of arrangement in Australia (the Consultation Paper).[1] The main proposal in the Consultation Paper is the consideration of a broad automatic moratorium, available to companies proposing a creditors’ scheme of arrangement. In addition, the Consultation Paper briefly touches on a number of … Read more
In another leap forward for cross-border insolvency cooperation between Hong Kong and Mainland China, the Hong Kong Court has issued its very first letter of request to a Mainland Court requesting recognition and assistance of Hong Kong liquidators under the new arrangement for mutual recognition of and assistance to insolvency proceedings introduced on 14 May … Read more
In the recent case of Re Hydrodec Group Plc [2021] NSWSC 755 (Hydrodec) the Supreme Court of New South Wales (NSW Supreme Court or Court) rejected an application by a non-operating holding company, Hydrodec Group Plc (the Company), for recognition of its United Kingdom (UK) debtor-in-possession Part A1 moratorium process (Part A1 Moratorium) and relief … Read more
We recently wrote about the New Arrangement for mutual recognition of insolvency processes between certain pilot areas in the Mainland (i.e. Shanxi, Xiamen and Shenzhen) and Hong Kong (the New Arrangement). Re China All Access (Holdings) Ltd [2021] HKCFI 1842 is an early case that sheds light on how the New Arrangement may facilitate the … Read more
The Hong Kong Court of Final Appeal (the CFA) has clarified in a recent judgment the application of section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO) and when the court will grant a validation order. As will be familiar to many readers, s182 of CWUMPO provides that any disposition of a … Read more
On 14 May 2021, the Vice-President of the Supreme People’s Court of the PRC and the Hong Kong Secretary for Justice signed a brief Record of Meeting, setting out a consensus on the mutual recognition of and assistance to insolvency proceedings between the Mainland China and Hong Kong. The new arrangement will apply first to … Read more
A recent pair of decisions of the Hong Kong Companies Court (the Court) has immense potential significance for debtor companies listed on the Stock Exchange of Hong Kong (HKEx) and their Hong Kong creditors. Read more
On 22 October 2020, the Australian Securities and Investment Commission (ASIC) announced changes to its requirements for applications for relief from the takeover provisions in Chapter 6 of the Corporations Act 2001 (Cth) (the Act) in connection with shares being transferred via a deed of company arrangement (a DOCA) and section 444GA of the Act. Read more
On 29 September 2020, the Federal Court of Australia published its much anticipated decision in Habrok (Dalgaranga) Pty Ltd v Gascoyne Resources Ltd [2020] FCA 1395, dismissing Habrok’s attempt to set aside a Deed of Company Arrangement (DOCA) that would mark the end of a 15 month administration period, and facilitate the recapitalisation, refinance, and … Read more
