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Australia corporate update - October 2013
2013-10-31

General corporate

ASIC reports on corporate insolvencies 2012–2013

Filed under:
Australia, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Security (finance), Debt, Unsecured creditor, Australian Securities Exchange
Location:
Australia
Firm:
Squire Patton Boggs
View Original Article
The dialogue is changing yet is the law enabling the practical change directors need?
2018-09-27

The dialogue is changing yet is the law enabling the practical change Directors need?

Achieving significant cultural shift in any business environment is no easy task, so it’s by no means ground-breaking to declare that after 1 year in operation, it still cannot be said that the new “Safe Harbour” legislation has resulted in a cultural change among directors.

Filed under:
Australia, Banking, Company & Commercial, Insolvency & Restructuring, King & Wood Mallesons, Corporations Act 2001 (Australia), Australian Taxation Office, Australian Securities Exchange, Australian Securities and Investments Commission, Fair Work Commission
Authors:
Tony Troiani , Philip Pan
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article
PIF revisited - no right not to be diluted
2011-10-07

On 5 October 2011 Justice Barrett of the Supreme Court of NSW handed down a decision in Centro Retail Limited and Centro MCS Manager Limited in its capacity as Responsible Entity of the Centro Retail Trust [2011] NSWSC 1175 (“Centro”) where he found that the responsible entity of Centro Retail Trust would be justified in modifying the constitution of the trust without unitholder approval to a insert a provision permitting the issue of units at a price different to that provided for by the pre-existing provisions.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Retail, Security (finance), Investment funds, Market value, Net asset value, Constitutional amendment, Corporations Act 2001 (Australia), Constitution, Australian Securities Exchange, ING Group, Federal Court of Australia, New South Wales Supreme Court
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article
COVID-19 temporary relief: less creative destruction, more restructuring?
2020-08-31

Australia has now entered its first recession in 29 years, and the Australian Government has implemented a number of legislative reforms and other initiatives to support and provide temporary relief to businesses, including stimulus payments, enhanced asset write-off and flexibility in the application of the Corporations Act 2001 (Cth).

Filed under:
Australia, Corporate Finance/M&A, Insolvency & Restructuring, Clayton Utz, Private equity, Coronavirus, Corporations Act 2001 (Australia), Australian Securities Exchange
Location:
Australia
Firm:
Clayton Utz
View Original Article
Creditors’ schemes of arrangement - a restructuring tool to pre-empt class action risks?
2018-09-27

When faced with multiple class action threats, there is little downside in a company giving consideration to a creditors’ scheme of arrangement to achieve a quicker and cheaper resolution of the underlying claims.

Filed under:
Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Class action, Corporations Act 2001 (Australia), Australian Securities Exchange, Lehman Brothers
Authors:
Orla McCoy , Flora Innes
Location:
Australia
Firm:
Clayton Utz
View Original Article
Deleveraging to control
2017-12-15

As deleveraging to control transactions continue to be part of the legal landscape in Australia, we anticipate seeing further examples, particularly where the distressed company is a listed entity. 

Filed under:
Australia, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidation, Corporations Act 2001 (Australia), Australian Securities Exchange
Authors:
Timothy Sackar
Location:
Australia
Firm:
Clayton Utz
View Original Article
Schemes of Arrangement: Flexibility of the court to make order after the second court approval hearing to revive a Terminated Conditional Scheme
2020-05-26

On 22 May 2020, Justice Black of the Supreme Court of NSW issued judgment In the matter of Wollongong Coal Limited and In the matter of Jindal Steel & Power (Australia) Pty Ltd [2020] NSWSC 614. The judgment sets out his Honour’s reasoning for granting the orders sought in a largely unprecedented application to effectively ‘re-enliven’ two schemes of arrangement which automatically terminated prior to being completed.

Filed under:
Australia, United Kingdom, Capital Markets, Insolvency & Restructuring, Litigation, DLA Piper, Coronavirus, Australian Securities Exchange
Authors:
Amelia Kelly
Location:
Australia, United Kingdom
Firm:
DLA Piper
View Original Article
High Court takes expanded approach to examination power
2022-02-18

This week’s TGIF considers the recent High Court decision in Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (in liquidation) [2022] HCA 3, which provides guidance on the range of potential purposes for which an examination of company officers may be legitimately pursued by ‘eligible applicants’.

Key Takeaways

Filed under:
Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Australian Securities Exchange, High Court of Australia
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
TGIF 8 May 2020: Court finds plenty of rough among the conduct of Merlin Diamonds
2020-05-08

This week’s TGIF considers the Federal Court’s decision in Australian Securities and Investments Commission v Merlin Diamonds Limited (No 3)[2020] FCA 411, in which, consequent on finding a number of contraventions of the Corporations Act 2001 (Cth), the Court ordered the winding up of that company.

Background

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Board of directors, Australian Securities Exchange, Federal Court of Australia
Authors:
Cameron Cheetham , Craig Ensor , Felicity Healy , Kirsty Sutherland , Matthew Critchley , Michael Catchpoole , Michael Kimmins , Michelle Dean , Sam Delaney , James Lucek-Rowley , Mark Wilks
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
We are family - Pooling Order allows Liquidators to treat a group of companies as if they were a single entity
2020-03-20

This week’s TGIF considers a recent application to the Federal Court by liquidators of the WDS Group for a pooling order.

What happened?

This case concerned the WDS Group of companies.

WDS Limited (WDS) was a publicly listed company on the ASX with 11 wholly owned subsidiaries (together, the WDS Group).

Filed under:
Australia, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Australian Securities Exchange, Australian Securities and Investments Commission
Authors:
Cameron Cheetham , Mark Wilks , Craig Ensor , Felicity Healy , Kirsty Sutherland , Matthew Critchley , Michael Catchpoole , Michelle Dean , Sam Delaney , James Lucek-Rowley
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article

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