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    Getting Agencies ready for ipso facto reform
    2017-09-28

    Agencies need to get ready for ipso facto reform by making changes to their contracts, funding agreements and contract administration practices.

    Australian Government Agencies face constraints on their ability to terminate agreements where a contractor has entered into voluntary administration or certain other forms of insolvency procedure. The Treasury Laws Amendment (2017 Enterprise Incentives No 2) Act, which amends the Corporations Act 2001 (Cth):

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Karen O'Flynn , Sharon Burnett
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidator finds new way to get extension of time to bring unfair preference claim
    2016-04-14

    Key Points:

    Although they should always keep time-frames very much in mind, the decision in BKA Practice Co Pty Ltd gives liquidators greater scope to find all possible time-frames in which they have to work.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Nick Poole
    Location:
    Australia
    Firm:
    Clayton Utz
    The rare coin company: what happens to unclaimed assets?
    2014-09-18

    Key Points:

    There are three things prudent insolvency practitioners can do when left with non-company assets.

    A not too infrequent issue for insolvency practitioners: what can you do with unclaimed assets of third parties? Clayton Utz recently acted for the receivers and managers of Arcabi Pty Ltd (In Liquidation) (Receivers and Managers Appointed) (known as “The Rare Coin Company”) and developed a strategy to deal with the issue.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Cameron Belyea , Rebecca Magee
    Location:
    Australia
    Firm:
    Clayton Utz
    Submissions to independent inquiry into construction industry insolvency in NSW due shortly
    2013-02-14

    The period for submissions on wide-ranging reforms to the NSW construction industry recommended by the Independent Inquiry into Construction Industry Insolvency in NSW is closing soon.

    Filed under:
    Australia, New South Wales, Construction, Insolvency & Restructuring, Clayton Utz
    Authors:
    Doug Jones , Narelle Smythe , Frank Bannon , Philip Dawson
    Location:
    Australia
    Firm:
    Clayton Utz
    Ipso facto clauses and insolvency
    2012-02-02

    Australia needs to rein in ipso facto clauses in order to develop a turnaround culture for financially troubled companies.

    Within hours of Kodak's move into Chapter 11 bankruptcy, the internet was alive with bad jokes:

    "Kodak's business didn't develop the way they expected."

    "Kodak was overexposed to the GFC."

    "Kodak's Chapter 11 hearing was held in camera."

    Australian businesses and liquidators might be forgiven for thinking that the bigger joke is Australia's lack of a Chapter 11 turnaround culture.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz
    Location:
    Australia
    Firm:
    Clayton Utz
    "Do I really need to run a sale process?"
    2021-12-08

    It is important for a receiver or voluntary administrator to ensure that a proper sales process is undertaken relevant to the circumstances as there is no "one-size-fits-all" approach.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Timothy Sackar
    Location:
    Australia
    Firm:
    Clayton Utz
    Who's the (actual) boss? The true legal employer in an insolvent corporate group
    2020-08-31

    The "true employer" question is one which frequently arises in insolvencies of corporate groups, and it also arises in solvent workplace dispute scenarios. Answering it, however, is often hampered by inconsistent or incomplete records and very divergent returns for employees, depending on the outcome of the question.

    Filed under:
    Australia, Employment & Labor, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Orla McCoy , Tom Gardner
    Location:
    Australia
    Firm:
    Clayton Utz
    Corporate rescue in Australia: a time for innovation
    2019-05-30

    Increasingly, formal restructures, whether solvent or insolvent in nature, are closely aligned to court-supervised processes, adding certainty and transparency to the restructuring process.

    Filed under:
    Australia, Agriculture, Capital Markets, Insolvency & Restructuring, Tax, Clayton Utz
    Authors:
    Cameron Belyea
    Location:
    Australia
    Firm:
    Clayton Utz
    State of Play: Restructuring, distressed and debt market
    2018-05-23

    The restructuring, distressed and debt market in Australia continues to evolve. We have a competitive debt market that constantly seeks out that next transaction. We have an environment of innovation with restructuring professionals seeking to push the boundaries of what may be possible within the current legislative framework, and we have changes to that framework with the introduction of Safe Harbour as a defence to insolvent trading and ipso facto reform which seeks to lock in contracts post-insolvency.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Clayton Utz, Board of directors
    Authors:
    Timothy Sackar
    Location:
    Australia
    Firm:
    Clayton Utz
    Navigating the safe harbour reforms
    2017-09-19

    On 11 September 2017, major reforms to Australia's insolvency laws including an insolvent trading safe harbour and a restriction on the enforcement of ipso facto rights in certain circumstances passed through the Senate. These insolvency reforms amend relevant provisions of the Corporations Act.

    The safe harbour provisions commenced on 19 September 2017.

    Filed under:
    Australia, Employee Benefits & Pensions, Insolvency & Restructuring, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz

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