Beyond COVID-19: Bankruptcy, financial restructuring and insolvency

Australia: The ‘false comfort’ of extended temporary insolvency law measures and the need for deeper structural reform

Many businesses and industry groups are currently advocating for the Treasurer to extend the temporary six month exemption from insolvent trading liability for directors.

Australia | Publication | July 27, 2020

The UK Corporate Insolvency and Governance Act 2020: A move to a more debtor-friendly restructuring regime?

UK: Corporate Insolvency and Governance Act 2020: More debtor-friendly restructuring regime?

The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis.

United Kingdom | Publication | July 09, 2020

Global: Debt restructuring: International tax considerations

The increasingly unpredictable economic landscape has created uncertainty and distress for businesses across a broad range of sectors and markets.

United Kingdom | Publication | July 03, 2020

UK: Pensions Briefing: Pension Schemes and the Corporate Insolvency and Governance Act 2020

The Corporate Insolvency and Governance Act 2020 (the Act) made lightning quick progress through the Parliamentary process – it was introduced as a Bill in the House of Commons on May 20, 2020, and obtained Royal Assent on June 25, 2020.

United Kingdom | Publication | July 03, 2020

Voluntary administration and the evolving judicial approach to the reallocation of financial risk in the face of COVID-19

Under Australian law, voluntary administration is intended to be a fast and efficient process to facilitate the restructuring, sale or, if necessary, liquidation of an insolvent company.

Global | Publication | June 11, 2020

Global: Disputes funding in the COVID-19 pandemic environment

The COVID-19 global pandemic is forcing businesses of all shapes and sizes to pursue alternate sources of funding to ensure the advancement of pending claims, to bring new claims arising out of the pandemic and to enhance cash flow where possible to survive. Understanding the range of dispute funding options available is critical to assess whether and, if so, how such funding can be leveraged to help a business weather the current COVID-19 environment – and what is yet to come.

Global | Publication | June 04, 2020

Australia: COVID-19: Directors’ duties and obligations under the Corporations Act 2001 (Cth)

This legal update expands on and should be read in conjunction with the basic insolvency principles outlined in Part 2 (Insolvency fact sheet) of this series of legal updates. This update focusses on assisting company directors to understand their obligations under the new temporary relief measures in place during the COVID-19 crisis.

Australia | Publication | May 29, 2020

Australia: Will the real zombie please stand up? The opportunity for directors to take control

In our post last week, we flagged the risk of a ‘zombie company’ pandemic, with the potential for entities that faced endemic operational and liquidity issues pre-COVID-19 to use government subsidies to continue to operate despite having no genuine prospect of successful, independent and sustainable trade post-crisis.

Australia | Publication | May 20, 2020

The new pandemic: Zombie companies will eat Australia’s COVID-19 economic recovery

Australia: The new pandemic: Zombie companies will eat COVID-19’s economic recovery

A critical feature of any insolvency process is to facilitate economic efficiency.

Australia | Publication | May 14, 2020