Restructuring/Insolvency: Australia

THE FIRM Allens continues to perform strongly in this area with an experienced team of skilled lawyers across four major cities. Its recent workload has included advising on some of the biggest restructurings in Australia. Among its highlights, it is advising the receivers and managers of the Wilmott Forests Group on all aspects of its ongoing receivership, and also advised the senior lenders to the Colorado Group on its recapitalisation plans and subsequent appointment of Ferrier Hodgson as receivers.

Sources say: "Makes a real effort to understand the instructions given and thus deliver the required outcome. The firm has good lawyers who provide extremely well-thought-out agreements and advice." "Allens is, in my view, well ahead of most other firms."

KEY INDIVIDUALS Clint Hinchen is described by sources as "technically excellent, diligent and a safe pair of hands." He has particular experience dealing with issues arising from the collapse of agricultural managed investment schemes (MIS). He recently advised ANZ as the secured lender in the Timbercorp restructuring.

Sources praise Brisbane-based Alf Pappalardo as having "great attention to detail and commercial focus. He is really focused on a high level of service delivery." Of late his work has included advising a major bank in connection with the collapse of Equitrust.

According to one client, Geoff Rankin's "key strength is his ability to provide meaningful, commercial advice across the broad spectrum of issues which may arise in a complicated insolvency." He advised on complex issues arising from the restructuring and trading of the business of Colryan, the operator of the Holiday Inn resort at Surfers Paradise on Queensland's Gold Coast.

Ian Wallace is praised by sources as "a strong, quiet achiever." His work includes advising the lenders to a major PPP infrastructure project on a potential medium term restructuring.

Sydney partner John Warde acted for the financing syndicate, through agent National Australia Bank, and receivers KordaMentha, in connection with the receivership and sale of the RiverCity Motorway group of companies which operated the Clem 7 Tunnel. At a cost of AUD3 billion, the tunnel is one of Australia's biggest PPP projects to date. Warde is described as "articulate and approachable. He strives to provide clients with well-thought-out and commercial advice."

Tania Cini has been working in the corporate insolvency and restructuring arena for more than two decades. She was one of the lead partners acting on the Colorado Group matter.

Perth-based Philip Blaxill is described by sources as "young and full of energy with a very practical approach to things and a hands-on get-going sort of attitude."

Former Sydney-based partner, Michael Quinlan is now Dean of the School of Law at The University of Notre Dame Australia.

THE FIRM  Ashurst continues to be among the top performing firms in this practice area. Its nationally strong team typically acts for banks, restructuring and insolvency firms - including ANZ, HSBC, PwC, KordaMentha and Ferrier Hodgson, among others. It also represents several hedge funds in matters relating to distressed investing and debt trading. It advised the senior lenders (including Anchorage Capital Partners and Nomura International) on the Colorado Group restructuring, as part of which it provided guidance on a debt-for-equity swap with a value of AUD125 million, and acted for the banking syndicate seeking repayment of the AUD200 million previously lent to Timbercorp, one of the country's largest managed investments schemes.

Sources say: "I've used them extensively in my career. The firm has a strong reputation in the market and is one of the more dominant players." "Responsiveness and professionalism is second to none - you get what you pay for."

KEY INDIVIDUALS James Marshall is "very well regarded, extremely competent and probably one of my first ports of call for any difficult matter," according to one client. He was the lead partner advising the senior lenders on a successful debt-for-equity swap for vacuum and cleaning retailer the Godfrey Group, which enabled the company to avoid being placed into receivership.

Seasoned practitioner Ray Mainsbridge is widely recognised for his experience and professional standing in this area. He continues to act on innovative and ground-breaking matters - for example, he is lead counsel to the liquidators of HIH regarding its schemes of arrangement, which are intended to account for all outstanding claims arising from the company's collapse.

Interviewees cite Ross McClymont as "a partner with good technical appreciation who gets on with the job with no grandstanding." He has particular expertise regarding managed investment schemes, and recently brought this to bear acting for the banking syndicate in the Timbercorp matter.

