Herbert Smith Freehills’ restructuring, turnaround and insolvency team has supported the Turnaround Management Association of Australia (the TMA) in preparing the TMA’s submissions (TMA Submissions) to the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) for the purposes of its inquiry into corporate insolvency in Australia.
Tag: DOCA
Parliamentary inquiry into corporate insolvency in Australia
The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has commenced an inquiry into the “effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy”.[1]
Herbert Smith Freehills and Nikki Smythe recognised in global TMA Turnaround/Transaction of the Year Awards
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 winning this year’s International Company Turnaround/Transaction of the Year award.
ASIC extends deferral period for financial reporting and AGMs for companies in Relevant External Administrations
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.
ASIC updates relief requirements for section 444GA share transfers
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. Continue reading
That’s gold: Federal Court gives Gascoyne DOCA the green light
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 relisting the gold miner Gascoyne Resources Ltd and its subsidiaries (GCY Group) and was expected to return creditors 100c in the dollar.