Insolvency

All insolvency situations differ, as do corporate restructurings. MPH recognises the need for prompt practical approaches to meet the needs of insolvency administrators, banks and our corporate clients to deliver results in difficult and diverse situations.

We frequently act for and advise liquidators, administrators and trustees in bankruptcy in relation to the full range of legal issues which arise in the course of insolvency administration which include proof of debt adjudications, recovery of unfair preferences, claims against directors, asset sales and issues under the Personal Property Securities Act 2009.

We regularly provide advice to directors of companies facing insolvency or under external administration, including advice in relation to the directors’ personal obligations and exposure to liabilities.  We also often act for company officers in defending claims by liquidators.

Areas of expertise include:

  • Corporate reconstructions
  • Company administrations, receiverships and liquidations
  • Deeds of company arrangement and creditors’ trusts
  • Solvency and directors’ duties advice
  • Statutory demands and contested winding up applications
  • Personal insolvency matters such as bankruptcy and debt (Part X) agreements
  • Related litigation, including claims for insolvent trading, breach of directors’ duties, preference claims and other voidable transactions.

Our recent experience includes:

  • Acting on behalf of the deed administrators of a civil works company in relation to a multi-million dollar claim for liquidated damages
  • Acting on behalf of the trustee of a creditor’s trust in defending Supreme Court claims by parties claiming to be creditors and challenging the trustee’s adjudication whereby their claims were rejected
  • Acting on behalf of a major shareholder of an unlisted public company in a Federal Court enquiry instigated by the shareholder into the conduct of receivers of the company including allegations of overcharging, breach of fiduciary duty and misconduct of the company’s affairs by the receivers
  • Acting for a director on various issues arising before, during and following voluntary administration and liquidation, including claims made pursuant to director guarantees
  • Acting for a bankruptcy trustee in proceedings to recover unpaid director loans against a family owned and managed property development and management company
  • Acting for and against liquidators in relation to preference claims being pursued in the Federal Court various state Supreme Courts
  • Acting for a liquidator in an application for orders permitting the sale of trust assets and approval of liquidator remuneration
  • Acting on behalf of a private company with oil and gas assets in its defence of a winding up application involving counterclaims against the petitioning creditor for breach of director duties.