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, and one that also has a deep understanding of those business, financial and legal arrangements.
Cornwalls has a unique pedigree in the insolvency industry. Few firms in Australia can boast a history as long and as extensive as that of Cornwalls
About Restructuring, Turnaround & Insolvency
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 Companies Auditors and Liquidators’ Disciplinary Board.
In addition, our team has particular expertise regarding the Personal Property Securities Act 2009 (PPSA) and how it operates, its pitfalls and how to avoid any traps for the unwary. As part of our services to our clients, we have prepared a PPSA Survival Guide for Insolvency Practitioners – a document geared towards helping our clients through the PPSA wilderness
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:
- Voluntary administrations
- Reconstructions and workouts
- Creditors rights and obligations
- Rights and obligations of trustees in bankruptcy.
Members of our team have been, over a lengthy period, involved in many of Australia’s high profile insolvencies; we have acted for and advised:
- The liquidators of the Prime Trust
- The liquidators of Bill Express
- The liquidators of the Hastie Group
- The liquidators of the Wettenhall Group
- Creditors of Opus Prime
- Creditors of Southern and Timber Corp
- The liquidators of Linter Group
- The deed administrators of Forest Enterprises Australia.