Regional news: Australia

Probuild administrators get extra time to sell subsidiaries

The Deloitte administrators of Australian construction group Probuild have obtained a three-month extension to hold a second meeting of creditors, as they edge closer to selling three of its subsidiaries.

21 March 2022

Australia’s highest court interprets Cape Town Convention Protocol in airline’s favour

The Cape Town Convention Aircraft Protocol’s obligation on airline debtors to “give possession” of aircraft assets to lessors following an insolvency-related event means no more than to simply provide lessors with an opportunity to take control of them, Australia’s Highest Court has found.

16 March 2022

Ninth Circuit reverses Australian recognition ruling

An Australian woman’s US$1.2 million personal injury claim in a skin care manufacturer’s US bankruptcy has been reinstated after a Ninth Circuit appeal court found an Australian judgment should be recognised in California.

09 March 2022

Deloitte, KWM on Australian Probuild administration

King & Wood Mallesons is advising administrators from Deloitte who were appointed over the Australian construction group Probuild last week, after its South African parent pulled the plug on funding.

03 March 2022

Canadian court appoints receiver over Finnish gold mine operator

An insolvent Canadian company that owns a gold mine in Finland has been placed into receivership, while fraud litigation between its majority shareholder and only secured creditor play out in the US and Canada.

02 February 2022

Credit Suisse seeks US discovery for English Softbank suit

Zurich-headquartered Credit Suisse is seeking discovery in California to support a planned English lawsuit against Japan’s Softbank over its alleged restructuring of a former Greensill client in late 2020, which the Swiss bank says put valuable receivables beyond its reach.

04 January 2022

Australian court relies on equity to permit funds’ transfer to Germany

A German apparel company’s administrator has been allowed to access money held in an Australian bank and transfer it back to his jurisdiction, after an Australian court found that the legal doctrine of equity permitted it to enforce foreign judgments in appropriate circumstances.

14 December 2021

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

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