The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has commenced an inquiry into the “effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy”.[1] Read more

The Supreme Court of the United Kingdom (the Supreme Court)(UK) has delivered the much anticipated decision in BTI 2014 LLC v Sequana SA [2022] UKSC 25 confirming the existence, content and timing of the duty of directors to have regard to creditors where a company is insolvent. Whilst a UK decision, it is likely to be … Read more

With a tightening market for capital, the ‘safe harbour’ protections may be critical for Australian startups and scaleups who are unsure if they can raise more capital within their current cash runway or who need to raise through debt securities like convertible notes. Relying on ‘safe harbour’ shouldn’t be seen as an admission of failure … Read more

On 6 June 2022, Mr Justice Harris sanctioned a Hong Kong scheme of arrangement for Rare Earth Magnesium Technology Group (the Company) in re Rare Earth Magnesium Technology Limited [2022] HKFCI 1686 (Rare Earth). In some obiter remarks made in the course of that decision, Harris J suggested that a common restructuring practice might not … Read more

In the recent case of Re Prosafe SE; Chang Chin Fen v Cosco Shipping (Qidong) Offshore Ltd [2021] CSOH 94 (Re Prosafe), the Scottish Court of Session has dismissed an application by Norwegian ship-operator Prosafe for the Court to stay enforcement of English law governed claims in support of Prosafe’s Singapore moratorium process. The application … Read more

After almost 9 years in the making, the much anticipated 4th edition of Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement has finally been released in conjunction with the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney. The 4th edition covers developments since 2013 and around 800 new … Read more

We are delighted that Herbert Smith Freehills and partner Nikki Smythe have been recognised by Turnaround Management Association (TMA) in the global 2021 Turnaround/Transaction of the Year Awards for her work on the acquisition of Virgin Australia out of voluntary administration. Herbert Smith Freehills joins Bain Capital, Clayton Utz, Deloitte, Houlihan Lokey, and KordaMentha, in … Read more

The Hong Kong Court has broken yet more new ground by recognising Mainland China reorganisation proceedings for the first time in Re HNA Group Co Limited [2021] HKCFI 2897. Previously, Mainland China liquidation proceedings have been recognised by the Hong Kong Court (for the first time in CEFC Shanghai International Group Ltd [2020] HKCFI 965, … Read more