On the 2 August 2021 Treasury released a consultation paper titled ‘Helping Companies Restructure by Improving Schemes of Arrangement. The consultation is aimed at reforming Australia’s scheme of arrangement procedure.

On January 31, 2019, the Supreme Court of Canada released its much-anticipated decision in Orphan Well Association et al. v. Grant Thornton Limited et al., 2019 SCC 5, commonly referred to as “Redwater”. Specifically, Redwater clarifies the priority as between environmental obligations and those afforded to secured creditors in insolvency proceedings.

On January 31, 2019, the Supreme Court of Canada released its much-anticipated decision in Orphan Well Association et al. v. Grant Thornton Limited et al., 2019 SCC 5, commonly referred to as “Redwater”. Specifically, Redwater clarifies the priority as between environmental obligations and those afforded to secured creditors in insolvency proceedings.

Administration and deeds of company arrangement have continued to have significant influence on major restructurings in the Australian market. In larger restructurings, administrations represent significant transactions where capital is deployed strategically to acquire businesses at significant discounts. A sound understanding of the procedures is key to private equity players for many reasons. Portfolio companies can be exposed to administrations where suppliers, customers or competitors experience financial difficulties.