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    Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
    2023-05-26

    In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
    Authors:
    Liz Humphry
    Location:
    Australia
    Firm:
    Clayton Utz
    Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
    2023-05-26

    In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
    Authors:
    Liz Humphry
    Location:
    Australia
    Firm:
    Clayton Utz
    Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
    2023-05-26

    In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
    Location:
    Australia
    Firm:
    Clayton Utz
    Australia’s corporate insolvency laws to undergo a comprehensive review
    2022-10-04

    A comprehensive review has begun into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. Undertaken by the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services, the review is seeking submissions by 30 November 2022.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Coronavirus, Insolvency, Australian Taxation Office, Australian Securities and Investments Commission
    Authors:
    Timothy Sackar , Jennifer Ball , Zac Chami , Orla McCoy , Karen O'Flynn , Paul James , Nick Poole , Brett Cook , Gareth Jenkins , Scott Sharry , Cameron Belyea , Alistair Fleming
    Location:
    Australia
    Firm:
    Clayton Utz
    Media Release: R&I activity strong as stormy seas tip companies from Black to Red
    2023-04-05

    Current economic conditions and market instability are likely to see more Australian companies fall into distress in 2023 — creating both opportunities for proactive restructuring as well as distressed asset sales.

    That's one of the predictions in this year's edition of From Red to Black, Clayton Utz's annual review of the dynamics of Australia's Restructuring and Insolvency (R&I) market.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz, ESG, Insolvency
    Authors:
    Lauren Scott
    Location:
    Australia
    Firm:
    Clayton Utz
    Disclaiming property and contaminated land - increased risks for insolvency practitioners
    2023-03-13

    Liquidators accepting a new appointment will have to think carefully if there's a possibility of disclaiming onerous property as part of that appointment.

    Filed under:
    Australia, Victoria, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Due diligence, Insolvency, Corporations Act 2001 (Australia), Environment Protection Act 2017 (Victoria) (Australia), Australian Securities and Investments Commission, Victoria Supreme Court
    Authors:
    Nick Poole , Jonathon McRostie , Anthony Burke
    Location:
    Australia
    Firm:
    Clayton Utz
    The importance of being considerate - when should company directors consider the interests of creditors?
    2023-03-13

    An appeal “of considerable importance for company law” in the UK could affect Australian directors' duties.

    In Australia, the existence of a duty to consider the interests of creditors principally arises in the context of the fiduciary duty of directors to act in the best interests of the company. That duty finds expression in section 181(1) of the Corporations Act 2001 (Cth): a director or other officer of a corporation must exercise their powers and discharge their duties in good faith in the best interests of the corporation and for a proper purpose.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Creditors' rights, Corporations Act 2001 (Australia), UK Supreme Court
    Authors:
    Scott Sharry , Caitlin McConnel
    Location:
    Australia
    Firm:
    Clayton Utz
    Restructuring rent: insolvency law innovations impacting commercial landlords
    2023-03-13

    Restructuring and insolvency professionals are showing real ingenuity when restructuring insolvent businesses, and landlords need to keep up.

    Economic downturns create opportunities for the restructuring or acquisition of challenged assets, and we anticipate increased activity in this space in 2023. The indicators pointing in that direction are:

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Commercial tenant, Insolvency, Corporations Act 2001 (Australia), Australian Taxation Office, Australian Securities and Investments Commission, New South Wales Supreme Court
    Authors:
    Orla McCoy , Mikhail Glavac , Tom Gardner
    Location:
    Australia
    Firm:
    Clayton Utz
    From Red to Black 2023 edition: Market overview
    2023-03-13

    Welcome to the 2023 edition of "From Red to Black", our annual review of significant developments and topical issues in the Australian restructuring and insolvency market.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz, ESG, Insolvency
    Authors:
    Timothy Sackar , Orla McCoy
    Location:
    Australia
    Firm:
    Clayton Utz
    Major Projects & Construction 5 Minute Fix 112: Hopelessly insolvent? There is hope
    2023-03-08

    In Kennedy Civil Contracting Pty Ltd (Administrators Appointed) v Richard Crookes Constructing Pty Ltd v Richard Crookes Construction Pty Ltd; In the matter of Kennedy Civil Contracting Pty Ltd [2023] NSWSC 99, the NSW Supreme Court considered whether a company on the brink of liquidation can take action to enforce a payment claim under the Building and Construction Industry Security of Payment Act 1999 (NSW) (SOP Act).

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Insolvency, New South Wales Supreme Court
    Authors:
    Graham Read , Frank Bannon , Dale Brackin , Sergio Capelli , Stuart Cosgriff , Lina Fischer , Andrew Fry , David Lester , Clive Luck , Jonathan McTigue , Frazer Moss , Steve O'Reilly , Joanna Pugsley , Chris Slocombe
    Location:
    Australia
    Firm:
    Clayton Utz

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