Recent insolvency law reforms in the UK, Singapore and Australia impact upon the ability of a party to a construction contract to terminate it due to the other party’s insolvency. Background Construction contracts commonly contain provisions which entitle a party to terminate the contract if the other party becomes insolvent. These provisions are sometimes referred…
MCAT Box Office Sdn Bhd, or commonly known as MBO Cinemas, is said to be facing liquidation due to cash flow problems since the implementation of the Movement Control Order (MCO). According to a report by The Edge, a notice of the liquidation was sent out to creditors by company backer Ekuiti Nasional Bhd (Ekuinas).…
image copyrightGetty Images Virgin Australia chief executive Paul Scurrah will step down once the airline is transferred to new owner Bain Capital. The decision follows reports that he disagreed with Bain over the future direction of the airline. Virgin Australia went into voluntary administration in April before the US private equity group bought it. The…
KUALA LUMPUR (Oct 15): Ekuiti Nasional Bhd (Ekuinas)-backed MCAT Box Office Sdn Bhd, more commonly known as MBO Cinemas, is facing liquidation following cash flow problems since the implementation of the government-imposed movement control order (MCO) to curb the spread of the Covid-19 pandemic. “We would like to inform you that on Oct 14, 2020,…
Former Jetstar boss Jayne Hrdlicka will take over as chief executive of Virgin Australia from Paul Scurrah by November. Key points: The change at the top of Virgin Australia comes after the airline was sold to US private equity firm Bain Capital The sale process is almost finalised, and incoming CEO Jayne Hrdlicka will take…
2020s been a tough time for airlines, as international tourism has ground to a halt thanks to COVID-19. Australian airlines have suffered even more than others, thanks to both domestic border closures and strict restrictions on overseas travel. Virgin Australia notably went into voluntary administration earlier this year, but Qantas the national carrier and one…
REINSTATEMENT OF WRONGFUL TRADING LIABILITY FOR UK DIRECTORS As part of its response to the crisis caused by the COVID-19 pandemic, the UK government suspended the liability of UK company directors for wrongful trading from 1 March 2020. Whilst the government protections for business tenants through relief from forfeiture of leases and winding up proceedings…
The revised default threshold of 1 crore for trigger of corporate insolvency applies prospectively from March 24 and not retrospectively, the National Company Law Appellate Tribunal (NCLAT) has ruled. This would mean that those applications before March 24 which had debt default of less than 1 crore, but over 1 lakh can be admitted for…
2020s been a tough time for airlines, as international tourism has ground to a halt thanks to COVID-19. Australian airlines have suffered even more than others, thanks to both domestic border closures and strict restrictions on overseas travel. Virgin Australia notably went into voluntary administration earlier this year, but Qantas the national carrier and one…
Tuesday, October 13, 2020 Background The Corporate Insolvency and Governance Act (CIGA) came into force on 26 June 2020, introducing a number of permanent and temporary changes to the UKs insolvency and company laws (for further details,please refer to our GT Alert on CIGA). Certain of the temporary changes introduced by CIGA were due to…