Articles

TMA Australia members are encouraged to submit articles. Please contact the TMA National Office at info@turnaround.org.au or 1300 042 811.

The Australian Financial Review published an article on page 6 last week, which positions the TMA and AVCAL as two key industry supporters backing the proposed Safe Harbour provisions which form part of the Federal Government’s innovation agenda. National Board director, Marcus Derwin, speaks on behalf of the TMA: “We want to keep the growth...

Published 17-05-17 by Categories Uncategorized
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KPMG share their article with us. Author: Carl Gunther, NSW Head of Restructuring and National Turnaround Lead, KPMG. Most experts when asked about why a company went broke or defaulted will respond with a collection of good logical reasons specific to the matter. In fact, insolvency practitioners are required to report this as part of...

Published 30-03-17 by Categories Uncategorized
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Treasury has just released the draft safe harbour and ipso facto legislation and discussion papers.  In essence, a “better outcome” test is put forward which will allow a company to trade on when it is of doubtful solvency.  The onus is placed on directors to take appropriate steps to amongst other things obtain expert advice...

Published 28-03-17 by Categories Uncategorized
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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...

Published 22-02-17 by Categories Uncategorized
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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...

Published 16-12-16 by Categories Uncategorized
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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...

Published 28-09-16 by Categories Uncategorized
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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...

Published 20-07-16 by Categories Uncategorized
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Michael Sloan and Kathryn Smith from Ashurst share their article with us. A new Insolvency and Bankruptcy Code (Code) has been passed in India. The Code is aimed at modernising the process of liquidation and revival of companies in India. Why was reform necessary? The previous process was Court driven and often resulted in a...

Published 20-05-16 by Categories Turnaround
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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...

Published 05-04-16 by Categories Uncategorized
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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...

Published 29-03-16 by Categories Uncategorized
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