Federal Government to adopt US-style insolvency rules to help with expected wave of business closures, says Treasurer Josh Frydenberg – ABC News

The Federal Government is planning to overhaul insolvency rules, adopting an American-style model to help small businesses struggling because of the coronavirus pandemic to either restructure or fold. Key points: Finance bodies expect a wave of insolvencies when emergency protections for business owners expire at the end of the year The reforms will allow small…

Government will reform insolvency system to improve distressed small businesses’ survival chances – The Conversation AU

The Morrison government will make sweeping changes to the insolvency system to improve the chances of saving small businesses hit by the pandemic. The reforms which are described as the most significant for three decades will cover three quarters of businesses currently subject to insolvency, almost all of which have less than 20 employees. The…

Comparing pre- and post-Covid restructuring & insolvency trends – International Financial Law Review

Before the Covid-19 outbreak, from late 2019 to early 2020, the market was already witnessing a significant increase in the number of companies applying for court-supervised insolvency proceedings, including bankruptcy, an insolvent liquidation proceeding, and rehabilitation, a proceeding somewhat akin to a Chapter 11 bankruptcy proceeding in the US. The number of distressed companies was…

Corporate Insolvency & Restructuring Report 2020: Covid-19 Special Focus: Croatia – International Financial Law Review

Beside the ongoing debates regarding the Extraordinary Administration Proceedings (EAP), which was a tailormade framework to manage the restructuring of Agrokor, market trends show a drop in numbers in both pre-insolvency and insolvency cases. This downward trend originates in the 2015 restructuring and insolvency reform that over-formalised the pre-insolvency process and discouraged debtors from using…

Corporate Insolvency & Restructuring Report 2020: Covid-19 Special Focus: Hong Kong SAR – International Financial Law Review

Hong Kong SAR does not have a statutory corporate rescue regime. Many restructurings take the form of workouts, implemented by consent or by way of a Hong Kong SAR law scheme of arrangement. The court appointment of a provisional liquidator, which displaces the company’s directors and includes a statutory stay on proceedings, may be used…

Corporate Insolvency & Restructuring Report 2020: Covid-19 Special Focus: Luxembourg – International Financial Law Review

As with the rest of the world, the Covid-19 pandemic has been affecting the operation of companies registered in Luxembourg in multiple ways. With new challenges lying ahead owing to this unprecedented health and economic crisis, local economic stakeholders have had to revisit their business models and prioritise short-term strategies to ensure the viability of…

Boris Becker due in court over claims he ‘hid property portfolio, bank accounts and shares’ – Daily Mail

Boris Becker will appear in court this week to face 19 criminal charges over claims he ‘hid property portfolio, bank accounts and shares in artificial intelligence firm’ during bankruptcy hearings Boris Becker, 52, faces claim that he hid finances at his 2017 bankruptcy hearing It’s alleged he failed to declare three properties, along with two…