Regional news: Australia

In two historic decisions concerning unfair preferences, the Australian High Court has found that a creditor cannot set-off a liquidator’s claim against it, and upheld the abolishment of the “peak indebtedness rule” while establishing when liquidators should start calculating preference payments in a running account.

21 February 2023

EY has recruited a partner for its turnaround and restructuring strategy team who acted as a liquidator to multinational investment manager Halifax Investment Services: a case that marked a world first for cooperation between courts in Australia and New Zealand.

08 February 2023

While acknowledging the limited regulatory guidance currently in place, managing partner Kyle Broadhurst and Richard Parrish from Cayman boutique Broadhurst provide a brief overview on how at least seven different jurisdictions are approaching the treatment of crypto assets in insolvency.

06 February 2023

The Singaporean trustees of a bankrupt Australian businessman have secured recognition of their appointments in Australia so they can investigate his assets after he failed to file a statement of affairs in compliance with Singapore’s insolvency laws.

25 January 2023

Norton Rose Fulbright’s global co-head of restructuring Scott Atkins, the current president of INSOL international, is set to become the firm’s next global chair.

14 December 2022

Two Irish lessors fighting the US$9.5 billion restructuring of Indonesia’s national airline have failed to wind up the company in Australia after a judge in Sydney found it is "immune" from the jurisdiction of the Australian courts.

28 November 2022

A bankrupt businessman’s Hong Kong trustees have won the right appoint their Australian colleagues to sell a property he co-owns in New South Wales, but failed to convince the court to grant them leave to file an amended summons to recoup possible repair costs from the other owner.

24 November 2022

Deliveroo’s Australian operating subsidiary has entered voluntary administration appointing a team from KordaMentha advised by King & Wood Mallesons, in a case that could raise interesting questions for tech companies with non-physical assets.

17 November 2022

An affiliate of the Endo pharma group has secured recognition of its Chapter 11 in Australia, a month after it was granted interim relief staying personal injury claims from women who allege they have suffered complications from its transvaginal mesh products.

31 October 2022

Indonesia’s national airline has secured US recognition of its US$9.5 billion restructuring plan, but two Irish lessors said they will resist attempts by the company to seek enforcement orders.

27 October 2022