Herbert Smith Freehills share their article with us: 07 February 2017 | Australia Legal Briefings – By John Angus, Paul Apathy, Mark Clifton and Tony Coburn On 31 January 2017, Brereton J of the Supreme Court of New South Wales in In the matter of OneSteel Manufacturing Pty Limited (administrators appointed) [2017] NSWSC 21...
Clayton Utz share their report with us: From Red to Black, in which they analyse the critical developments in the Australian restructuring market in FY16. Australian companies are slowly embracing a turnaround culture, but board and management attitudes still need to change for more successful restructurings to occur, according to a Clayton Utz report From...
Herbert Smith Freehills share their article with us. On 15 September, Herbert Smith Freehills launched the new Guide to Restructuring, Turnaround and Insolvency in Asia Pacific. The Guide provides an overview of the laws relating to corporate restructuring, turnaround and insolvency in 14 major jurisdictions across the Asia Pacific region. It is aimed at providing...
Ashurst share their article with us. On 30 June 2016 the Victorian Court of Appeal clarified the interplay between US Chapter 11 and Australian insolvency proceedings in Legend International Holdings Inc (in liquidation) v Indian Farmers Fertiliser Cooperative Ltd [2016] VSCA 151. What you need to know: key takeaways – This is the first Australian appellate...
Carl Gunther at KPMG shares his article, The way of the whale: stranded carbon assets with us. Chairing a session recently at the Sydney 2016 Euromoney Distressed Debt Conference titled “What options do investors have with stranded, or potentially stranded “carbon” assets on their books?” I asked panellists to reflect on the way of the whale in...
A mooted law reform in Queensland to impose personal liability for environmental damage could harm turnarounds. The legislation, which is aimed at the Queensland Nickel debacle, not only seeks to impose liability on recalcitrant directors but it would also impose liability on newly appointed “cleanskin” directors and officers as well as professional advisors and financiers. It has the...
Paul Apathy from Herbert Smith Freehills shares his article Not a sure thing? LMA secondary trades of surety bonds, bank guarantees and letters of credit with us. Taken to the English High Court earlier this year, the GSO Credit – A Partners LP v Barclays Bank Plc case centred on the interpretation of key terms used in...
Ashurst share their article, BREXIT: The final countdown. What it means for the EU with us. After months of build-up, we now know the crucial date. David Cameron has announced that the UK’s Referendum on whether to remain in the EU will take place on 23 June 2016. Whilst there is no longer uncertainty as...
Ashurst share their article Joinin: third parties can join insurers who deny indemnity to insolvent defendants. CGU Insurance Limited v Blakeley [2016] HCA 2 Key takeaways for insolvency practitioners If you are suing an insolvent insured and their insurer has denied indemnity, you can ask the court to join the insurer to the proceeding and...
“The TMA are delighted by the PM’s passionate support of safe harbour arrangements under the new Innovation Package announced this morning. This is a critical step change for turnaround in Australia.” Lachlan Edwards, Vice President Turnaround Management Association of Australia (‘TMAA’) The Turnaround Management Association (‘TMA’) is a global organisation devoted to the promotion of...
