Zone of Insolvency

Zone of Insolvency

Scott Atkins (AU)

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Insolvency insights in South Square Digest special edition with INSOL International

Posted in Australia, Financial Restructuring & Insolvency, Global, UK
This special edition of the South Square Digest features collaborative articles with members of INSOL International, with a particular emphasis on transaction avoidance. Read the latest insights from Scott Atkins, Partner and President of INSOL International; Noel McCoy, Partner and member of INSOL International; and Lee Pascoe, Special Counsel and member of INSOL International. Evidence gathering… Continue Reading

The use of mediation to improve global restructuring outcomes in a post-pandemic world

Posted in Australia, Financial Restructuring & Insolvency, Global, Singapore, UK, US
Jurisdictions across the world have been seeking to simplify their domestic insolvency processes and create flexible restructuring alternatives to enable viable entities experiencing financial distress to have better prospects of recovery. In an article co-authored by Scott Atkins and Debra Grassgreen and published in the Global Restructuring Review, the authors discuss the potential uses of mediation… Continue Reading

Outer Space: The New Frontier for Restructuring and Insolvency

Posted in Australia, Financial Restructuring & Insolvency, Global
Activities in outer space have increased significantly over the last few years and there is a river of untapped potential in the modern ‘space economy’. In an article written for International Corporate Rescue, Scott Atkins and Dr Kai Luck explore the intersection between outer space activities and restructuring and insolvency. Read the article here.… Continue Reading

UNCITRAL Academy 2021 Webinar: Potential Uses of Mediation in Debt Restructuring and Insolvency

Posted in Australia, Singapore
Webinar Global | September 08, 2021 | 09:00 – 17:30 AWST On 8 September 2021, Norton Rose Fulbright Partner and Australian Chair, Scott Atkins spoke on a panel at the inaugural United Nations Commission on International Trade Law (UNCITRAL) Academy, as part of Singapore Convention Week 2021. The event, held annually, is co-organised by the Singapore Ministry of Law and… Continue Reading

APKI Webinar on COVID-19 Temporary Measures to Prevent the Increasing Insolvency and PKPU Petitions in Indonesia

Posted in Australia
Scott Atkins joined the Indonesian Receivers and Administrators Association’s webinar on September 2, 2021 to discuss the temporary insolvency measures introduced in Australia and other jurisdictions in response to COVID-19. He also discussed some of the more enduring and permanent insolvency reforms that certain jurisdictions have begun to introduce. The webinar featured a keynote address… Continue Reading

2021 World Bank & INSOL International’s Legislative & Regulatory Group: COVID-19 response and the challenges ahead

Posted in Australia, Canada, Europe, Latin America, Singapore, UK, US
This article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group). COVID-19 continues to… Continue Reading

Cross-border insolvency in Hong Kong: Will the new cooperation and coordination framework with mainland China provide the impetus for broader reform

Posted in Australia
The Government of the Hong Kong Special Administrative Region and the Supreme People’s Court of the People’s Republic of China recently signed a joint record of meeting on mutual recognition of, and assistance to bankruptcy and insolvency proceedings between the courts of the Mainland and of the HKSAR. International Corporate Rescue has now published an… Continue Reading

An Australian perspective – directors’ duties in an insolvency context: existing regulations and opportunities for reform under UNCITRAL Legislative Guide framework

Posted in Australia
UNCITRAL’s Legislative Guide on Insolvency Law is one of the key international policy frameworks intended to assist lawmakers globally to implement optimal insolvency processes.  It contains an outline of the objects and principles that should be reflected in domestic and cross-border insolvency systems to achieve the balance that a best-practice insolvency regime aspires to: efficiency… Continue Reading

Contagion liability risk in the United States and Australia for parent entities arising from the insolvency of a subsidiary

Posted in Australia, US
With the influx of insolvency cases expected on a global basis in coming months as government support measures are wound back, now is an opportune time for businesses to consider the extent of their potential exposure if a subsidiary liquidates. In particular, can losses be isolated within a liquidating subsidiary, or will there be a contagion… Continue Reading

UNCITRAL draft Model Law on Enterprise Group Insolvency

Posted in Australia
In December 2018, UNCITRAL Working Group V (Insolvency Law) held its 54th session in Vienna where it discussed, among other topics, cross border insolvency of enterprise groups. These discussions included amendments to the Enterprise Group Insolvency: Draft Model Law (‘draft Model Law’) and the Enterprise Group Insolvency: Guide to Enactment of the Draft Model Law… Continue Reading

English Court of Appeal affirms application of the “Gibbs Rule” in a cross-border restructuring

Posted in Australia, US
Under the English common law rule known as the “Gibbs rule,” a contractual obligation can be changed or discharged only in accordance with the law governing that obligation. Consequently, a debt governed by English law may not be discharged in a foreign insolvency or under a foreign restructuring plan unless the creditor submits to the… Continue Reading

AAT approves registered liquidator application of non-resident and provides important clarification in respect of the new registration regime

Posted in Australia
Norton Rose Fulbright represented Mitchell Mansfield, an Australian citizen but who now resides in and works in Singapore, of Borelli Walsh in a successful appeal before the Administrative Appeals Tribunal (AAT) in relation to his application for registration as a liquidator. The appeal raises significant issues about the new statutory regime for the registration of… Continue Reading

AAT approves application of non-resident insolvency practitioner to become a registered liquidator

Posted in Australia
Partner Scott Atkins and senior associate Jonathon Turner acted for Mitchell Mansfield of Borelli Walsh Singapore in a successful appeal before the Administrative Appeals Tribunal (AAT) in relation to an application under the new statutory scheme for registration as a liquidator. Reasons for the decision were handed down on Tuesday. The appeal raises significant issues… Continue Reading

Republic of Myanmar: new insolvency and restructuring laws

Posted in Australia
Sydney-based Financial Restructuring and Insolvency Partners of Norton Rose Fulbright, Scott Atkins and John Martin, together with Special Counsel Rodney Bretag, are close to finalising a new insolvency and restructuring law for the Republic of Myanmar. The team from NRF are working with the Asian Development Bank and the Union Supreme Court. Their work is… Continue Reading