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Australia

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In brief Creditors commonly find that their applications to wind up a company are suddenly deferred at the last minute by the appointment of a voluntary administrator.  Now, in the early days of the small business restructuring (Part 5.3B) process, the courts are already grappling with those circumstances in the context of that new regime. At the time of writing, only four restructuring appointments under Part 5.3B have been notified to ASIC. Two of them…

In brief The Federal Court has ordered that an insolvency professional be appointed to act as a referee and to decide questions of insolvency in relation to a series of alleged unfair preferences, rather than have the judge undertake that task. Key takeaways Predicting the future in restructuring and insolvency work is currently a difficult, albeit topical, pastime. One thing is certain – we can expect more new liquidations next year than is currently the…