Worldwide: Insolvency/Bankruptcy

The evolution of India’s insolvency framework from a fragmented and largely creditor-unfriendly regime to the consolidated structure under the Insolvency and Bankruptcy Code, 2016 (“IBC”) has significantly reshaped the risk landscape for company directors, particularly in periods of financial distress.

The Insolvency and Bankruptcy Code, 2016 ("Code") was enacted with the maximisation of the value of assets of the corporate debtor ("CD") as one of its primary objectives.

The Supreme Court of India has delivered a landmark ruling clarifying the threshold for rejecting insolvency applications under Section 9 of the Insolvency and Bankruptcy Code, 2016. In GLS Films Industries Private Limited v. Chemical Suppliers India Private Limited, the apex court addressed whether appellate tribunals can conduct mini-trials to evaluate the merits of pre-existing disputes, or whether they must simply confirm the existence of a plausible dispute. This judgment reinforces critical safeguards

In our recent Worrells breakfast seminar series, we talked through the corporate insolvency options available through our case study on Fork in the Road Civil Pty Ltd.

Whilst there is the possibility of a recession, the operating environment for SMEs is definitely tightening. Access to finance is becoming more constrained...

As the economy in Australia faces headwinds, we are seeing an increase in directors and advisors seeking advice on restructuring options.

India's Insolvency and Bankruptcy Code undergoes significant reform through the 2026 Amendment Act, introducing stricter timelines, enhanced creditor oversight, and frameworks for group and cross-border insolvency. The amendments address persistent challenges in resolution efficiency, withdrawal restrictions, and fraudulent transaction scrutiny while aligning with international best practices to strengthen investor confidence.

In a major legislative reform, the Parliament has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2026 (‘Amendment Bill').

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