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    Channel Nine: still the one
    2012-10-18

    On 17 October 2012, Nine Entertainment announced that it had reached an agreement with representatives of its senior and junior lenders with respect to a restructuring of its financing arrangements. Prior to the announcement, recent business press had been dominated by reports of Nine Entertainment's potential insolvency.

    Filed under:
    Australia, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Clayton Utz, Hedge funds, Debt
    Authors:
    Peter Bowden , Nick Poole , Paul James
    Location:
    Australia
    Firm:
    Clayton Utz
    Acquiring distressed companies
    2010-08-19

    Key Points: An administrator of a deed of company arrangement has been allowed to sell the company over a shareholder's objections.

    The GFC has seen a significant rise in the number of corporate insolvencies.[1]

    Many of those insolvencies have been the result of tighter credit, rather than a collapse of the company's business. It's no surprise, therefore, that there is a major appetite for the acquisition of distressed businesses and companies.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Share (finance), Shareholder, Credit (finance), Debt, Deed, Liquidation, Prejudice, Corporations Act 2001 (Australia)
    Authors:
    David Landy
    Location:
    Australia
    Firm:
    Clayton Utz
    Litigation - risky business for liquidators
    2021-05-13

    Before embarking on any litigation, or continuing any litigation that is on foot at the time of the liquidator's appointment, a liquidator should carefully weigh up the benefits and risks of pursuing a particular course of action.

    A liquidator can be exposed personally in litigation. We discuss the risks to a liquidator associated with litigation by examining some recent cases where liquidators have been ordered to pay costs personally. We provide guidance on ways to mitigate this risk.

    Balancing risk – weighing up competing priorities

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidator (law), Insolvency Act 1986 (UK)
    Authors:
    Anthony Burke
    Location:
    Australia
    Firm:
    Clayton Utz
    Is the threat of voluntary administration credible in restructurings?
    2019-07-19

    It is inevitable that companies will face periods of financial distress during their corporate lives. During these times, it is incumbent on the directors and management to seek to maximise the company's chances of survival and preserve value for stakeholders. Certainly it has not been uncommon for directors to use the threat of voluntary administration as a part of their stakeholder management strategy during these times.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Board of directors
    Authors:
    Timothy Sackar , Jillian Robertson
    Location:
    Australia
    Firm:
    Clayton Utz
    The Personal Property Securities Act: Is "possession" still nine-tenths of the law?
    2018-09-12

    Although we have been operating under the Personal Property Securities Act 2009 (Cth) (PPSA) for a number of years, this area of law continues to generate disputes because of the complexity of the legislative regime and the ramifications of being an unsecured creditor of an insolvent entity.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Orla McCoy , Jillian Robertson
    Location:
    Australia
    Firm:
    Clayton Utz
    Disclaimers and the obligation to comply with environmental protection orders
    2018-03-15

    The liquidators were not bound to cause Linc to comply with the EPO from the date of the disclaimer.

    Filed under:
    Australia, Queensland, Environment & Climate Change, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Kathryn Pacey , Stuart MacGregor , Scott Sharry
    Location:
    Australia
    Firm:
    Clayton Utz
    Court extends time for registration of security interests due to inadvertence - ABN v ACN
    2016-09-01

    Accolade is a very useful illustration of how a court exercises its discretion when a financier's failure to register its security interests properly was inadvertent.

    When will a court exercise its discretion to grant an extension of time for the registration of security interests on the Personal Property Securities Register (PPSR)? The NSW Supreme Court has given some guidance in In the matter of Accolade Wines Australia Limited and other companies [2016] NSWSC 1023, specifically regarding:

    Filed under:
    Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Clayton Utz, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidators face (re)insurance problems
    2015-08-06

    Key Points:

    Section 562A of the Corporations Act does not apply where liquidator realises a sum of money by assigning the proceeds of the reinsurance claim to a third party.

    Liquidators of insurance companies face a major quandary when assessing reinsurance recoveries.

    A new Court decision may undercut the legislative policy that reinsurance proceeds should be quarantined from the normal rules for paying out creditors of insolvent companies.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Reinsurance, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Karen O'Flynn , Mark Waller
    Location:
    Australia
    Firm:
    Clayton Utz
    No tenure for tenants of liquidated landlords
    2013-12-05

    The High Court has ruled that liquidators of lessors can disclaim leases, thus terminating the leasehold interests of tenants.

    However, yesterday's High Court decision in Willmott Growers Group Inc. v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation) [2013] HCA 51 leaves open another issue: do liquidators need to get Court approval before exercising this power, and, if so, how easy or difficult would it be to get that approval?

    Key Points

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Landlord, Leasehold estate, Liquidation, Liquidator (law)
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    NSW's shift on personal liability for corporate fault good news for insolvency practitioners
    2012-08-16

    The proposed scaling back of directors' liability provisions is good news for insolvency practitioners.

    In good news for insolvency practitioners, the NSW Government formally adopted the Council of Australian Governments guidelines on "Personal Liability for Corporate Fault" as NSW policy on 31 July 2012 .

    What are the "Personal Liability for Corporate Fault" guidelines?

    Filed under:
    Australia, New South Wales, Company & Commercial, Insolvency & Restructuring, Clayton Utz, Liquidator (law), Prima facie, Corporations Act 2001 (Australia)
    Authors:
    Orla McCoy
    Location:
    Australia
    Firm:
    Clayton Utz

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