Insolvency & Reconstruction

Overview

Inflation, interest rates and poor economic management cannot be blamed for all business failures. Even in buoyant market conditions, solid performing businesses fold for a host of other reasons and the fallout is often catastrophic.

Provided they seek out legal professionals with the requisite expertise to navigate the complex area, businesses suffering financial distress are more likely to recover and remain solvent.

The Hall & Wilcox Commercial Dispute Resolution team is made up of skilled insolvency professionals who will respond immediately and devise a strategy to meet the demands of your situation.

We advise on all areas of insolvency disputes, including issues concerning:

bankruptcy, voluntary administration, receivership, liquidation and schemes of arrangement;
distressed and insolvent trading;
security enforcement;
corporate recovery and workout arrangements;
fraud investigations; and
corporate reconstruction.

Experience

Our team has been involved in a number of significant insolvency and reconstruction matters, which include:

successfully resolved several preference claims for a client who is about to issue a $600,000 insolvent trading claim;
represented the Reserve Bank of Australia in litigation arising out of the collapse of Tricontinental Merchant Bank and the collapse of the Pyramid Building Society;
represented a party involved in the Royal Commission into the collapse of HIH Insurance; and
successfully represented a company shareholder claiming to be owed a substantial sum by the company. When extensive negotiations with the company's controlling (overseas) shareholder and its lawyers to recover the debt and sell the shares were unsuccessful, winding up proceedings were instituted leading to the appointment of a liquidator and our client being paid out most of his debt and his shares acquired.
successfully represented the liquidator of a company seeking to recover an alleged preferential payment made to the Commissioner of Taxation (Commonwealth).
successfully represented a general insurer and superannuation fund in relation to loans secured against the property of a company in liquidation.

Publications

ASIC issues draft guidance on insolvent trading ‑ 04 December 2009
GST liability for representatives of incapacitated entities ‑ 06 April 2009
Insolvent trading and the Global Financial Crisis: are you at risk? ‑ 29 January 2009
New Federal Court Ruling: liquidator not personally liable for GST ‑ 07 January 2009
Restructuring & Turnaround: Issue 1 ‑ 01 November 2008
Winding up and out: the risks of ignoring a statutory demand ‑ 14 August 2008
Superannuation entitlements to survive a corporate collapse ‑ 14 January 2008
Some Difficulties in the Winding Up of an Incorporated Association ‑ 29 May 2007

Expertise