Restructuring & Insolvency

A judge has said that asset preservation orders are likely warranted against the former head of collapsed builder Quasar Constructions, after its liquidator revealed he sold $24 million in property interests shortly before the company went under, but found he did not have power to make the orders. 

Asset manager HMC Capital, which owns 11 private hospitals operated by embattled Healthscope, has reached a rent deferral deal with receivers and says other operators have expressed interest in taking up tenancy.

The receiver appointed a decade ago to claw back money for investors in failed Banksia Securities might seek the protection of a court order releasing him from proposed new proceedings, which would also target lawyers alleged to have breached their overarching obligations.

Insurer Marsh has fired off a cross-claim against Swiss bank UBS in several cases brought over Greensill’s $1.7 billion collapse. 

The Commonwealth Bank has given Healthscope a $100 million lifeline as the embattled hospital giant appoints receivers to negotiate a sale.

The administrators of a Northern Territory iron ore company have won extra time to hold a second creditors meeting in hopes of securing a deed of company arrangement, despite protests from creditor Aurizon.

Medtech start-up Strongroom AI has lost its bid for a court order blessing its proposal to sell the company to SRSPV Pty Ltd prior to a second creditors meeting.

Allens has added a Baker McKenzie partner to its restructuring practice in Sydney. 

Liquidators of the ABD Group of construction companies have won a brief reprieve from the three-year limitation period to launch voidable transaction cases worth up to $23.2 million.