Restructuring & Insolvency

A court has found that Racing NSW's appointment of an administrator to the owner of Sydney's Randwick Racecourse over financial concerns was invalid.

The corporate regulator has launched proceedings to wind up a company in the steel empire of billionaire Sanjeev Gupta for its failure to lodge financial reports for four years. 

Collapsed Sydney building company Novati Constructions reportedly owes up to $50 million to more than 50 creditors.

A personal injury law firm can beef up its defence in a case brought by the receivers of collapsed litigation funder JustKapital, who claim the firm owes $2 million in fees and interest for disbursement financing.

The tax office has won the appointment of special purpose liquidators to entities behind a number of Queensland construction projects, as it seeks to claw back a claimed $16 million debt.

A court has ruled that Canadian investor Franco-Nevada is entitled to mining royalty payments agreed to with a unit of mining company Arrium before its collapse, despite the company's failure to lodge a proof of debt. 

Octet Finance has won a $38,000 judgment against the ex-CFO of defunct pie maker Mrs Mac’s, with a court finding he failed to correct a statement that the trade financier would likely be repaid in full following a $4 million recapitalisation.

The judge overseeing a case by the liquidators of real estate investment firm Global Capital Property Fund won't allow two GCPF directors to appear on behalf of related companies named in the case, saying they would not be able to act “independently and objectively”.

A judge has given the administrator for billionaire Sanjeev Gupta's Tahmoor Coal two more weeks to prove that creditors would be better off under a sale process than a liquidation. 

The former chair of Cor Cordis has sued the insolvency firm, claiming it passed resolutions in “bad faith” that reduced the value of its work in progress from $23 million to $12.7 million to avoid paying out his proper retirement entitlements.