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Australia

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In brief Last week, ASIC released its Response to submissions on CP 326 Chapter 6 relief for share transfers using s444GA of the Corporations Act. ASIC relief from s606 of the Corporations Act 2001 (Cth) (Corporations Act) is required to effect a transfer of the shares of a company subject to deed of company arrangement (DOCA) pursuant to s444GA of the Corporations Act, in addition to obtaining a Court order under s444GA(1). Baker McKenzie and KordaMentha…

Regime to commence from 1 January 2021 In brief On 24 September 2020, the Treasurer announced that the Australian Government would introduce new legislation to give effect to: two new insolvency regimes for companies with liabilities of less than A$1m: a “debtor in possession” restructuring plan process (RP Process); anda simplified liquidation process (Simplified Liquidation); measures to increase the availability of insolvency practitioners to deal with the expected increased number of small businesses seeking to…