Michael Sloan led on the high-profile restructuring of the Colorado Group and is praised by one client as "a terrific technician - one of a few leading lawyers genuinely investing in personal relationships."

Lucas Wilk is "very strong technically," according to one client. He represented KordaMentha, BankWest and BOS International (Australia) in the matter of the Equus default, appointing and acting for the receivers and managers KordaMentha in all aspects of this AUD90 million receivership.

Anthony Ryan led an Ashurst team acting for the administrators of MF Global Australia, Deloitte, since its appointment in November 2011. Other clients include ANZ, Ernst & Young and Davidson Kempner.

Associate Tim Klineberg is recognised by sources as a lawyer who is "commercial, practical, hardworking - he'll get things done." He worked on the ME Global and Godfreys Goup debt to equity swap matters.

THE FIRM Henry Davis York opened its Brisbane office in 2011, and a primary focus of this new branch is the firm's restructuring and insolvency work. Several partners of the team are widely considered some of Australia's leading practitioners in this space, and the firm continues to gain respect from peers and clients alike. High-profile deals this year include advising an international syndicate of hedge funds and special situation institutional clients on the restructuring of subordinated debt, valued at AUD300 million, as part of the well-publicised I-Med restructuring.

Sources say: "I'd say they are the 'best of breed' in the market due to their skill base and their communication with me as a client. They have good partners but are really good at the next level. They are the strongest firm I deal with across the board." "They punch above their weight."

KEY INDIVIDUALS Roger Dobson acted for Bank of Scotland International (BOSI) as agent for the 25 domestic and foreign bank syndicate in the restructuring of one of Australia's largest investment banks, Babcock and Brown, dealing with around AUD3.2 billion in debt facilities and structuring securities across multiple jurisdictions. Commentators say: "He's a considered lawyer and a powerful negotiator."  

Firm chairman Philip Crawford has over three decades' experience and continues to advise a wide range of clients, including major banks, financial institutions and insolvency practitioners. He is described as "very competent, with an excellent reputation," and has advised on numerous ground-breaking disputes in the course of his career.

A "very well respected operator," John Evans acted for ABC Learning Centres in one of the most significant restructures in Australia's corporate history, which featured a number of sensitive cross-border issues.

John Martin is described by sources as someone who is "technically excellent, commercial and able to see the big picture." He acted for Ernst & Young in relation to the AUD10 million liquidation of New Cap Reinsurance, a case in which the UK High Court upheld an earlier judgment from the NSW Supreme Court.

Scott Atkins continues to lead on the AUD2.4 billion liquidation of the publicly listed Octaviar Group, involving operations in several different countries. He is described as "very experienced, and really tries to get the best result for his clients."

THE FIRM A high-flyer in the Australian restructuring and insolvency market, Minter Ellison has won several new clients recently, including RBS, Lloyds and Transgrid, and it continues to act for established clients such as ANZ and National Australia Bank. The firm continues to act for the banking syndicate, which includes ANZ and  Commonwealth Bank of Australia, as well as receivers McGrathNicol, in the provision of secured facilities to Great Southern, an operator of managed investment schemes. The team also advises on all other aspects of the receivership.

Sources say: "They are a major competitor with genuine capability in this area."

KEY INDIVIDUALS One of Australia's top lawyers in this practice area, Michael Hughes has been involved in several of the firm's most significant matters, and is particularly prized by banks and other lenders which engage him to resolve problem loans and enforce securities. Interviewees say that "he is technically very strong and pretty widely regarded - if he's not in the superstar bracket he's not far off it."

Well-respected partner Brendon Watkins is described by sources as "an extremely competent operator, a good thinker with a very can-do attitude. He doesn't get bogged down if the law is contradictory. He's sensible and doesn't put up roadblocks." He acted for the receivers and managers of Burrup Fertilisers, in relation to a secured creditor's exposure valued in excess of AUD900 million. 

