Regional news: Australia

Indonesian flag carrier Garuda has fought off a second attempt by two Irish lessors to wind it up in Australia and undo a US$9.5 billion restructuring approved by a Jakarta court last year.

16 June 2023

GenesisCare, a KKR-backed Australian cancer care group, has secured a worldwide stay and access to a debtor-in-possession facility in Texas, as it seeks to sell its US business to investors who can implement a ready-to-go turnaround plan.

02 June 2023

A Kentucky entity set up by Australia-based businessman Kenneth Wikeley has been reprimanded for violating a Chapter 15 stay obtained by liquidators appointed over the trustee of his family trust, which has been accused of fraud by a purported investor.

01 June 2023

A Sydney-based Norton Rose Fulbright partner who advised the administrators of Lehman Brothers’ main European arm in its landmark Waterfall litigation in the UK has joined Lander & Rogers, telling GRR he plans to grow the firm’s cross-border offering.

17 May 2023

A former Akin Gump Strauss Hauer & Feld partner has been appointed head of DLA Piper’s Asia-Pacific restructuring team in Hong Kong, while two of the firm’s legal directors have made partner in the UK.

04 May 2023

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