This Part of the 2023 edition of R+I In Brief provides key industry and sector insights relating to the restructuring space over the past year. These hot topics include:
challenges gripping the Australian construction industry in an era of pre-COVID fixed-term contracts and soaring construction and funding costs;
the latest movements of Australia’s largest creditor, the Australian Taxation Office;
the prevalence of ‘whitelists’ in debt documentation and the need to rethink their use; and
the emergence of cryptocurrency in the insolvency arena.
Many stakeholders have also made clear to us [the ATO] the system-wide role that the ATO has in helping struggling businesses understand that they should move to finalisation of the business rather than struggle on as ‘zombie businesses’.
The big question in this area is whether investors will seek to roll back innovations that have become more commonplace. The absolute prohibition on transfers to distressed investors, for instance, which are commonly prohibited unless a material (i.e. non-payment or insolvency) event of default is continuing, could be rolled back by easing of the fallaway to any event of default (rather than a material event of default) or by the removal of this absolute prohibition entirely.
While your Crypto Assets remain on Swyftx’s Platform, Swyftx has control of those Crypto Assets. To hold the private keys of your Crypto Assets, you have the option of withdrawing those Crypto Assets to your own wallet.