Ministry of Law adopts committee recommendations to enhance corporate restructuring and insolvency regime
The Ministry of Law will implement updates to the judicial management regime and refine cross-class cramdown mechanisms for schemes of arrangement. The reforms also include improving debt restructuring tools and adopting UNCITRAL Model Laws on Enterprise Group Insolvency and the Recognition and Enforcement of Insolvency-Related Judgments.
Why it mattersPractitioners must prepare for significant changes to the insolvency framework, specifically regarding group insolvencies and the cross-class cramdown process.