
Publication
Australia’s new mandatory merger control regime
Mergers or acquisitions that meet certain turnover thresholds will shortly be required to be notified to the ACCC.
The COVID-19 epidemic has had a truly global impact. No major economy has escaped the virus and the pandemic remains a constant concern. This is the context in which businesses in every region confront restructuring decisions. The global restructuring market is responding as numerous countries are reforming their legal frameworks that govern restructurings. In this issue, we take a close look at some key jurisdictions: Italy's new code dealing with the business crisis; Hong Kong's cross border insolvencies with mainland China; developments in Canada's CCAA; and Australia's judiciary's response to the COVID-19 crisis.
Certain reforms in the restructuring laws in various countries are no doubt an effort to address underdeveloped or inadequate laws that can result in inconsistent outcomes across jurisdictions. These shortcomings in restructuring laws have led to increased instances of distressed companies availing themselves of formal legal restructuring proceedings outside their home jurisdiction. There are often good and legitimate reasons to do so: predictability of how the law will be applied, transparency, experienced judiciary, and the ability to bind creditors. The Chief Justice in Singapore even went so far as to suggest that forum selection is the "necessary and responsible thing" to do to achieve the best outcome for all constituencies. Distressed debtors will need to consider all of these legal changes and reforms in selecting their forum for restructuring.
Here at Norton Rose Fulbright we have restructuring professionals in every major economic center to help guide distressed companies, creditors and other parties caught up in restructurings. The ascendency of our restructuring practice is nowhere more evident than with the appointment of our partner Scott Atkins to the role of President of INSOL International. Scott epitomizes the global perspective and expertise of our firm.
Enjoy the issue.
Howard Seife
Global Head
Bankruptcy, Financial Restructuring and Insolvency
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Publication
Mergers or acquisitions that meet certain turnover thresholds will shortly be required to be notified to the ACCC.
Publication
March 2025 was a busy month in the financial services space with the release of the draft bill on the second tranche of the ‘Delivering Better Financial Outcomes’ reform concerning advice provided through superannuation and client advice records.
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