The recent decision of Modcol Pty Ltd v National Buildplan Group Pty Ltd ^[1] addressed whether leave should be granted to a subcontractor to allow it to commence proceedings against a contractor in administration in respect of the subcontractor's rights under the Building and Construction Industry Security of Payment Act 1999 (NSW) (the SOP Act).

The NSW Government has accepted some of the key recommendations of the Recommendations of the Independent Inquiry in Construction Industry Insolvency in NSW, including the introduction of bonds. We know that the Government will:

On March 26, The Honorable Andrew S. Hanen, United States District Judge for the Southern District of Texas, affirmed a Bankruptcy Court’s $5 million fee award to Baker Botts for successfully defending its fee application in the ASARCO LLC bankruptcy case.

Justice Jacobson's unwillingness to depart from the interests of the majority in relation to Nine Entertainment should give parties confidence that Schemes remain an effective way to effect debt for equity swaps or similar transactions.

The period for submissions on wide-ranging reforms to the NSW construction industry recommended by the Independent Inquiry into Construction Industry Insolvency in NSW is closing soon.

The final report of the independent inquiry into insolvency in the NSW construction industry was released on Tuesday for public comment.

The report is lengthy and addresses a wide variety of potential causes of contractor insolvency. It makes 44 recommendations, including reforms of the NSW construction industry to reduce both the incidence of contractor insolvency and its impact on other participants in the industry.

A creditor with assets in England should refrain from involvement in a foreign insolvency proceeding if it is at risk of being sued in the foreign court.

Courts are willing, in certain circumstances, to consider the commercial realities of voluntary administrations, and can be flexible.

Australian banks have historically relied on formal liquidation, voluntary administration and receivership processes available under the under the Corporations Act 2001 (Cth) and under general law where informal restructurings have failed. There has been little appetite for exploring alternative methods to exit distressed situations by debt trading.

If you’re pursuing assets in England relevant to a non-European bankruptcy or insolvency, you can’t rely on a (default) foreign judgment and must instead bring fresh proceedings in the English courts