Regional news: Australia

Australia’s corporate insolvency system is overly complex, difficult to access, and creates unnecessary costs and confusion for debtors and creditors, a wide-ranging parliamentary report has found, recommending a root and branch review that local lawyers say will provide the impetus for Australia to adopt international best practices.

14 July 2023

A winding-up application launched by two alleged creditors against international real estate developer Guangzhou R&F Properties in China has failed after a mainland court found no evidence the company is insolvent.

14 July 2023

The joint liquidators of Australian sugar refinement technology company SIRA have obtained a letter from a Melbourne judge requesting court-to-court cooperation with Singapore to help them get hold of documents in the jurisdiction.

11 July 2023

Eversheds Sutherland has hired a partner from Akin Gump, who brings with her experience advising institutional investors in US, Australian and cross-border debt finance and financial restructuring cases.

10 July 2023

The English administrators of collapsed trade financing firm Greensill’s main trading entity have secured recognition in Australia to stop insurance crossclaims from being brought against it.

04 July 2023

Indonesian flag carrier Garuda has fought off a second attempt by two Irish lessors to wind it up in Australia and undo a US$9.5 billion restructuring approved by a Jakarta court last year.

16 June 2023

GenesisCare, a KKR-backed Australian cancer care group, has secured a worldwide stay and access to a debtor-in-possession facility in Texas, as it seeks to sell its US business to investors who can implement a ready-to-go turnaround plan.

02 June 2023

A Kentucky entity set up by Australia-based businessman Kenneth Wikeley has been reprimanded for violating a Chapter 15 stay obtained by liquidators appointed over the trustee of his family trust, which has been accused of fraud by a purported investor.

01 June 2023

A Sydney-based Norton Rose Fulbright partner who advised the administrators of Lehman Brothers’ main European arm in its landmark Waterfall litigation in the UK has joined Lander & Rogers, telling GRR he plans to grow the firm’s cross-border offering.

17 May 2023

A former Akin Gump Strauss Hauer & Feld partner has been appointed head of DLA Piper’s Asia-Pacific restructuring team in Hong Kong, while two of the firm’s legal directors have made partner in the UK.

04 May 2023