Restructuring and insolvency partner Orla McCoy has resigned from Australian corporate firm Clayton Utz to join rival Gilbert + Tobin, just two months after another restructuring partner resigned from Clayton Utz to join White & Case. Both McCoy and Timothy Sackar have resigned but remain working at Clayton Utz before starting at their new firms.…
A popular alcohol-free beverage company has entered voluntary administration despite reassurances that it is undergoing a simple restructuring. The Non Alcoholic Drinks Co Pty Ltd, known as Sans Drinks, had administrators appointed on July 17, a report from the Australian Securities and Investments Commission (ASIC) reveals. Despite the Sans Drinks shop in Brookvale NSW closing,…
The Luxembourg parliament has adopted an act on business continuity, restructuring and the modernisation of the bankruptcy regime (the Insolvency Modernisation Act or IMA). Before the adoption of the IMA (which should be enacted shortly) the Luxembourg restructuring framework already offered a range of (mainly consensual and solvent) restructuring options. When it comes to legally…
A study out of Finland has identified an opportunity to identify problem gambling and offer addiction support during the debt consolidation process. Unlike previous studies on the topic, it used direct data from people applying to consolidate their debts, rather than less reliable self-reported data. The study found that over half of those seeking to…
Restructuring and insolvency partner Orla McCoy has resigned from Australian corporate firm Clayton Utz to join rival Gilbert + Tobin, just two months after another restructuring partner resigned from Clayton Utz to join White & Case. Both McCoy and Timothy Sackar have resigned but remain working at Clayton Utz before starting at their new firms.…
Restructuring and insolvency partner Orla McCoy has resigned from Australian corporate firm Clayton Utz to join rival Gilbert + Tobin, just two months after another restructuring partner resigned from Clayton Utz to join White & Case. Both McCoy and Timothy Sackar have resigned but remain working at Clayton Utz before starting at their new firms.…
Disgraced gambling giant Crown used its history of egregious law-breaking to argue down the third-largest corporate fine in Australian history. Key points: Crown used huge fines already paid to try to argue down a penalty for money laundering breaches Crown told the court it would face “significant financial hardship” if the fine had to be paid…
After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australias corporate insolvency laws. In this alert, we distil some of the key findings from the almost 400-page report and consider what future law reforms might look like. …
Police have arrested 14 people allegedly involved in an online gambling network, in which serial cyanide murder suspect Sararat Rangsiwuthaporn and her husband, Pol Lt-Col Vitoon, were regular customers, Pol Gen Surachate Hakparn, the deputy national police chief, told the media today (Friday). He said that the couple had incurred a huge amount of debt…
So what happens if creditors do not accept the plan? The directors can then consider options that include Voluntary Administration or the simplified liquidation process. Of course, there are safeguards designed to protect creditors from abuse of the process including: Where the liquidator forms the view the company or a director has engaged in fraud…