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    Amerind or am I wrong? Victoria changes direction on insolvent corporate trustees
    2017-03-30

    Assets held by an insolvent corporate trustee in its capacity as trustee may not be "property of the company".

    For more than 30 years, Victoria has stood apart from the rest of Australia in how it treats the assets of an insolvent corporate trustee. That may have changed, following the Supreme Court's decision in Re Amerind Pty Ltd (receivers and managers appointed) (in liq) [2017] VSC 127.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Clayton Utz
    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
    A liquidator's disclaimer of a lease extinguishes a tenant's leasehold interest
    2012-10-25

    Key Points:

    The decision will give liquidators the certainty of knowing that disclaimer of a lease means that a tenant no longer has any interest in the land.

    A recent decision of the Victorian Court of Appeal has confirmed that a liquidator of a landlord can disclaim a lease with full effect, so that the land is no longer encumbered by a tenant's interest.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Leasehold estate, Interest, Liquidation, Victoria Supreme Court
    Authors:
    Scott Sharry , Laura Hawes
    Location:
    Australia
    Firm:
    Clayton Utz
    The insolvent insurer, the liquidator, and the reinsurance proceeds yet to come: lessons from AMACA
    2011-03-03

    Your insurer goes bust – can you as an insured claim the reinsurance proceeds? An important decision in the NSW Supreme Court gives useful guidance on when a court will allow departures from the statutory scheme controlling the application of reinsurance proceeds (Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90).

    The insurer goes broke, and there are all these claimants at the door…

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Unsecured debt, Consideration, Debt, Reinsurance, Liquidation, Underwriting, Liquidator (law), Prejudice, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    Rescue financing in Australian restructuring: the existing market, and the opportunities ahead
    2021-10-04

    Our research shows rescue financing in Australia has been deployed as one element of a broader restructuring strategy, most commonly by an existing stakeholder, rather than as a profitable activity in itself.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Orla McCoy , Mikhail Glavac
    Location:
    Australia
    Firm:
    Clayton Utz
    Out of the director shadows to imprisonment: the lessons for insolvency practitioners from the Kleenmaid prosecution
    2020-03-05

    ASIC is becoming more serious and more active and will take action against directors if there is su cient reason to, so insolvency practitioners should consider all possible actions/recoveries fully in any report to ASIC. 

    A company's financial distress presents a challenge for its directors and officers of large and complex financial services companies and can raise a range of difficult issues, including potential liability for insolvent trading, which potentially exposes directors both to civil and criminal consequences under the Corporations Act 2001(Cth).

    Filed under:
    Australia, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Australian Securities and Investments Commission, Deloitte
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidators' power to disclaim environmental liabilities and obligations upheld (for now)
    2018-10-25

    Liquidators have more certainty about their ability to disclaim the environmental liabilities and responsibilities of a company in liquidation.

    Filed under:
    Australia, Queensland, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Litigation, Clayton Utz, Environmental protection, Liquidation, Corporations Act 2001 (Australia), Queensland Supreme Court
    Authors:
    Scott Sharry
    Location:
    Australia
    Firm:
    Clayton Utz
    No pooling of accounts where clients’ interests in mixed funds are not rateably equal
    2018-03-29

    The Court will closely examine the relevant transactions involving the accounts and form a view – which may be an impressionistic one – as to the likely extent of the interest of each client (or each client group) in those accounts.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidation
    Authors:
    Karen O'Flynn , Flora Innes
    Location:
    Australia
    Firm:
    Clayton Utz
    Moral hazard hits China ‒ be prepared for the fallout
    2016-12-08

    We are seeing attempts by the Chinese Government to provide the market with more sophisticated tools for dealing with unprofitable companies.

    China is attempting to align its insolvency regime to international standards and introduce additional tools for dealing with the country's rising debt load.

    Australian lenders with exposures to these debts (particularly in the coal, steel, manufacturing, cement, shipbuilding, solar, heavy machinery, mining and property sectors) should reassess insolvency risk and understand their options.

    Filed under:
    China, Insolvency & Restructuring, Clayton Utz
    Authors:
    Nick Poole , Anthony Burke
    Location:
    China
    Firm:
    Clayton Utz

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