It is almost a cliché in business circles that the numbers of formal insolvencies start to increase when an economy is coming out of recession. However, since the 2008 financial crash, the numbers of formal insolvencies have been declining. Initially, perhaps, this was because many companies were...
Restructuring professionals welcome change in the economic order of things. Failed managements’ reactions to change provides increased turnaround opportunities. Companies are forced to adjust to structural change and need professional advice in doing so. With the new U.S. president threatening to...
At least up until now, the Japanese buyout market has disappointed many market players in terms of market volume, which, according to Asia Private Equity Review, was $3.6 billion in 2016. This is a 69 percent decrease from 2008 and represents less than 0.1 percent of the nation’s gross domestic...
Directors of Australian companies face some of the world's harshest penalties for continuing to trade a company while that company is insolvent. 1 These penalties include civil liability of up to AU$200,000 (more than US$150,000), unlimited compensation penalties, and even criminal charges carrying...
In Redwater Energy Corporation (Re) , the Court of Queen's Bench of Alberta held that certain sections of the Oil and Gas Conservation Act (Alberta) and Pipeline Act (Alberta) are inoperative to the extent that they are used by the Alberta Energy Regulator (AER) to prevent the abandonment or...
The recent New South Wales Supreme Court decision in Forge Group Power Pty Limited (in liquidation)(receivers and managers appointed) v. General Electric International Inc. [2016] NSWSC 52 clarifies two key issues concerning the scope of Australia’s Personal Property Securities Act 2009 (Cth) and...
Contrary to polls and the odds at the bookmakers, the U.K. in June voted to leave the European Union (EU). An avalanche of political change swiftly followed, resulting, as this is written, in a new Conservative prime minister, Theresa May, and a fight for the leadership of the Labour Party. The...
Following almost a decade of booming economic activity, the Brazilian economy has lately experienced market and political developments that have caused a severe downturn. The sharp decrease in the price of commodities, the devaluation of the Brazilian currency, alarming levels of inflation, lack of...
A person or corporation that “resides or has a domicile, a place of business, or property in the United States” may file a bankruptcy petition in a U.S. Bankruptcy Court. Given that U.S. courts have taken an expansive view of their jurisdiction under this portion of the U.S. Bankruptcy Code, there...
In Canada, compromises and arrangements with creditors can be pursued under the Companies’ Creditors Arrangement Act (CCAA). To reorganize under the CCAA, the debtor must be an insolvent corporate entity, formed under Canadian or foreign law, with a total amount of claims against it or its...
