Corporate Restructuring & Insolvency in Australia 2020

  • PDF File (881KB)
  • 1.5 Hours Reading Time
  • Reporters: Maria O’Brien and Timothy Sackar
  • Index:
    • Introduction to Australian Insolvency Law Regime
    • Voluntary Administration
    • Schemes of Arrangement
    • Recognition of Foreign Insolvency Procedures in Australia
    • Appendix of Legislation Referred To
      *Click to to see full Index

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Corporate Restructuring and Insolvency Asia 2020
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Asian Business Law Institute

Launched in January 2016, the Asian Business Law Institute (ABLI), a subsidiary of the Singapore Academy of Law, is a permanent institute based in Singapore that initiates, conducts and facilitates research with a view to providing practical guidance in the field of Asian legal development and promoting the convergence of Asian business laws. Its mission is to remove unnecessary or undesirable differences between Asian legal systems that pose obstacles to free and seamless trade.

ABLI’s long-term strategic direction in accordance with its aims is set by its Board of Governors chaired by The Honourable the Chief Justice Sundaresh Menon of the Supreme Court of Singapore. The Board comprises representatives from Australia, China, India and Singapore and other internationally renowned legal experts.

International Insolvency Institute (III)

International Insolvency Institute (III)

The International Insolvency Institute (III) is a non-profit, limited-membership organisation dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international co-operation in the insolvency area and achieving greater co-ordination among nations in multinational business reorganisations and restructurings, with membership drawn from the most senior and respected insolvency practitioners, judges and academics in the world and it has valuable liaisons with many of the most senior regulatory and administrative professionals in the insolvency field.

III, due to its exceptional membership, its international leadership, and its resources, plays a valuable and highly significant role in the international insolvency field. It has achieved a worldwide reputation and is developing into a catalyst for improvement and change in the international insolvency area that has few, if any, equals.

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Index

A. INTRODUCTION TO AUSTRALIAN INSOLVENCY LAW REGIME

i. Introduction

a. Sources of Australian insolvency law
b. Jurisdiction of the courts
c. Practice and procedure in the courts
d. Role of the court in the insolvency processes

ii. Features and regulation of Australian companies

a. Features of Australian companies
b. Australian Securities and Investments Commission

iii. Asset security in Australia

iv. Directors' duties

a. Duties of directors of distressed entities
b. Duty to prevent insolvency trading
c. "Safe harbour" reform
d. Duties of directors and officers of companies in external administration

v. Formal insolvency processes applicable to corporate debtors

a. Liquidation or winding up

I. RANKING OF CREDITOR CLAIMS IN LIQUIDATION
II. AVOIDANCE, PREFERENCE AND CLAWBACK RULES IN LIQUIDATION

b. Receivership

vi. Restructuring options

a. Informal workouts
b. Formal restructuring options
c. Why choose a deed of company arrangement or a creditors' scheme of arrangement?

vii. Employees

viii. Corporate groups

ix. Regulation of insolvency and insolvency practitioners

x. Specific issues in relation to listed companies

B. VOLUNTARY ADMINISTRATION

i. Introduction

ii. Appointment of a voluntary administrator

iii. Statutory moratorium and stay

iv. Powers of a voluntary administrator

v. Duties of a voluntary administrator

vi. Proposing a deed of company arrangement

vii. Creditor supervision

viii. Ranking of creditor claims in voluntary administration and deed of company of arrangement

ix. Termination of a deed of company arrangement

x. Expenses and remuneration of a voluntary administrator

C. SCHEMES OF ARRANGEMENT

i. Introduction

ii. The creditors' scheme of arrangement procedure

iii. Creditors' scheme of arragenemtn documentation

iv. Creditor supervision

v. Ranking of creditor claims in a creditors' scheme of arrangement

vi. Implementation of a creditors' scheme of arrangement

D. RECOGNITION OF FOREIGN INSOLVENCY PROCEDURES IN AUSTRALIA

i. Introduction

ii. Adoption of UNCITRAL Model Law on Cross-Border Insolvency

a. Recognition and relief
b. Relevant decisions

iii. Section 581 of the Corporations Act

a. Effect of recognition under section 581

iv. Section 601CL – Ancillary liquidation of a foreign registered company

v. Co-operation between courts

vi. Adoption of protocols

APPENDIX OF LEGISLATION REFERRED TO

Corporate Restructuring and Insolvency Australia 2020