Sources view Ian Walker as "a good operator who is very experienced." Recently he led a team acting for Healthcare Locums in the company's workout and restructure, which involved the raising of investment capital in the UK to discharge debt of AUD150 million.

Lindsay Powers has been a litigation and insolvency practitioner for three decades and remains a trusted adviser to banks, financial institutions, corporations and insolvency practitioners. He has broad experience of Australia's courts and is particularly skilled in arbitrations and mediations and in complex countrywide insolvency matters.

Garry Hamilton was part of the team advising ANZ in its capacity as a secured creditor, in relation to the collapse of the Strategic Aviation Group, which went into voluntary administration in February 2012.

THE FIRM This firm has been especially busy in the restructuring area with several long-running assignments. It was instructed by the administrators of Griffin Coal Mining to provide general insolvency advice regarding the company's voluntary liquidation. It also advised TPG Capital and its affiliates on its senior secured finance facilities relating to the workout and restructuring proceedings of the Alinta Group.

KEY INDIVIDUALS Bruce Hambrett acted in the AUD1.8 billion receivership and management of the Octaviar group of companies for clients Fortress Credit Corporation and PBB. The matter included a number of court proceedings, including successfully seeing off an application by Octavia's liquidators to pay for litigation against Fortress using money from another Octavia group company, Octavia Administration.

Maria O'Brien acted on the Griffin matter above and also led a Baker's team acting for Australian Capital Reserve and its liquidator, PwC, in the Becton Property Group restructuring, a matter which received widespread press attention because it involved the collapse of several unlisted, unrated debenture companies. Sources observe: "She has a very commercial approach and she quickly cuts to the chase and spots the issues. She is tenacious but she knows when to be commercial."

Sources regard David Walter as "an impressive practitioner who continues to be one to watch." He has recently assisted on deals including the Griffin Coal Mining matter.

THE FIRM With a strong team across six cities, Clayton Utz has a good geographical spread of partners in this practice area. It works on high-impact matters and regularly works on the largest insolvencies in Australia. Among its high-profile matters in 2011, it advised Centro Retail Australia (CER) on its restructure, which included the US asset sale of CER's US shopping centre portfolio.

Sources say: "They've done an excellent job and we have worked extremely closely with them. I would absolutely use them again."

KEY INDIVIDUALS David Cowling continues to act for PPB, the voluntary administrators of the Lehman Brothers Australia Group, leading a team which acted on the Australian aspects of the international asset sale from Lehman Brothers entities throughout Asia to Nomura. Commentators described him as "very high-profile, very well regarded, competent and capable" and "clearly band one".

Jennifer Ball is described as "a pure restructuring and insolvency person." She acted for Grant Thornton in its capacity as administrator and liquidator of Rubicon Asset Management, one of Australia's largest listed property trusts, which involved 48 properties in six countries.

One client remarked that Karen O'Flynn is "experienced and technically very competent but also commercial. She's authoritative and across all of it, the detail and overseeing. She ensured we got the advice when we needed and the quality of her advice is excellent."

Paul James was the Melbourne partner on a seven-strong team acting for McGrathNicol as the receiver of the Rewards Group.

Orla McCoy enters the rankings this year having impressed sources with her work flow and client service ethic. One satisfied client said: "She's excellent - very easy to deal with and very thorough, does all the detailed legwork. She has an extremely good memory and has always been very organised."

THE FIRM This practice has been involved in some very high-profile restructurings and insolvencies of late. Major matters include advising the senior lenders syndicate of the restructuring of the I-MED Group in 2011, and acting for Ferrier Hodgson on the administration of Compass Resources, which was complicated by the appointment of a receiver by the company's joint venture partner.

Sources say: "They are particularly good in this area, they've the presence nationally, and the firepower."

