Regional news: Australia
Steinhoff sells off British and Australian retailers
Scandal-hit South African conglomerate Steinhoff has sold the group behind British retailers Bensons for Beds and Harveys Furniture, as well as the merchandise division of its Australasian subsidiary, owner of Debenhams Australia.
22 November 2019
New group insolvency law proposed for India
In what has been described as a “yet another path-breaking development” for the country, a working group set up by the Insolvency and Bankruptcy Board of India has published its proposals for a new group insolvency law.
17 October 2019
Australian court finds trust over Ponzi scheme funds
A court in Sydney has advised the liquidators of a Ponzi scheme offering “Brexit special” investments, that the funds in one of its bank accounts were held on trust, because they weren’t used for the purpose they were collected.
27 September 2019
Macquarie Chapter 11 suit dismissed in New York
Australian asset manager Macquarie Group has lost an adversary bid for damages in Irish helicopter leasing company Waypoint’s Chapter 11 proceedings, after accusing a Waypoint competitor of breaching a non-disclosure agreement and of interfering with its business relations.
12 September 2019
Zetta trustee’s breach does not justify discovery, Australian court finds
The Chapter 7 trustee of aircraft operator Zetta Jet “likely” shared Australian court documents with the US Federal Bureau of Investigations (FBI), in breach of an implied undertaking not to do so, an Australian court has said.
05 September 2019
Canadian deep sea miner’s creditors approve Australian takeover plan
Creditors have unanimously backed a seafloor mining company’s acquisition agreement that will see its Australian funding partner assume its C$534 million (US$402 million) indebtedness.
13 August 2019
Community roundup: Duff & Phelps hires KPMG director
In recent weeks, a host of firms have witnessed the reorganisation of their own restructuring divisions, with new partners hired for London and regional practices in the UK, and a new counsel announcement in New York.
10 July 2019
Irish oil services group enters Chapter 11, with Irish and Bermudian proceedings to follow
Irish oilfield services group Weatherford International has filed for Chapter 11 protection in a Texas bankruptcy court aiming to cut down its US$8.35 billion debt through a pre-packaged plan that envisages parallel proceedings in Ireland and Bermuda.
04 July 2019
Piper Alderman hires partner in Sydney
Australian firm Piper Alderman has recruited Cheryl Weston from commercial litigation firm Eakin McCaffery Cox, as a partner in its insolvency and reconstruction team.
01 July 2019