Reprinted with permission.
In the recent past we have seen significant changes in the legal and regulatory environments in many countries in the Asian Pacific region that were considered essential to foster better commercial activities. This report highlights some key developments in China, Singapore and Australia.
In China, a number of legislative changes have been introduced to liberalise the NPL market and debt for equity swaps. The Singapore Companies Amendment Act 2017 came into force last year which made sweeping changes to the existing Schemes of Arrangement and Judicial Management procedures. Important changes were also introduced that will have long term cross-border implications. In Australia the Companies Act 2001 was amended and new ‘safe harbour’ provisions were introduced to protect company directors against insolvent trading claims, and a stay on enforcing so-called ipso facto clauses was introduced.
This report highlights these reforms and explores the practical issues encountered when implementing these changes.
The article was first published by INSOL International in October 2018.
Read the Article.