Regional news: Australia
Canadian tech group enters Ch11, Australian subsidiary in liquidation
Canada-listed software logistics business GetSwift Technologies has sought Chapter 11 protection in New York, days after its Australian subsidiary entered liquidation after being found liable last year for making misleading statements to the Australian Securities Exchange about customer agreements with the likes of Amazon.
03 August 2022
Australia recognises Russian personal bankruptcy
The foreign representative of a bankrupt Russian entrepreneur has successfully obtained recognition in Australia under the Model Law; meanwhile a Singaporean bankruptcy trustee has received assistance from an Australian court under a local bankruptcy statute, despite the bankrupt’s attempts to stall the application with claims of conspiracy, a faulty laptop and a sore throat.
01 July 2022
Australian court fires out first judgment under new anti-phoenixing law
A court in Australia has made the first ruling invoking anti-phoenixing laws introduced two years ago, in a case where a translation company’s assets were sold to an entity controlled by its sole director’s sister, minutes before a resolution to wind it up.
27 May 2022
Pinsent Masons and Crowell & Moring advise on latest TM Lewin rescue
Less than two years after collapsing into administration and shutting all its UK stores, British menswear retailer TM Lewin has been bought out of administration again – this time by a Malaysia-based lender.
12 April 2022
Probuild administrators get extra time to sell subsidiaries
The Deloitte administrators of Australian construction group Probuild have obtained a three-month extension to hold a second meeting of creditors, as they edge closer to selling three of its subsidiaries.
21 March 2022
Australia’s highest court interprets Cape Town Convention Protocol in airline’s favour
The Cape Town Convention Aircraft Protocol’s obligation on airline debtors to “give possession” of aircraft assets to lessors following an insolvency-related event means no more than to simply provide lessors with an opportunity to take control of them, Australia’s Highest Court has found.
16 March 2022
Ninth Circuit reverses Australian recognition ruling
An Australian woman’s US$1.2 million personal injury claim in a skin care manufacturer’s US bankruptcy has been reinstated after a Ninth Circuit appeal court found an Australian judgment should be recognised in California.
09 March 2022
Deloitte, KWM on Australian Probuild administration
King & Wood Mallesons is advising administrators from Deloitte who were appointed over the Australian construction group Probuild last week, after its South African parent pulled the plug on funding.
03 March 2022
Canadian court appoints receiver over Finnish gold mine operator
An insolvent Canadian company that owns a gold mine in Finland has been placed into receivership, while fraud litigation between its majority shareholder and only secured creditor play out in the US and Canada.
02 February 2022
Credit Suisse seeks US discovery for English Softbank suit
Zurich-headquartered Credit Suisse is seeking discovery in California to support a planned English lawsuit against Japan’s Softbank over its alleged restructuring of a former Greensill client in late 2020, which the Swiss bank says put valuable receivables beyond its reach.
04 January 2022