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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TMA submissions on Australian creditors’ scheme of arrangement consultation

Herbert Smith Freehills’ restructuring, turnaround and insolvency team has supported the Turnaround Management Association of Australia (the TMA) in considering and preparing the TMA’s submissions in response to the Australian Government’s consultation paper Helping Companies Restructure By Improving Schemes of Arrangement (the Consultation Paper).

On 2 August 2021, the Treasury released a consultation paper seeking feedback on changes to improve creditors’ schemes of arrangement in Australia. The submissions process has now closed.

The TMA submissions dated 17 September 2021 (the TMA Submissions) provided an considered and in-depth response to the Consultation Paper, reviewing the current use of creditors’ schemes of arrangement in Australia, considering the lessons from similar international reforms and recommending a number of reforms that should (and should not) be undertaken in Australia.

The TMA Submissions are available here.

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