Regional news: Australia

Administrators appointed over Alita Resources in Australia

A US-based secured creditor of Australian lithium miner Alita Resources has appointed voluntary administrators over the company, two days after its deed of company arrangement came into effect.

07 December 2020

Santander snaps up Wirecard payments platform, with A&O advising

Allen & Overy is advising Santander on its acquisition of Wirecard’s core technology assets, the latest in a series of firesales at the collapsed German payments firm that is facing over €12 billion worth of claims.

19 November 2020

IMF Bentham co-founder launches new litigation funder in Australia

With demand for insolvency-related cases expected to grow, the co-founder of IMF Bentham and the former CEO of Australia and New Zealand-based Litigation Lending Services have joined forces to launch a new third-party funder.

11 November 2020

A&M Middle East head joins KordaMentha in Sydney

Asia-Pacific advisory firm KordaMentha has hired the former head of Alvarez & Marsal’s Middle East turnaround and restructuring practice.

27 October 2020

Australian court reinterprets Cape Town Convention ruling on appeal

Virgin Australia’s administrators may no longer have to fund the return of airline engines to their owner in the US, after a federal appeal panel weighed in on what it means to “give possession” under the Cape Town Convention.

12 October 2020

Australian tax officer denied costs over Senvion recognition

An Australian court has refused to award costs to a tax officer who abandoned his request for relief from a stay that followed the local recognition of wind turbine maker Senvion’s German self-administration proceedings.

22 September 2020

K&L Gates recruits finance partner in Sydney

K&L Gates has recruited the former head of Hogan Lovell’s finance department as a partner in Sydney.

11 September 2020

Thai Airways’ bankruptcy recognised in Australia

An Australian court has recognised Thai Airways’ rehabilitation proceedings – the first Thai bankruptcy to be recognised in the jurisdiction – while another recognition application is also pending in Japan.

09 September 2020

First times for Virgin in courts

In Virgin Australia's insolvency, a federal court has issued the first ruling on an administrator’s obligation to “give possession” under the Cape Town Convention, as creditors approved its sale to Bain Capital; meanwhile, Virgin Atlantic received the first Chapter 15 recognition of a new English restructuring plan.

04 September 2020

Wirecard sells assets in UK, Brazil and Germany

Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.

01 September 2020

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