Reconstruction & Insolvency
“In times of domestic and international financial uncertainty and increasingly complex business, financial and legal arrangements, more than ever corporations and individuals need to be able to turn to a firm with an impressive track record in reconstruction and insolvency.
Cornwall Stodart is such a firm. It has a unique pedigree in the insolvency industry. Few firms in Australia can boast a history as long and as extensive as Cornwall Stodart’s in this area.”
Paul Buitendag, Partner and Head of Reconstruction & Insolvency
Services and Expertise
Our Reconstruction & Insolvency team is multidisciplinary;
it comprises corporate, litigation, workplace relations and
property lawyers. As a team whose practitioners operate in every
area of business and commercial life, it is uniquely placed to
predict and, where necessary, react to a variety of situations -
from major financial collapses to carefully planned workouts. Where
fast action is required, our team has the resources and expertise
to take charge and manage the situation.
We advise clients on multi jurisdictional insolvencies. We are
well versed in the US, UK, European and Asian insolvency regimes,
and have in depth experience in the application of cross border
insolvency regimes; for example, we have implemented cross border
insolvency provisions internationally (including in countries
throughout Europe) for the purpose of seizing funds on behalf of
liquidators.
We guide clients through enforcement action taken by ASIC or
other regulators, including regulatory examinations and court
action. We also have practical experience in dealing with referrals
to company auditors and the Liquidators' Disciplinary Board.
In 2011 members of our team became responsible for reviewing and
updating the Lexis Nexis Australian Corporation Law
Principles & Practice (External Administration) loose-leaf
volume on a quarterly basis.
Areas of Legal Expertise
We provide our clients - including banks, finance companies,
hedge funds, distressed debt investors, statutory authorities,
insolvency practitioners and private clients - with advice in all
aspects of reconstruction and insolvency, including:
Team Strength
Our Reconstruction & Insolvency team comprises over 20
lawyers, including the practice group leaders of the Commercial
Litigation, Corporate & Commercial, Employment & Industrial
Relations, Commercial Property and Banking & Finance
teams. Many members of the team have over 20 years' experience
in the industry.
Experience
Members of our team have been, over a lengthy period, involved
in most of Australia's high profile insolvencies; we have acted for
and advised:
- overseas shareholders in the International Harvester's scheme
of arrangement
- the liquidator of the McKay Group
- a director and various debtors of the Pyramid Group
- the liquidator of the National Safety Council
- the administrators of Ansett
- creditors of HIH and FAI
- creditors of One Tel
- creditors of Opus Prime
- creditors of Southern and Timber Corp
- creditors of PPB Advisory
- the administrators in APCHL (a group of 17 retirement
villages).