Opes Prime Administration
This is a high profile, high value administration. There are many livelihoods at stake and it raises complex legal issues around sophisticated banking products like prime brokerage agreements and master securities lending agreements. Our aim is to assist the administrators with the administration and maximise the return to the approximately 1,000 investors, including small superannuation funds and some relatively unsophisticated investors.
Westpoint - litigation in relation to Westpoint mezzanine companies
We acted for a holder of a promissory note issued by York Street Mezzanine Pty Ltd (in liquidation) on an application brought by the liquidators of the Westpoint group in the Federal Court of Australia. Prior to its winding up, the Westpoint group had borrowed $340 million from small investors to fund various property developments through the issue of promissory notes by Westpoint mezzanine companies. In the application, the liquidators sought declarations and directions from the Court on the assessment of proofs of debt lodged by the holders of promissory notes who had rolled over their investment from one Westpoint mezzanine company to another.
Administration of Coghlan-Russell Pty Ltd
We are acting for Delphi Automotive Systems Australia Pty Ltd. Delphi is a supplier of automotive componentry to large car manufacturers, including Holden and Ford. Coghlan-Russell Pty Ltd is a supplier of parts to Delphi and also directly to Ford. C-R became hopelessly insolvent and administrators were appointed. As the administrators had no funding, they were forced to cease the trading operations of C-R. As C-R was the only manufacturer of critical components for the manufacture of Holden and Ford vehicles, the administration could have led to the entire Victorian automotive industry shutting down for some time. This would have caused significant loss to Delphi.
Centro Properties - confidential
We are acting on behalf of a lead banker to the Centro Group in relation to ongoing restructuring of their finance facilities. We were contacted by our client immediately upon the now well-publicised financial difficulties facing the Group becoming apparent. The complexity of the structure of the Group and the number and amount of the financial facilities provided both in Australia and overseas make the restructure a significant deal.
Purchase of Henry Walker Eltin Mining assets by Leighton Contractors
We acted for BHPBilliton’s Iron Ore (BHPBIO) division (currently one of the largest profit generators in the group) on the sale of Henry Walker Eltin's contract mining business to Leighton Contractors by Henry Walker Eltin‘s administrators.
Allco Principals Investments Pty Ltd - Insolvency advice to company
Allco Principals Investments Pty Limited came under pressure from its margin lenders in the period from January to March 2008. We advised API about proposed standstill arrangements which were being negotiated with its margin lenders and when those negotiations broke down, we advised them about putting API and its subsidiaries into administration.
CrossCity Tunnel Project - insolvency and enforcement advice
The CrossCity Tunnel Project experienced financial difficulties during the course of 2006. As a result we advised the syndicate of lenders which had provided debt financing for the project on various issues relating to the potential insolvency of the entities in the CrossCity Motorway group. We advised the syndicate on the requirements for ensuring the trouble-free appointment of a receiver and manager to the assets of the CrossCity Motorway group.
Administration of Global Engineered Fasteners Pty Limited trading as Ajax Fasteners
This matter arose from the financial collapse of automotive parts company, Global Engineered Fasteners Pty Limited which was trading as Ajax Fasteners.
We acted for Delphi Automotive Systems LLC, Delphi Automotive Systems (Thailand) Ltd and Delphi Shanghai Dynamics & Propulsion Systems Co. Ltd.
WCS Trust - acting for Liquidator of Westpoint Management Limited
We acted for Andrew Birch and Simon Read (of PPB) - the liquidators of Westpoint Management Limited, in its capacity as trustee of the WCS Trust. The WCS Trust was one of many investment trusts or syndicates created by Norm Carey under the Westpoint group of companies. The WCS Trust held a significant investment property on trust for a syndicate of investors, over which receivers had been appointed by a secured creditor.
Acme Furniture Group Restructure
We are acting for Westpac and its appointed receivers and managers, Ferrier Hodgson in the restructure of the Acme Fine Furniture Group, one of the largest manufacturers of domestic and commercial furniture in Australia.
First-tier ranking, Restructuring and insolvency
PLC Which Lawyer? Yearbook 2008