find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Struggling Asian markets need tough insolvency regimes

Struggling Asian markets need tough insolvency regimes

Soon to land in Australia, global firm White & Case has recently released an Asia-Pacific insolvency guide to assist a range of struggling Asian markets, including Australia.

As a range of markets in Asia struggle with lower commodity prices and the slowdown in China’s growth, among other issues, White & Case has taken the liberty of releasing a second edition Asia Pacific Restructuring & Insolvency Guide, following the first edition in 2009.

The guide gives a detailed overview of the restructuring and insolvency laws in 16 key jurisdictions, being Australia, England and Wales, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, China, the Philippines, Singapore, South Korea, Taiwan, Thailand, the United States of America and Vietnam.

“Strong, functioning restructuring and insolvency regimes are the cornerstone of a modern market economy and a key factor in bringing investor confidence and financial stability,” the guide reads.

“Many of the regimes in the Asia Pacific will be increasingly tested as the ‘new normal’ of lower for longer commodity prices, rising non-performing loans, the slowdown in China’s growth, tightening credit markets and impending debt maturities start to reverberate across the region’s markets, bringing an expectation that market conditions will continue to worsen in the region with a corresponding rise in distress situations.”

According to the report, the mining, oil and gas, maritime and offshore, shipping, real estate and gaming industries, in particular, have seen the effects of such reverberation.

Included in the guide is a comparative table of the restructuring and insolvency regimes of each of the 16 jurisdictions, based on 11 issues that commonly impact upon restructuring and insolvency in the region.

The table reveals England and Wales has the most reliable regime, followed by the US, Singapore, Hong Kong and then Australia. Japan is the sixth country in the top category, where it is likely to be easier to enforce security.

At the other end of the scale are Indonesia, China, India, Macau, Taiwan and the Philippines, where it is likely to be more difficult to enforce security.

Interestingly, Herbert Smith Freehills recently released its own insolvency guide after news emerged that White & Case will be launching in Australia with a team of 10 ex-HSF partners.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Struggling Asian markets need tough insolvency regimes
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...