Regional news: Australia

Norton Rose partner joins Ashurst in Sydney

Ashurst has recruited a partner from Norton Rose Fulbright in Sydney, who has experience advising on the restructurings of mining company Arrium and swimwear brand Seafolly.

29 November 2021

UK monitors liable for costs of failed Australian recognition request

An Australian court has ordered the UK moratorium monitors of waste oil re-refiner Hydrodec Group to pay costs to a creditor who opposed their failed recognition attempt.

19 November 2021

Australia’s highest court hears Cape Town Convention question

Australia’s highest court last week heard arguments on what it means to “give possession” under the Cape Town Convention in a dispute over who should pay for the return of jet engines leased by Virgin Airlines.

10 November 2021

Former Big Four partner launches restructuring boutique in Sydney

Australian accountant Simon Cathro, who spent over 15 years at Big Four firms EY, Deloitte and PwC, has set up a new restructuring and insolvency boutique in Sydney.

28 October 2021

Hydrodec Group – reconsidering COMI?

Goodwin partner Simon Thomas and associate Emily Lockhart discuss the key takeaways from a “somewhat curious” recent Australian ruling, which dismissed an application brought by UK-incorporated oil re-refining company Hydrodec Group for recognition of its use of the UK’s new moratorium tool as a foreign main proceeding under the UNCITRAL Model Law.

28 October 2021

Investors lose joint Australia-New Zealand appeal over commingled assets

Investors in collapsed Antipodean stockbroker Halifax have failed to overturn complementary court decisions in Australia and New Zealand over the distribution of the group’s commingled assets, after appeal courts in both jurisdictions sat in another ground-breaking joint hearing.

27 October 2021

US recognition sought for alleged Australian-Israeli tax scam

The liquidator of a group of companies owned by an Australian family, who are embroiled in an alleged international tax avoidance scheme with Israeli banks, has sought Chapter 15 relief in New York.

01 October 2021

Boart Longyear schemes sanctioned in Australia

Australian mining group Boart Longyear has won court approval for two schemes of arrangement in Sydney that aim to convert about US$795 million of debt into equity – while plans to redomicile in Canada continue apace.

17 September 2021

Greensill’s UK administration recognised in US

Greensill’s main trading entity has obtained recognition of its UK administration in New York, where US coal miner Bluestone Resources had already agreed to suspend a fraud suit against two of its senior managers for 90 days – though not for the entire length of the Chapter 15 stay.

15 September 2021

Greensill Capital seeks recognition to stop US lawsuit

Greensill’s main trading entity has sought recognition of its UK administration in New York to block a fraud suit brought against it by US coal miner Bluestone Resources – while its bankrupt US unit has received court approval to sell its working capital provider.

19 August 2021

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