Restructuring & Insolvency

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.

The liquidators for defunct Perth builder Modco Residential have won court approval to bring claims for unfair preferences and unreasonable director-related transactions against multiple defendants in one "mothership" case.

Liquidators of collapsed builder Privium have won extra time to pursue potential proceedings over a number of suspicious transactions, which include unexplained payments to companies associated with a director.

Administrators of construction company Roberts Co Victoria, which owes $272 million to 470 creditors, are justified in treating funds as if held on trust for subcontractors on six projects in Melbourne, a judge has found.

The head company in the Roberts Co construction group has gone into administration after its NSW arm was sold off to UAE-based developer Arada earlier this month. 

Collapsed clothing brand Jeanswest has nearly $26 million in lease liabilities on stores nationwide, but buyers may bite, administrators have told the Federal Court.