To our clients and friends

As we go to press, the war in Ukraine continues. Russia is unrelenting in continuing its brutal military campaign that has left cities in ruin and forced millions to flee their homes. Here at Norton Rose Fulbright we stand unequivocally behind the people of Ukraine and have made the decision to wind down our operations in Russia and to close our Moscow office.

Putin's war against Ukraine has created a whole new set of risks for the global economy that was already facing challenges created by the deadly COVID-19 pandemic. The pandemic impaired global supply chains and led to soaring transport costs. Now, disruptions from the war are stoking global inflation, with soaring prices for oil and food and rising interest rates. This has led forecasters to sharply lower their estimates of economic growth this year. William Dudley, a former president of the Federal Reserve Bank of New York, has gone so far as to suggest that a recession is "virtually inevitable." Whether Dudley is correct remains to be seen—economists are notoriously terrible at predicting recessions.

With such global instability, those of us in the restructuring community would be well advised to stay current on all of the recent developments and changes in the restructuring environment around the world. In this issue, my colleagues from the United States, Singapore, Canada, Australia, Italy and the Netherlands provide you with these critical updates.

• Recent case law developments in Singapore’s restructuring and insolvency laws show balancing between pro-rehabilitation policies and pro-creditor policies
• Year in review: Significant US Chapter 15 decisions in 2021
• The Dutch Scheme (WHOA) in practice: First two large restructuring plans confirmed by the Dutch Courts
• Harte Gold: Reverse Vesting Orders to be used for necessity and not mere convenience
• Additional help for companies in crisis: Italian legislature amends and extends COVID-19 relief
• Public examination powers by private parties significantly increased by High Court of Australia

Stay well,

Howard Seife
Global Head
Bankruptcy, Financial Restructuring and Insolvency

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