Safe harbour protections may help Australian startups & scaleups ride out the current storm

With a tightening market for capital, the ‘safe harbour’ protections may be critical for Australian startups and scaleups who are unsure if they can raise more capital within their current cash runway or who need to raise through debt securities like convertible notes. Relying on ‘safe harbour’ shouldn’t be seen as an admission of failure or a point of no return, but as a means to better ride out the storm.

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Nobody expects the inquisition: High Court of Australia opens the door to extraordinary public examination powers to potential class action plaintiffs and beyond

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 to examine directors and other officers of a company in external administration, including senior management, external administrators and trustees, about the company’s affairs for the broad purposes of enforcing and promoting compliance with the Act and investigating potential claims of corporate misconduct.

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Launch of leading Australian book on schemes of arrangement

After almost 9 years in the making, the much anticipated 4th edition of Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement has finally been released in conjunction with the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney.

The 4th edition covers developments since 2013 and around 800 new cases and, at around 2,000 pages, is more than double the length of the 3rd edition.

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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.

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