McGill and Partners launches self-contained coverage for corporate insolvency called SAIFElimits

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McGill and Partners, the global boutique specialist (re)insurance broker, has launched a ready-made and self-contained coverage solution for corporate insolvency, known as SAIFElimits. This innovative offering is designed to seamlessly integrate into primary directors’ and officers’ (“D&O”) policies, automatically triggering coverage upon the occurrence of an insolvency event. SAIFElimits is specifically engineered to address the…

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Australian airline enters voluntary administration with all flights cancelled between major cities

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Share Tweet Share Share Email Australia’s third largest airline, Rex Airlines, has entered voluntary administration, leading to the cancellation of all flights between major airports. In a statement posted on their website, Rex announced: “Regional Express Holdings Limited and several of its subsidiaries have entered voluntary administration.” As a result, Rex has grounded all of…

Federal Govt to honour Rex Airlines bookings

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The Federal Government has announced it will guarantee regional flight bookings for Rex Airlines customers throughout the company’s voluntary administration process.  In a statement, Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King said travellers can continue to book regional flights on Rex during this process “with certainty that they will either fly…

Calls to reform insolvency regime in Australia

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On 12 July 2023, the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) released its final report following an inquiry into the framework of Australia’s corporate insolvency laws (Inquiry). The Inquiry commenced in September 2022. The Inquiry has determined that Australia’s insolvency regime is not fit-for-purpose and requires major reform, with the Committee…