Tuesday, March 16, 2021 This article summarises the findings of the High Court inRe gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited)and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings. IN DEPTH The Restructuring Plan The…
Member Article Businesses have been given much needed breathing space during the Covid-19 pandemic with the governments extension of insolvency measures until 2022. Mitchell Charlesworth corporate recovery partner, Jeremy Oddie, and associate, Julie Webster, discuss the announcement. The government announced that it is extending the powers it has under the Corporate Governance and Insolvency Act…
According to an EY letter dated December 29, the scope of work included contingency planning analysis that would estimate a range of what return financial creditors may get from the sale of Arriums assets. It was my understanding it was a tool to be used in negotiations with lenders, Mr Bakewell told the court. To…
The Australian operations of Greensill Capital officially ceased at 5pm yesterday, raising questions about impacts to Australian agricultural companies which accessed supply chain finance through firm. It is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday. Parent company Greensill Capital filed for…
Its been a whirlwind year for Australian swimwear brand Jets. In May last year, when its former parent group PAS went into voluntary administration, its future was up in the air. But within three months, rival brand Seafolly acquired it and by the end of year, Jets had relaunched online. Here we chat with Jets…
news, local-news, Canberra, Canberra Airport, Virgin Australia, Travel, Coronavirus Virgin Australia has reopened its lounge at Canberra Airport as the airline expects domestic travel to strengthen. Canberra’s lounge is the last of the airline’s seven to reopen after they all closed on March 24, 2020, right before the airline entered voluntary administration. A Virgin Australia…
The opportunity to be included in a local ag tech precinct has led to one of the region’s largest names in agriculture pulling the pin on a proposed three-storey development. Greensill Farming have withdrawn an application lodged with the Bundaberg Regional Council for an office building in Qunaba but say the timing has nothing to…
In 2017, Australian luxury accessories brand Oroton went into voluntary administration, but fast forward three years and the retail business is gearing up for global expansion. When Oroton came out of voluntary administration, there was the dream of being a relevant international brand and here we are with a range of orders from Selfridges, Bloomingdales…
A new document filed with the corporate watchdog reveals fallen construction and development giant Grocon has more than $90 million of loans outstanding to executive chairman Daniel Grollo and his wife Katherina and entities he ultimately controls. The revelation comes ahead of the crunch second creditor meeting later this month that will decide the fate…
Former Sargon Capital founder and CEO Phillip Kingston has broken his silence on a cascade of extraordinary events that put into receivership the high-profile superannuation fintech a year ago following actions by one of its creditors a Chinese state-owned insurance company China Taiping (~A$100 million). Phillip Kingston. Source: Facebook Sargon Capital had reportedly been attempting…