Comparison of processes

Comparison of processes guidance:

Peter Kelso, solicitor Scope of provisions Although the provisions of the Corporations Act (CA 2001) relating to arrangements and reconstructions are found in Ch 5,...

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Peter Kelso, solicitor Statutory provisions Part 5.6, Division 9 of the Corporations Act 2001 (Cth) (CA 2001) contains provisions requiring, or enabling, courts to act in...

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Peter Kelso, solicitor Currently updated by the LexisNexis Team What these notes cover The great majority of businesses in the modern economy are conducted in a corporate...

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Appointment A receiver is one who is appointed to a corporation with power to receive income and other property and to pay necessary outgoings, but with no power to carry...

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Peter Kelso, solicitor What is pooling and why it is useful? ‘Pooling’ is the term used to describe the situation where the liabilities (and typically the assets) of...

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Peter Kelso, solicitor Introduction Part 3A of the Corporations Act 2001 (Cth) (CA 2001) was introduced in 1993 to provide for the business, property and affairs of an...

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Peter Kelso, solicitor Introduction There are three main types of winding up: • winding up by the court, which is in turn divided into: ◦ winding up in insolvency, where...

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Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

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Introduction Bermuda has no statutory equivalent of Chapter 15 of the US’s Bankruptcy Code, section 426 of the UK’s Insolvency Act 1986 (IA 1986), or the UK’s...

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Sources of Bermuda law generally Bermuda is a self-governing British Overseas Territory. The systems of law administered in Bermuda are: • local Bermudian legislation •...

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Winding-up rules in Bermuda The rules and precedent forms relating to compulsory winding up of companies are principally contained in: • the Companies (Winding-Up) Rules...

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What are reviewable transactions? Payments, transfers of assets, and security transactions can be vulnerable to attack in the event of the company’s insolvency or...

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Various ways a creditor can take security As in other jurisdictions that follow English common law, there are various ways by which a creditor can take security over...

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Overview Debtor-in-possession (DIP) financing is a special form of financing available to insolvent companies that are restructuring under the Companies’ Creditors...

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Determining whether a foreign proceeding is a 'foreign main proceeding' or a 'foreign non-main proceeding' If the court is satisfied that a proceeding is a 'foreign...

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Foreign Main vs Foreign Non-Main Proceedings Section 47(2) of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 (CCAA 1985) stipulates that...

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The public policy exception Recognition of a foreign proceeding (a Recognition Application) can have the effect of imposing the insolvency laws of a...

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Overview An international insolvency proceeding involves a financially-troubled debtor with operations and creditors in more than one country. International insolvencies...

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Brief history Prior to its liquidation, Primeo Fund (Primeo) carried on business as an open-ended mutual investment fund. Primeo was promoted by Bank...

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Brief history Prior to its liquidation, Primeo Fund (Primeo) carried on business as an open-ended mutual investment fund. Primeo was promoted by Bank Austria and...

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Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

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Determining whether a Foreign Proceeding is a ‘Foreign Main Proceeding’ or a ‘Foreign Non-Main Proceeding’ If the court is satisfied that a proceeding is a ‘foreign...

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Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note

Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

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In September 2017, the Grand Court of the Cayman Islands (Parker J) sanctioned four separate interlinked Cayman Islands schemes of arrangement to restructure the...

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Premier Oil is one of several companies in the oil & gas sector that has had to evaluate its financing options to adapt to the impact of a prolonged low oil price...

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What the law of insolvency comprises of The principal Act which governs the law of insolvency in South Africa is the Insolvency Act 24 of 1936. This Act, together with...

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Set off principles On an insolvency, most European countries have rules governing set off. A debtor company may be keen to exercise set off as it will reduce the amount...

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Introduction Some European countries only have a cashflow test for insolvency, others have a balance sheet test and some have both. Some countries also have a share...

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Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...

Practice Note
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