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    In admitting proofs of debts, liquidators do not create new liabilities
    2024-07-25

    This week’s TGIF considers a recent decision of the Supreme Court of New South Wales (Forex Capital Trading Pty Ltd (in liquidation) v Invesus Group Limited [2024] NSWSC 867). Justice Ball determined that admission of a proof of debt by a liquidator was not akin to a judgment or settlement, and that such an admission did not create a new liability of the company.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Liquidation, Australian Securities and Investments Commission
    Authors:
    Mark Wilks
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Immunity upheld for foreign entities against Australian wind-up
    2024-06-20

    High Court upholds decision that separate entities of foreign states may be immune from being wound up in Australia

    Key takeouts

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, MinterEllison, High Court of Australia, New South Wales Court of Appeal
    Authors:
    Nick Anson
    Location:
    Australia
    Firm:
    MinterEllison
    Insolvencies Are Well-Above Pre-COVID Levels and Rising
    2024-06-24

    In my December 2022 article, I predicted that when insolvencies started to surge in the Australian economy, the worst casualties would likely be in construction.1 It’s taken a while for my predicted post-COVID day of reckoning to arrive in Australia. But it is here.

    Filed under:
    Asia-Pacific, Australia, Insolvency & Restructuring, FTI Consulting Asia Pacific, Supply chain, Australian Taxation Office, Australian Securities and Investments Commission
    Authors:
    John Park
    Location:
    Asia-Pacific, Australia
    Firm:
    FTI Consulting Asia Pacific
    Holistic vs piecemeal: the state of review of Australian corporate insolvency laws
    2024-06-27

    With the mass of reports, reviews and consultations that have already occurred, there is no lack of critiques, complaints and proposed solutions. The risk is that these will (once again) be cherrypicked for fixes, rather than form the basis for a comprehensive review.

    It has been 33 years since the "recession we had to have" in 1991. Fears that Australia would enter a technical recession during 2023 didn’t eventuate.

    Filed under:
    Australia, Global, Company & Commercial, Insolvency & Restructuring, Clayton Utz, Coronavirus, Insolvency, Australian Taxation Office, Australian Securities and Investments Commission, Meta
    Authors:
    Jennifer Ball
    Location:
    Australia, Global
    Firm:
    Clayton Utz
    Project and retention trust accounts in an insolvency
    2024-06-27

    In the recent decision of Re PBS Building (Qld) Pty Ltd [2024] QSC 108, the Supreme Court of Queensland considered for the first time the operation of the State’s new project and retention trust account regime in the context of an insolvency. The decision provides useful guidance to insolvency practitioners and subcontractors as to their rights in relation to trust accounts established by an insolvent head contractor.

    Filed under:
    Australia, Queensland, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Corporations Act 2001 (Australia), Queensland Supreme Court
    Authors:
    Philip Pan , Cameron Mew
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    High Court says keep calm and don't get wound up (if you have foreign immunity)
    2024-06-27

    In this week’s TGIF, we examine the High Court’s recent decision in Greylag Goose Leasing 1410 Designated Activity Company & Anor v P T Garuda Indonesia Ltd [2024] HCA 21. In the decision, a majority of the High Court upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a state-owned national airline subject to winding-up proceedings.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Private equity, Corporations Act 2001 (Australia), Foreign States Immunities Act 1985 (Australia), New South Wales Court of Appeal
    Authors:
    Alicia Salvo
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Market overview
    2024-06-27

    Welcome to the 2024 edition of "From Red to Black", our annual review of significant developments and topical issues in the Australian restructuring and insolvency market.

    Regulator intervention and government stimulus packages in response to market shocks often mask underlying systemic distress and disrupt economic cycles. With companies now largely weaned off COVID-19 support packages, insolvencies have significantly increased.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Insolvency, Australian Taxation Office
    Authors:
    Nick Poole
    Location:
    Australia
    Firm:
    Clayton Utz
    Insolvency and tech - burning bright and fast: the cash runway challenge and navigating insolvency
    2024-06-27

    By following certain steps and focusing on relevant courses of action, directors of startups can leverage the Safe Harbour provisions to increase their chances of navigating financial difficulties and achieving a better outcome for their company.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Blockchain, Crowdfunding, Electric vehicle, Venture capital, Fintech, Insolvency
    Authors:
    Nick Poole , Anthony Burke
    Location:
    Australia
    Firm:
    Clayton Utz
    Restructuring: transferring company shares and temporal limits
    2024-06-27

    The Alita matter serves as a good illustration that if you intend to seek leave under section 444GA(1)(b) you should act swiftly and with regard to the potential regulatory risk.

    Filed under:
    Australia, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Share (finance), Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Authors:
    Alistair Fleming
    Location:
    Australia
    Firm:
    Clayton Utz
    Ashurst Restructuring Roundup
    2024-07-01

    Restructuring Corporate Groups: Transferring Employees under a Scheme

    Intersnack Mid Co Pty Ltd(No. 2) [2024] NSWSC 9 ("Intersnack")

    Restructuring or consolidating corporate groups may involve a new or different company in the group employing staff. In such a case an order can be made under s 413, Corporations Act ("CA") giving effect to that arrangement including where the staff are employed under an enterprise agreement.

    Filed under:
    Australia, New South Wales, Employment & Labor, Insolvency & Restructuring, Litigation, Ashurst
    Authors:
    Richard Fisher
    Location:
    Australia
    Firm:
    Ashurst

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