Experience
We have been involved in some of the most important and complex insolvency matters in Australia’s corporate history. Some recent examples of this experience are outlined below.
Sons of Gwalia Ltd
Sons of Gwalia is one of Australia’s leading independent gold and tantalum miners. Freehills is acting for the voluntary administrators, with a team from across our state offices, involving litigation, banking and corporate expertise.
The Bell Group
We are acting for 20 banks, including Westpac, Lloyd's, NAB, CBA and SG Australia in defending claims by the liquidator of companies in the Bell Group. The claims are in equity and under the insolvency provisions of the Companies Code in connection with securities granted to the banks by Bell Group companies in 1990. The banks have commenced separate proceedings against the Insurance Commission of Western Australia and others, which include claims based on estoppel and breaches of contract and trust. By almost any measure, the Bell Group matter is the largest piece of litigation presently before the Western Australian courts and perhaps in Western Australian legal history.
HIH Insurance Limited
We are acting for the underwriters of the directors’ and officers’ liability policy of the HIH group of companies. As one of the largest Australian insurers, the breakdown of HIH Insurance Limited has been claimed as Australia’s largest corporate collapse. We have been involved in almost all aspects of this matter including the Royal Commission.
United Medical Protection
We acted for the provisional liquidator of United Medical Protection (UMP), the largest medical defence organisation in Australia. The case made corporate history as it is the only time a company has been successfully restructured and able to come out of provisional liquidation.
Gympie Gold
We acted for the receivers of coal and gold miner Gympie Gold after it went into voluntary administration following a fire which devastated the Southland Hunter Valley coal mine in New South Wales. Our team advised on issues arising from the receivership and also dealt with the extensive insurance claims.
Ansett
We acted for Air New Zealand Limited in placing the Ansett Group into voluntary administration and continued to act for Air New Zealand in relation to the various issues and claims arising from the administration of the Ansett Group.
One.Tel
Throughout the voluntary administration we acted for the joint administrators of One.Tel in the first administration of such a large telecommunications company in Australia.
Centaur Group of Companies
We were appointed to advise the deed administrators in relation to the administration of the companies including the realisation of assets available to unsecured creditors of the group.
Harris Scarfe Limited Departmental Store Group
We advised the secured lender on restructuring options, retention of title claims, leases, sales of businesses, employee entitlements, directors’ and officers’ liabilities and claims against accountants.
Nextgen
We were appointed to act for the receivers of telecommunications company Nextgen. Freehills assembled a multi-practice group team to work on the matter.
WorldxChange
We acted for the liquidators (previously administrators) of WorldxChange Pty Ltd. We were actively involved in all aspects of the administration/liquidation, including the sale of WorldxChange assets to Newtel, advising in relation to employees issues and creditor claims and negotiating with major creditors.
Cinema Plus
We acted for IMAX Corporation (major creditor and owner of IMAX technology) in connection with the administration and liquidation of the Cinema Plus Group. We negotiated with the administrators and other parties in relation to the acquisition of the assets of the Cinema Plus Group and lease agreements for the continued use of IMAX technology.
Patrick Stevedores
We advised Lang Corporation in respect to the restructuring of Patrick Stevedores. Our role included negotiating these restructuring agreements with the Australian Government, labour unions, banks and general creditors, as well as dealing with disputes between Patrick Stevedores and the Maritime Union of Australia on the redundancies of employees.
Permanent Building Society
We advised and represented the administrator/liquidator of a collapsed building society on all aspects of the administration/liquidation. We assisted in the preparation of a lengthy report to the Attorney-General, the sale of the society’s assets of in excess of $100 million, and the successful prosecution of actions against the society’s former directors for breach of their fiduciary duties.Minproc We acted for the administrators in the successful rescue of an Australian engineering and construction company, which had run into financial difficulties in Chile and Uruguay. Our role included assisting in the negotiation, documentation and implementation of a Deed of Company Arrangement in Australia and matching schemes of arrangement in Chile and Uruguay.
Pasminco
We acted for Pasminco in seeking to put in place standstill arrangements with its major bank lenders.
Mayne
We acted for Mayne in relation to issues arising from the suspension of Pan Pharmaceuticals’ manufacturing licence by the TGA and the recall of Pan manufactured products. This recall was reported to be Australia's largest medical recall. Our involvement included assisting with issues arising out of the administration of Pan including consideration of a proposed Deed of Company Arrangement.