Regional news: Australia

Community round-up: IWIRC’s Woman of the Year, Mackinac opens Boston office

Recent weeks have seen hires for regional advisory practices in the US and the UK, legal moves in Australia, and the crowning of IWIRC’s Woman of the Year.

28 November 2016

Down Under DIY chain’s winding-up postponed for arbitration

Australia’s highest court has stayed winding-up proceedings for an Australasian home improvement business, allowing an arbitrator to resolve a shareholders dispute between its Australian and US owners.

06 October 2016

Regulatory round-up: India seeks to tackle NPLs as New Zealand ponders stricter rules for insolvency practitioners

In recent weeks the Indian government has legislated for a sharp rise in its banking sector’s non-performing debt, and New Zealand has opened a public consultation to tighten up regulations for insolvency practitioners. Meanwhile, Australia has released a revised timeframe for its forthcoming insolvency reforms.

30 August 2016

UK Supreme Court clarifies when constructive trust may arise in wine case

The UK Supreme Court has clarified the circumstances in which a constructive trust may arise in insolvency, overruling earlier case law and rejecting arguments from an Australian winemaker that its former agent in the UK should have placed money owed to it in trust as soon as its insolvency was imminent.

05 August 2016

Miner’s Chapter 11 case dropped after Australian COMI ruling

A US bankruptcy court has dismissed Delaware-incorporated Legend International’s Chapter 11 case, after a Melbourne court ruled that the phosphate miner’s centre of main interests (COMI) was in Australia.

28 July 2016

Australia's Forge Group in advanced talks for more litigation funding

The liquidator of bankrupt Australian construction company Forge Group is in advanced discussions to seek a second bout of litigation funding, as its investigations into the conduct of a major Singaporean contractor face delays.

06 July 2016

Australian court orders liquidation of miner with Chapter 11 pending in Delaware

A court in Melbourne has appointed liquidators over Delaware-incorporated miner Legend International Holdings, declining to recognise its parallel Chapter 11 filing under the US bankruptcy Code.

23 June 2016

World’s largest coal company to test new Gibraltarian bankruptcy law

Peabody, the world’s largest private coal producer, has applied for recognition of its US bankruptcy proceedings in the British Overseas Territory of Gibraltar, in what is the first test of the peninsula’s new cross-border insolvency regime.

22 June 2016

Australian administrator disputes costs attached to $100m New York loan

The administrator of distressed Australian steel manufacturer Arrium steel has brought a claim disputing legal costs attached to a US$100 million loan the company recently repaid to New York asset management firm GSO.

02 June 2016

Australian energy company's US subsidiaries file for Chapter 11 to avoid "disaster"

The US subsidiaries of Australia’s Linc Energy have filed for Chapter 11 protection in Texas, citing an “immediate” need to draw US$10 million of interim DIP financing to pay operating costs while its Australian parent faces its own insolvency proceedings.

01 June 2016

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