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    Safe harbours and unenforceable ipso facto clauses on the way for Australian insolvency law
    2015-12-08

    The Australian Government has accepted certain recommendations of the Productivity Commission's long-awaited Report on Business Set-up, Transfer and Closure, in an attempt to change the focus of Australia's insolvency laws from "penalising and stigmatising business failure”, according to the Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP.

    It has expressed a willingness to legislate to introduce at least two main changes:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Karen O'Flynn , Jennifer Ball , Cameron Belyea , Zac Chami , Brett Cook , Alistair Fleming
    Location:
    Australia
    Firm:
    Clayton Utz
    The role of the turnaround manager
    2014-05-29

    Key Points:

    The key to planning, devising and implementing a successful turnaround is having the right team in place to properly assess all relevant information, circumstances and risks.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Accounting, Stakeholder (corporate)
    Authors:
    Alistair Fleming
    Location:
    Australia
    Firm:
    Clayton Utz
    Nine Entertainment - debt for equity swap agreed
    2012-10-25

    Key Points:

    What the protracted negotiations surrounding Nine Entertainment have demonstrated is the importance of an interested party being able to assert they have an economic interest in the company.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Interest, Hedge funds, Debt, Valuation (finance)
    Authors:
    Peter Bowden , Nick Poole , Paul James
    Location:
    Australia
    Firm:
    Clayton Utz
    Speak now, or forever hold your peace
    2010-08-23

    Key Points: All companies, regardless of their size or solvency, must ensure that they have appropriate systems for dealing with statutory demands.

    In my last article, I looked at the use of statutory demands. Time now to go through the looking glass and examine the impact of demands on the companies which receive them.

    First, a brief recap …

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Liquidation
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    Come and get it! The meaning of “give possession” under the Cape Town Convention
    2020-11-03

    The Full Court of the Federal Court of Australia has become the first appellate court among ratifying countries to look directly at the meaning of “give possession” and “giving possession of the aircraft object to the creditor” under the Protocol to the Convention on International Interests in Mobile Equipment (known as the Cape Town Convention) on matters specific to Aircraft Equipment (the Protocol) in the context of an insolvency (the Virgin Australia insolvency) in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (admin

    Filed under:
    Australia, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Location:
    Australia, United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Cross Border Restructuring and Insolvency Update - August 2016
    2016-08-25

    Legend International Holdings Inc (in Liquidation) v Indian Farmers Fertiliser Cooperative Limited [2016] VSCA 151

    The Australian Court of Appeal refused an appeal against a winding up order made in relation to Legend in Australia where Chapter 11 proceedings were on foot in the United States.

    Click here to read more...

    Filed under:
    Australia, Bahamas, Cayman Islands, Saudi Arabia, Singapore, Slovakia, Arbitration & ADR, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ashfords LLP, Bankruptcy, Liquidation
    Authors:
    Alan Bennett
    Location:
    Australia, Bahamas, Cayman Islands, Saudi Arabia, Singapore, Slovakia
    Firm:
    Ashfords LLP
    Legend International Holdings Inc (in Liquidation) v Indian Farmers Fertiliser Cooperative Limited [2016] VSCA 151
    2016-08-24

    The Australian Court of Appeal refused an appeal against a winding up order made in relation to Legend in Australia where Chapter 11 proceedings were on foot in the United States.

    Legend International Holdings Inc ("Legend"), registered in Delaware in the United States, were unsuccessful in defending a claim brought by the IFF which resulted in an award of $12.35 million plus interest. As payment was not received, the IFF filed a Winding Up Petition against Legend in Australia.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Olivia Bridger
    Location:
    Australia
    Firm:
    Ashfords LLP
    Cross Border Restructuring and Insolvency Update - January 2016
    2016-01-28

    Simona Kornhaas v Thomas Dithmar (Case C-594/14)

    The ECJ have ruled that a director of an English company that had entered into insolvency proceedings in Germany is liable to reimburse the company under German law for payments made after the company became insolvent.

    Filed under:
    Australia, European Union, Ireland, Luxembourg, United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Alan Bennett , Bethany Parr , Olivia Bridger
    Location:
    Australia, European Union, Ireland, Luxembourg, United Kingdom
    Firm:
    Ashfords LLP
    Cross Border Restructuring and Insolvency Update - December 2015
    2015-12-21

    Edgeworth Capital Luxembourg Sarl (2) Aabar Block Sarl V Glenn Maud [2015] EWHC 3464 (Comm)

    The High Court in England has ruled on whether Spanish Law has the effect of extinguishing third party guarantees when the beneficiary of the guaranteed liabilities enters into insolvency proceedings in Spain.

    Filed under:
    Australia, Ireland, Saudi Arabia, United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP, Unsecured debt, High Court of Justice
    Authors:
    Alan Bennett , Bethany Parr , Olivia Bridger
    Location:
    Australia, Ireland, Saudi Arabia, United Kingdom
    Firm:
    Ashfords LLP
    Australian Senate Committee endorses reduction from three years to a one year bankruptcy period
    2018-05-14

    The Senate Legal and Constitutional Affairs Legislation Committee has endorsed the passing of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 in its report dated 21 March 2018.

    The Bill will align the bankruptcy period in Australia with the United Kingdom. Under the Bankruptcy Act 1996, the period of bankruptcy (unless a successful objection is made) is three years. If passed, the Bill will reduce the period to one year.

    Key points to note are that:

    Filed under:
    Australia, Insolvency & Restructuring, Ashfords LLP
    Location:
    Australia
    Firm:
    Ashfords LLP

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