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In its recent decision in Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (in liquidation) [2022] HCA 3 (Walton), the High Court of Australia held, in a split decision, that the mandatory public examination power contained in section 596A of the Corporations Act 2001 (Cth) (the Act) could be used by eligible applicants … Read more
On 23 February 2022, WBHO Australia Pty Ltd and 17 other companies in the Probuild group (Probuild, or the Group), entered voluntary administration in Australia. Probuild is one of the largest construction groups in Australia, working on many large office, residential and resources related construction projects across the country. Read more
We are delighted that Herbert Smith Freehills and partner Nikki Smythe have been recognised by Turnaround Management Association (TMA) in the global 2021 Turnaround/Transaction of the Year Awards for her work on the acquisition of Virgin Australia out of voluntary administration. Herbert Smith Freehills joins Bain Capital, Clayton Utz, Deloitte, Houlihan Lokey, and KordaMentha, in … Read more
ASIC has issued a new regulatory instrument extending the deferral period for lodgement of financial reports and holding a company’s annual general meeting (AGM) for certain companies in external administration. Read more
In November 2021, the High Court of Australia will consider the application of the Convention on International Interests in Mobile Equipment done at Cape Town on 16 November 2001 (the Convention) in Australia in light of facts arising out of the administration of the Virgin Australia group. The hearing will consider the interaction of the … Read more
On 22 October 2020, the Australian Securities and Investment Commission (ASIC) announced changes to its requirements for applications for relief from the takeover provisions in Chapter 6 of the Corporations Act 2001 (Cth) (the Act) in connection with shares being transferred via a deed of company arrangement (a DOCA) and section 444GA of the Act. Read more
On 29 September 2020, the Federal Court of Australia published its much anticipated decision in Habrok (Dalgaranga) Pty Ltd v Gascoyne Resources Ltd [2020] FCA 1395, dismissing Habrok’s attempt to set aside a Deed of Company Arrangement (DOCA) that would mark the end of a 15 month administration period, and facilitate the recapitalisation, refinance, and … Read more
