Good things take time: Parliamentary Joint Committee delivers report on Australia’s corporate insolvency framework

18 July, 2023
The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has delivered its report following 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] The Committee has recommended that, as soon as practicable, the Australian government should commission … Read more

TMA submissions on corporate insolvency in Australia

08 December, 2022
Herbert Smith Freehills’ restructuring, turnaround and insolvency team has supported the Turnaround Management Association of Australia (the TMA) in preparing the TMA’s submissions (TMA Submissions) to the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) for the purposes of its inquiry into corporate insolvency in Australia. Read more

Parliamentary inquiry into corporate insolvency in Australia

31 October, 2022
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

Can a Chapter 15 order discharge US law governed debt for the purposes of the rule in Gibbs? The Rare Earth and Modern Land decisions

19 July, 2022
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

Launch of leading Australian book on schemes of arrangement

01 December, 2021
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

UK schemes and restructuring plans for businesses in Asia Pacific

08 October, 2021
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

TMA submissions on Australian creditors’ scheme of arrangement consultation

22 September, 2021
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