Operating in distressed environments is the modern way of life. Despite government assistance these are difficult times for many businesses and their stakeholders.
We regularly work with insolvency practitioners, financiers and other creditors, and restructure proponents to find innovative and commercial solutions for distressed circumstances (whether or not they involve formal insolvency appointments).
We are leaders in the turnaround space, regularly appearing in ratings guides such as Doyles and Best Lawyers, and we have strong experience in both commercial restructures and in heavy disputes.
Some recent examples of our turnaround and insolvency work include:
- assisting the two-year receivership of the Cockatoo Island iron ore mine owned by Pluton Resources Limited, including running several sets of court proceedings and managing the ultimate disposal of the company’s assets to newly-incorporated Chinese group Cockatoo Island Mining Pty Ltd;
- advising the board of a large mining company on a safe harbour process under section 588GA of the Corporations Act 2001 (Cth), through a disposal by way of an 8-figure M&A transaction with the support of secured creditors to ensure the company’s business continued to operate as a going concern and maximum value was preserved for creditors;
- acting for the liquidator of the general partner of a limited partnership running a winery business in the realisation and management of proceeds, including managing a series of disputes between partners and a number of court applications, including one to confirm the liquidator’s access to partnership assets and entitlement to dispose of those assets;
- working with the administrators of an ASX-listed resources company to retain the company’s primary asset (an equity stake in an African gold mine), held by way of shares in a BVI-incorporated holding vehicle, despite escrow arrangements that would otherwise have seen the company’s asset repossessed; and
- successfully recovering a large stockpile of jewellery from a liquidator for a consignor who had not protected its consignment relationship by registration on the Personal Property Securities Register.