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

An effective restructuring process will need to apply in all relevant jurisdictions where creditors may seek to enforce their debts against the company. There are often choices for the best implementation mechanism for a cross-border restructuring, which will need to take into account the global footprint and capital structure of each business. Frequently a bespoke … Read more

Herbert Smith Freehills’ restructuring, turnaround and insolvency team has supported the Turnaround Management Association of Australia (the TMA) in considering and preparing the TMA’s submissions in response to the Australian Government’s consultation paper Helping Companies Restructure By Improving Schemes of Arrangement (the Consultation Paper). On 2 August 2021, the Treasury released a consultation paper seeking … Read more

A review has commenced of the “safe harbour” regime that was introduced in 2017 to provide directors with a greater degree of protection from liability under Australia’s insolvent trading provisions. Read more