Asia: Insolvency/Bankruptcy/Re-Structuring

The New South Wales Supreme Court recently examined whether administrators can suspend an ATO Notice directing a creditor to remit funds to the Commissioner during voluntary administration.

The Insolvency and Bankruptcy Code, 2016, stands as a paradigm of legislative intent favouring expedition, finality, and discipline in the resolution of corporate insolvency.

The Supreme Court has delivered a landmark judgment reinforcing the binding nature of resolution plans approved by the Committee of Creditors under the Insolvency and Bankruptcy Code. This decision addresses whether successful resolution applicants can use procedural technicalities to escape their obligations after securing CoC approval, building upon the precedent established in Ebix Singapore.