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Former Sydney liquidator faces charges she misappropriated $240,000
Restructuring & Insolvency 2020-07-15 6:02 pm By Alison Eveleigh

A former Sydney liquidator has been charged with dishonesty offences and faces possible jail time after allegedly misappropriating almost $240,000 from company bank accounts.

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Citing COVID-19 and $1.5M in class action costs, cladding manufacturer goes into administration
Class Actions 2020-07-13 10:34 pm By Cat Fredenburgh

Cladding manufacturer Fairview Architectural has filed for voluntary administration, citing challenges posed by COVID-19 and $1.5 million spent so far defending a class action alleging it misrepresented the quality of its “highly flammable” cladding. 

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Virgin bondholders fail to get hands on confidential Bain Capital sale docs
Restructuring & Insolvency 2020-07-10 1:15 pm By Alison Eveleigh

Virgin Australia unsecured bondholders contesting the sale of the embattled airline to private equity firm Bain Capital have failed in their bid to access confidential transaction documents, but a judge has urged the administrators to communicate with the frustrated creditors.

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Virgin bondholders blast Deloitte disclosures to court
Restructuring & Insolvency 2020-07-09 10:41 pm By Cat Fredenburgh

Virgin Australia bondholders contesting the sale of the airline to private equity firm Bain Capital have blasted the airline’s administrators at Deloitte for failing to inform the court when applying for confidentiality orders that the bondholders had sought information on the terms of the deal.

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Virgin administrators’ legal woes continue as bondholders try to uncover confidential Bain deal
Restructuring & Insolvency 2020-07-08 8:03 pm By Alison Eveleigh

A Virgin Australia unsecured bondholder has launched legal proceedings to uncover confidential details of the sale of the embattled airline to Bain Capital, with the administrators now facing three disputes in the wake of the administration.

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Queensland Nickel liquidators appeal $100M loss in case against Clive Palmer
Appeals 2020-07-08 7:35 pm By Christine Caulfield

The liquidators of Clive Palmer’s Queensland Nickel are appealing a win for the billionaire in their case over the collapse of the refinery in 2016, which centred on $102 million in loans allegedly paid by Queensland Nickel to Palmer’s Mineralogy.

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Special purpose liquidators appointed by judge to investigate claims against Phoenix directors
Restructuring & Insolvency 2020-07-08 7:12 pm By Miklos Bolza

A judge has appointed special purpose liquidators to investigate the affairs of failed VET provider Phoenix Institute and its directors after the Commonwealth complained of “a difficult working relationship” with the training company’s current liquidators.

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Judge appoints referee to look at Halifax liquidators’ fees
Restructuring & Insolvency 2020-07-07 5:46 pm By Miklos Bolza

A referee has been appointed to examine the fees for the liquidators of stockbroker Halifax Investment Services, which collapsed in December 2018, trapping around $200 million in client funds.

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Virgin bondholders attempt to block sale to Bain
Restructuring & Insolvency 2020-07-06 3:27 pm By Alison Eveleigh

Virgin Australia unsecured bondholders have launched an application with the Takeovers Panel in a bid to stop the sale of the embattled airline to Bain Capital, claiming certain elements of the administration process were “unacceptable”.

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Hall & Wilcox picks up insolvency partner from McCullough Robertson
Business of Law 2020-07-06 2:40 pm By Christine Caulfield

Hall & Wilcox has lured an insolvency ace from McCullough Robertson to bolster its insolvency and commercial litigation team in Brisbane.

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