Insolvency, Restructuring and Turnaround
Directors and owners may need advice to restructure and turn the business around. Or, if the business can’t be saved, advice on insolvency options is vital, as is an adviser to act in a formal insolvency process.
We have a substantial, national insolvency, restructuring and turnaround team.
We are known for working on some of Australia’s most complex and high-profile insolvencies, and regularly work with Australia’s large and mid-market accounting firms and corporates in the area of insolvency.
Using a multi-disciplinary approach, we advise on all aspects of insolvency. We have leading practices in employment, banking and financial services, commercial disputes and commercial transactions, which enables us to deliver full-service insolvency advice.
We are also experts in helping underperforming businesses survive and thrive, with the best business restructuring advice to give you peace of mind. When it comes to identifying opportunities and solutions involving underperforming businesses and assets, our internationally recognised, cross-practice team of experts can solve legal issues to allow businesses to find the best path to turn the company around. We advise on the best solutions for your situation and help your business formulate a business restructuring plan and navigate through the process.
Our key types of work include:
- voluntary administration, liquidation, receivership and bankruptcy;
- insolvent voidable transaction and insolvent trading claims;
- deeds of company arrangement;
- corporate restructuring and turnaround;
- distressed M&A;
- security enforcement;
- debt moratoriums, standstill agreements and refinances;
- white collar crime and breaches of directors’ duties;
- applications to the court for the appointment of a liquidator, provisional liquidator, receiver or trustee;
- Personal Property Securities Act 2009 (Cth) (PPSA) advice; and
- schemes of arrangement.
‘Very commercial advice, however they are technically and strategically excellent as well.’
- Acting for the voluntary administrators of the Godfreys retail group in relation to the ongoing trade and sale of the Godfreys’ business.
- Acting for the liquidators of the Hastie Group of Companies in the investigation and conduct of 32 oral examinations of directors and officers as well as the conduct of a claim in the NSW Supreme Court against former auditors.
- Acted for the directors in the voluntary administration and re-capitalisation of a listed entity by deed of company arrangement.
- Acted in an ASIC funded investigation in relation to a disqualified liquidator and unlawful phoenix activity across a number of unrelated corporate entities.
- Acted for liquidators of Pacific Services Group. The Group operated as an electrical and communications contractor and manufacturer of switchboards across the eastern seaboard of Australia employing 650 employees at 12 sites with in excess of 100 active projects. The assignment included the prosecution of numerous unfair preference claims against trade creditors and regulatory authorities, defending retention of title claims including consideration of PPSA issues, applications to the Court for variations to streamline the administrators’ obligations for notifications to creditors and the provision of employment advice.
- Acted for administrators of a major contract services company in NSW, including negotiating and agreeing terms of a business license to prospective purchaser, negotiating the sale of business, transfer of over 100 employees, advising on multiple claims under the PPSA, advising on an ongoing intellectual property dispute; and ongoing recovery of substantial preference claims.
- Advised liquidators in respect of grower recoveries in various failed managed investment schemes, including over 200 individual matters across the Gunns and Timbercorp Securities liquidations.
- Acted for the trustee in bankruptcy of Craig Bond (son of Alan Bond) in relation to proceedings commenced by Mr Bond’s former spouse to annul the bankruptcy.
- Advised the purchaser of a well-known Australian frozen dessert manufacturer from voluntary administration.
- Advised Nostra Property Group on its agreement to acquire Porter Davis’s multiple dwelling business.
- Advised a security and emergency response business on a business restructuring plan, the interposition of a new entity to hold the subsidiaries, the transfer of all business operations to different entities within the group, including dealing with staff (and unions), suppliers, creditors, financiers and government agencies, negotiations with the existing financier and finding new finance, tax advice on minimising stamp duty and GST on the transaction and the employee share scheme, and options to exit unwanted minority shareholders.
- Advised a mining company’s board on their duties in light of the pending potential insolvency of the company, assisted them to access the safe harbour against insolvent trading while the board renegotiated a recapitalisation of the company, and advised on negotiations with secured lenders.
- Advised the board of a leisure activity provider on how to access the safe harbour against insolvent trading, developed a business restructuring plan, monitored ongoing compliance with requirements for continued access to safe harbour, and advised on negotiations with franchisors, licensors, landlords and financiers.
- Advised the directors of a supply chain and distribution technology business on their duties and potential exposure, developed and implemented a restructure plan under the safe harbour against insolvent trading, advised on employee entitlements, ongoing trading obligations and recapitalisation, and assisted with creditor claims brought against the Group.
- Advised the US-based majority shareholder of an Australian distressed fintech provider and assisted with negotiations with a secured creditor.
