Regional news: Australia
Australian court reinterprets Cape Town Convention ruling on appeal
Virgin Australia’s administrators may no longer have to fund the return of airline engines to their owner in the US, after a federal appeal panel weighed in on what it means to “give possession” under the Cape Town Convention.
12 October 2020
Australian tax officer denied costs over Senvion recognition
An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.
22 September 2020
K&L Gates recruits finance partner in Sydney
K&L Gates has recruited the former head of Hogan Lovell’s finance department as a partner in Sydney.
11 September 2020
Thai Airways’ bankruptcy recognised in Australia
An Australian court has recognised Thai Airways’ rehabilitation proceedings – the first Thai bankruptcy to be recognised in the jurisdiction – while another recognition application is also pending in Japan.
09 September 2020
First times for Virgin in courts
In Virgin Australia's insolvency, a federal court has issued the first ruling on an administrator’s obligation to “give possession” under the Cape Town Convention, as creditors approved its sale to Bain Capital; meanwhile, Virgin Atlantic received the first Chapter 15 recognition of a new English restructuring plan.
04 September 2020
Wirecard sells assets in UK, Brazil and Germany
Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.
01 September 2020
Herbert Smith Freehills hires restructuring specialist in Sydney
The legal director of the Australian Restructuring Insolvency & Turnaround Association, Natasha McHattan, has joined Herbert Smith Freehills as special counsel in Sydney.
27 August 2020
Trade creditors approve Virgin Atlantic’s restructuring plan
Creditors have approved Virgin Atlantic’s ground-breaking restructuring plan at four virtual meetings, with 99% of trade creditors lending their support.
25 August 2020
Hong Kong assistance requested again in Australia’s Rennie Produce liquidation
An Australian court has requested assistance from the High Court of Hong Kong to summons three Hong Kong residents in the decade-old liquidation of Australian crop planting company Rennie Produce.
18 August 2020
Two more Virgin Australia entities seek Chapter 15 recognition
The newly appointed administrators of two Virgin Australia entities that Bain Capital plans to include in its purchase of the group have sought Chapter 15 recognition in New York.
14 August 2020
Get unlimited access to all Global Restructuring Review content