Henry Davis York
Our Restructuring & Insolvency team is consistently recognised by our clients, peers and industry bodies for its pre-eminence, evidenced by the complexity, scale and sensitivity of the matters entrusted to us.
HDY's team has had leading roles in Australia's most important and high profile corporate collapses, major insolvencies and ground-breaking restructurings over the last 3 years. Many of these matters have required large, multi-disciplinary teams formed from across HDY.
We also have Australia's leading cross-border insolvency practice, with a number of partners who have practised and remain qualified in key foreign jurisdictions. The depth of our experience is unparalleled in the Australian market and this is reflected by our regular instructions in offshore matters with an Australian connection, especially in the UK, USA and Grand Cayman.
Leading the way
Many of the matters our team has advised on have involved 'firsts' which have led to landmark judgments and changes in the law:
- We made the first ever court applications under the new PPSA regime in the Hastie and Octaviar liquidations because of the novelty of the issues and the amounts involved.
We successfully applied to have the liquidation of a foreign bank (Caledonian Bank Ltd) recognised in Australia under the Cross-Border Insolvency Act.
We advised Perpetual (the Australian trustee for 1,000 retail investors) seeking recourse to $125m in collateral in the 'flip clause' international parallel litigation in the Lehman bankruptcy, that produced inconsistent decisions between the UK Supreme Court and the US Bankruptcy Court.
We successfully applied for a Court appointed receiver to Provident Capital, based on concerns as to equal treatment of debenture holders despite there being no missed payments or other default.
Litigation arising from these and other HDY matters has had far-reaching impact and led to landmark judgments and changes in cross-border insolvency law, including recognition of Lord Hoffmann's 'golden thread of universalism' by the House of Lords in HIH (in which we advised the successful James Hardie asbestos trust), and the UK Supreme Court's subsequent curtailment of the principle in New Cap Re v Grant / Rubin v Eurofinance (in which we advised the successful Australian liquidator).
We have driven change in the industry more broadly through membership of industry bodies and associations. We are the only Australian law firm to have 2 INSOL Fellows (International Association of Restructuring, Insolvency & Bankruptcy Professionals). One of our partners is a member of the International Insolvency Institute, and another is Vice-President of ARITA.
HDY SYDNEY OFFICE
44 Martin Place Sydney NSW 2000
Tel: 61 2 9947 6000
HDY BRISBANE OFFICE
Level 19 324 Queen St Brisbane QLD 4000
Tel: 61 7 3087 5000