Kate Spratt

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The Restructuring Outlook in Australia, Asia Pacific and the US in 2024

In our latest insight we look back at the key restructuring cases and events from last year in the United States, Asia-Pacific, and Australia and consider the outlook in 2024 for restructuring transactions as a whole.   This insight provides an overview of the US banking crisis involving Silicon Valley Bank and Signature Bank, the … Continue Reading

(Australia) Debt Ceilings Apply Outside of the US

The uncertainty in markets continues as a result of a number of issues, including monetary policy, supply chain challenges, labour market constraints, increased creditor activities and a balance sheet reckoning post-COVID-19 where government support propped up unworthy businesses. That potentially debilitating economic cocktail is compounded by the fact that all entities have a debt ceiling, … Continue Reading

(Australia) Post Administration R&D Tax Offsets Deemed Personal Property in Account

Companies entering external administration often have outstanding tax filings. The external controllers appointed conduct initial and ongoing reviews as to those filings. Then, in time, they either bring the filings up to date or engage the tax office in order to revisit historical filings. Aside from being legally required to address a company’s filings, external … Continue Reading

Australia’s External Administrators Are Afforded Significant Latitude

External administrators in Australia are faced with immediate challenges from the date of their appointment. Those challenges often come in the form of uncertainty around contractual positions, conflicting interests between key stakeholders and the administrators’ rights and obligations. Fortunately, the Insolvency Practice Schedule, which now forms a critical part of Australia’s Corporations Act, gives administrators … Continue Reading

Australian Insolvency Regimes Are Evolving Rapidly

The new year has seen a rapid pace being set in terms of anticipated and actual legislative, regulatory and common law changes across Australia’s restructuring and insolvency regimes. In our latest insight we flag potential changes to not only the legislative regime but also the regulatory framework and consider the outlook for key stakeholders.… Continue Reading

Standing to Challenge: Will the Australian Courts Continue to Assist Aggrieved Stakeholders as the Economic Uncertainty Remains?

Insolvency practitioners (IPs) often occupy quasi-judicial offices which, among other things, require them to, assess and adjudicate on competing claims, take coercive and enforcement actions and complete potentially contentious transactions. They must discharge their legal and equitable duties whilst maintaining objectivity and, whilst recognising and appropriately balancing the interests of a diverse range of stakeholders. … Continue Reading

A Hastie Decision? (Australia)

Economic, trading and supply chain uncertainties persist and are particularly pronounced in some sectors including infrastructure and construction where sub-contractors often feel significant pressure points. In our latest Australian insight, following the Federal Court rejecting the liquidators’ proprietary interest claims in the proceeds of performance bonds and upholding the head-contractor’s statutory set-off rights, we consider … Continue Reading

Economic Distress and the Risk of being Knowingly Concerned in the Contravention of Others (Australia)

As global economies continue to experience uncertainties, it is likely that financial service providers and their dealings with consumers and small businesses will come under the microscope. Masi Zaki and Kate Spratt consider those issues from the perspective of of Australian Financial Service Licence holders in our latest alert.… Continue Reading

What are the Proposed Changes to Corporate Control Transactions in Australia?

The Australian government is consulting on a proposal to expand the role the Takeovers Panel plays in control transactions, with an aim of reducing the time and costs of mergers and acquisitions. The proposal includes options for the Takeovers Panel to regulate control transactions by scheme of arrangement.   This article considers the proposed reforms and … Continue Reading

Will Contradictors Play an Important Role in Australian Litigation?

In the common law world, Australia is a global market leader in terms of intense litigation in class action and corporate collapse contexts. It is, therefore, not surprising that contradictors are becoming increasingly common in heavily contested litigation. In our latest alert in our litigation funding series, we consider whether contradictors will have an important … Continue Reading

Group Costs Orders in Australia

In our latest article as part of our litigation funding series, we consider the decision of the Victorian Supreme Court to award a group cost order (GCO). Although it is perhaps too early to be certain whether GCOs will work as the legislature intends (and they are currently only available in Victoria) there are a number … Continue Reading

Australian High Court Upholds Examination Rights of Eligible Applicants

The Australian High Court has handed down judgment in a long-running dispute concerning former ASX listed Arrium Limited.  The decision will be welcomed by individuals (particularly shareholders) and litigation funders, who may be seeking to conduct investigations into potential claims against a company in external administration, counterparties to that entity, its former or current advisors … Continue Reading

Australia’s Litigation Funding Reforms Remain Contentious

The regulation of litigation funding remains a hot topic in Australia.  In 2020 significant reform occurred with the Corporations Amendment (Litigation Funding) Regulations 2020 (Cth) (Regulation).  The Regulation required litigation funders to hold an Australian Financial Services Licence and be registered as a managed investment scheme for any class action.  It also subjected litigation funders … Continue Reading
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