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.
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 Convention in the context of Australia’s insolvency regime, and, more particularly, in what will be of significant interest to the aviation community, the requirements of the Convention to ‘give possession’ of an aircraft object to a creditor.
In this note, we take a closer look at the background to the hearing, the arguments being advanced, and the impact on the aviation sector if this appeal is successful.