Restructuring & Insolvency

A Victorian construction company is fighting a bid by a creditor it says should not be allowed to “come out of the woodwork” and take over the winding up application of a company that has since been deregistered.

Administrator appointments for construction companies leaped 20 per cent in the latest financial year, according to data released by the corporate regulator.  

A judge has given a liquidator approval to continue with claims at trial against former executives of failed Sydney developer Dyldam after they declared bankruptcy.

Receivers of the $500 million East Rockingham waste-to-energy project will have until the end of September to hash out a plan to maximise creditor returns, as Acciona's wait for approval of its bid to acquire the plant continues.

In a new suit against the developer of an abandoned $185 million project in Sydney, Shinetec has asked the court to declare its priority interest in a $48 million payment recently paid to the developer by Bank of China.

A judge has given the greenlight to a $10 million settlement with entities linked to late solicitor and Banksia class action mastermind Mark Elliott, noting the “perverse” difficulty of recovering more of the $70 million in assets held on trust.

Baker McKenzie has poached a banking and finance partner from Norton Rose Fulbright.

A liquidator has opened his case over the alleged misuse of funds by now defunct Dyldam Developments, as the court hears of “oddities” in financial records and the spaghetti-like structure of 157 interrelated entities.

A court has appointed provisional liquidators to Melbourne developer Lion Property Group after hearing that $120 million of investor money was not properly accounted for.

A receiver for collapsed developer Crown Group has sold the Sky Suites Sydney Hotel for a reported $68 million to a Singapore-based company.