TMA submissions on Australian creditors’ scheme of arrangement consultation

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

How are creditors’ schemes of arrangement actually used in Australia?

In light of the Australian Government’s recent consultation paper on improving creditors’ schemes of arrangement, we have assessed how creditors’ schemes of arrangement have actually been used in the Australian market since the global financial crisis in 2008. We set out the summary of this assessment, and some key observations below. We think this data … Read more

Treasury consults on Australian creditors’ schemes of arrangement reforms

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

Great leap forward: Hong Kong Court issues first letter of request under Mainland-Hong Kong arrangement for mutual recognition of insolvency

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