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    In the matter of Boart Longyear Limited
    2017-05-24

    Justice Black in In the matter of Boart Longyear Limited[2017] NSWSC 537 has confirmed that section 411(16) of the Corporations Act 2011 (Cth) (the Act), can be used to provide companies proposing schemes of arrangement with appropriate protections from its creditors in a form that can be recognised under Chapter 15 of the US Bankruptcy Code.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Australian Securities Exchange, Corporations Act 2001 (Australia)
    Authors:
    Sam Johnson
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    PPS leases get another makeover
    2017-05-24

    The Personal Property Securities Act 2009 (Cth) (PPSA) applies to security interests in personal property including, but not limited to:

    Filed under:
    Australia, Banking, Company & Commercial, Insolvency & Restructuring, Johnson Winter Slattery, Personal property, Corporations Act 2001 (Australia)
    Authors:
    Craig Wappett
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Controversial scheme classes decision in Boart Longyear restructuring
    2017-05-25

    In a recent landmark decision, Re Boart Longyear Limited [2017] NSWSC 567, the New South Wales Supreme Court granted orders to convene creditor meetings for two schemes of arrangement in respect of the restructuring plan of Boart Longyear Limited.

    Filed under:
    Australia, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Secured loan, New South Wales Supreme Court
    Authors:
    Paul Apáthy , Andrew Rich
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Safe harbour and ipso facto insolvency reforms coming soon
    2017-05-25

    Safe harbour and ipso facto clauses reforms are closer, with the consultation on the Insolvency Laws Amendment Bill 2017 having closed last week, but further work is needed.

    The Federal Government's consultation on the safe harbour and ipso facto reforms in the draft Insolvency Laws Amendment Bill 2017 closed on 17 May 2017, so we now have a better idea of what they will look like.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz
    Authors:
    Jennifer Ball , Alexander Schlosser
    Location:
    Australia
    Firm:
    Clayton Utz
    Scheming to protect creditors
    2017-05-26

    This week’s TGIF considers the case of In the matter of Boart Longyear Limited [2017] NSWSC 537 in which the NSW Supreme Court made orders to assist with the restructuring of a group of companies to the ultimate benefit of creditors.

    BACKGROUND

    A group of companies in financial difficulty sought the Court’s approval of two interdependent creditors’ schemes of arrangement which would effect a restructuring of the group’s financial affairs. The group had operations both in Australia and the US.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, New South Wales Supreme Court
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Sam Delaney , Estelle Blewett , Michelle Dean
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Taste of bias: Court rejects assertion of lack of independence
    2017-05-05

    This week’s TGIF considers an objection by directors and related-party creditors to a liquidator retaining solicitors who had previously acted for a substantial creditor in proceedings against the company.

    What happened?

    On 15 August 2016, a statutory demand was issued to the operator of a Chinese dumpling restaurant. The restaurant operator failed to comply with the demand and was wound up by order of the Court. The petitioning creditor also obtained orders for the appointment of a liquidator to the restaurant operator.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Sam Delaney , Estelle Blewett , Michelle Dean
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Any Port in a Storm? Analysing safe harbour and ipso facto insolvency reforms
    2017-05-05

    Much has been written and discussed about Australia’s draconian insolvent trading laws and the Federal Government has taken note. It has released draft legislation seeking to amend the Corporations Act in a way that supports the restructuring of financially distressed companies. But do these amendments go far enough in providing companies with the time and space they require when they’re seeking to implement a financial restructuring plan?

    BACKGROUND

    Filed under:
    Australia, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, Corrs Chambers Westgarth
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Termination of contracts on appointment of administrators
    2017-05-05

    It is common practice for company contracts to contain clauses, known as “ipso facto” clauses, which terminate or amend the contract (e.g. by accelerating payments) merely because a company has entered into a formal insolvency process.

    Filed under:
    Australia, Insolvency & Restructuring, HopgoodGanim, Liquidation
    Location:
    Australia
    Firm:
    HopgoodGanim
    PPSR registration - Route [1]66 now closed
    2017-05-10

    The New South Wales Supreme Court has found that a secured party cannot rely on its own mistake when registering on the Personal Property Securities Register (PPSR) to claim that the defective registration “temporarily perfects” its security interest.

    The facts

    Filed under:
    Australia, New South Wales, Capital Markets, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Security (finance), Personal property
    Authors:
    Craig Wappett
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Liquidators’ disclaimer power not fail-safe
    2017-05-12

    This week’s TGIF considers Linc Energy Ltd (in Liq) v Chief Executive Dept of Environment & Heritage Protection [2017] QSC 53, in which the Queensland Supreme Court directed that the liquidators of Linc Energy were not justified in causing it to fail to comply with an environmental protection order

    BACKGROUND

    Filed under:
    Australia, Environment & Climate Change, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Environmental protection, Interest, Liability (financial accounting), Liquidator (law), US Environmental Protection Agency, Corporations Act 2001 (Australia), Environmental Protection Act 1990 (UK), Queensland Supreme Court
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Sam Delaney , Estelle Blewett , Michelle Dean
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth

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