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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 refinancings 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, 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.
Good reading,
Howard Seife
Global Co-Head of Restructuring
New York
Scott Atkins
Global Co-Head of Restructuring
Sydney
Publication
As many federally regulated employers are aware, the Pay Equity Act (the Act), which came into force in 2021, requires that all federally regulated employers with 10 or more employees prepare and post a pay equity plan by September 3, 2024.
Publication
The statutory review of the Modern Slavery Act 2018 (Cth) (the Act) led by Professor John McMillan AO commenced on 31 March 2022.
Publication
On 12 May 2023, the High Court in London refused permission to allow claimants to bring a derivative claim on behalf of Shell plc (Shell) against its directors. The proposed claim concerned Shell’s climate risk strategy.
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