To our clients and friends

Welcome to our latest issue of the International Restructuring Newswire.

While the US economy continues to appear strong, some cracks emerged in the first quarter of 2023, with stresses in the banking sector requiring government intervention. The banking sector may not be out of the woods just yet. A recently published academic paper warned that 186 banks "are at a potential risk of impairment" because of "asset exposure to a recent rise in interest rates." In addition to bank jitters, there is also another sector in the US creating quite a bit of concern—commercial real estate. Work from home, layoffs, rising interest rates and mortgage refinancing coming due are taking their toll. Restructuring professionals can anticipate busy times ahead.

Uncertain economic conditions are, of course, not confined to the US. Global concerns remain with ongoing inflation, the war in Ukraine and slowing economic growth. With Norton Rose Fulbright's global focus, in this issue we provide our restructuring insights on numerous jurisdictions and particularly on cross-border insolvency issues. Our restructuring lawyers based in the US, the UK, Australia, Canada and Hong Kong all have articles in this issue dealing with topics essential to the global restructuring community.

• Caution: Be mindful of Hong Kong’s focus on COMI in recognising and assisting foreign liquidators
• Year in review: Significant US Chapter 15 decisions in 2022
• English High Court awards £90M to liquidator in landmark preference claim
• Australia’s unfair preference laws: What lies ahead for liquidators in a period of legislative reform and dynamic change in the courts?
• Insolvency law reform and capacity building in emerging markets: Bhutan, Armenia and Myanmar lead the way
• Canadian legislation aimed at protecting pension plans may mean significant changes for lenders, borrowers and employees
• The fate of Texas Two Step in the US dealt setback in appellate ruling

Enjoy the issue.

Howard Seife
Global Co-Head of Restructuring
New York

Scott Atkins
Global Co-Head of Restructuring
Sydney

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