KEY INDIVIDUALS Brisbane-based Peter Smith acts for banks, insolvency and reconstruction accounting firms and corporate clients and has recently advised on a number of property receiverships based in Queensland. According to one commentator: "He's got a very good reputation and he's well-regarded by several of the big banks. He has the street smarts that insolvency practitioners like."

Dan Brealey was a senior manager at Credit Suisse in Zurich and London before retraining as a lawyer. He has advised banks, companies and their directors, voluntary administrators and deed administrators on a broad range of insolvency-related issues. Sources state that he is "someone who has done a number of restructurings recently and did them well."

Konrad de Kerloy is a senior litigator at Freehills, specialising in commercial litigation and corporate insolvency, both contentious and non-contentious. He worked closely with Dan Brealey acting for ANZ Banking Group regarding the appointment of receivers and managers to Burrup Fertilisers and related litigation involving the company's owner, Pankaj Oswal.

THE FIRM The firm has developed a "three-pronged approach" to this practice area incorporating restructuring, insolvency and distressed debt trading, and its large team is spread across four major cities. Recent highlights include advising the banking syndicates, both senior and mezzanine, which funded Griffin Power and Griffin Power 2 during the voluntary administration of The Griffin Coal Mining Company and its affiliates. It also acted for the Alinta Group on all aspects of its restructuring, including in its negotiations with the secured financiers and in connection with several loan-to-own transactions.  

Sources say: "The team was very commercial and practical - their drive and commerciality helped drive work along and they got their client to understand things." 

KEY INDIVIDUALS Tony Troiani was the lead partner advising KPMG, in its capacity as the court-appointed receiver and liquidator of over 50 companies, whose proceedings stemmed from the operation of numerous unregistered investment schemes over several years.

The "very experienced" Linda Johnson was key to the firm's role as adviser to the intercreditor agent and security trustee on the recent restructure of Reliance Rail PPP, created to deliver, operate and maintain 78 new trains for the New South Wales Government-owned Rail Corporation, and the largest PPP project in the country at the time it was conceived.

Perth-based Beau Deleuil acted for the Bank of Western Australia in connection with the AUD330 million default of prominent property developer Luke Saraceni.

Philip Pan is described by one interviewee as "a true restructuring and insolvency practitioner who does high-profile work." Based in Brisbane, he was lead partner advising Ferrier Hodgson on the receivership of the WOW Sight and Sound electrical goods retail chain.

THE FIRM This firm has wide experience acting as lead strategic insolvency advisers to hedge funds and private equity firms, as well as to lenders to administrators, liquidators and receivers. It is frequently instructed on challenging transactions involving multiple parties and finding innovative solutions to complex insolvency issues. It acted for the senior lenders of Centro Properties Group in the Centro Group restructuring, the largest Australian restructuring of 2011. Clients include Bracewell & Giuliani, KordaMentha and Ferrier Hodgson.

KEY INDIVIDUALS Star player Leon Zwier is widely recognised as an excellent practitioner. Sources regard him as "a good lateral thinker, who is very good at litigation strategy is also a good negotiator." Another impressed source suggested that "Zwier's work is almost in a class of its own." He represents the senior lenders to Nine Entertainment - hedge funds Oaktree Capital and Apollo Global Management - which together hold over AUD1 billion of the company's total AUD2.7 billion senior debt. 

THE FIRM Corrs Chambers Westgarth remains well regarded in this field despite the recent departure of prominent partner Dominic Emmett and his team. It has recruited financial restructuring partner Jason Salman from Greenberg Traurig's London office, who has worked on several major restructurings including that of Eurotunnel. The firm has worked on several high-profile deals in the past year, including the largest restructuring in Australia in 2011 acting for JPMorgan Chase in the successful turnaround of the Centro Group.

Sources say: "I am really happy with the service I've got from Corrs. It is a well-regarded law firm."

KEY INDIVIDUALS Melbourne-based John Stragalinos leads the practice and has acted on some of Australia's biggest insolvencies with top skills in reconstruction, insolvency and commercial litigation. Sources say "he really immerses himself in the detail of the file and he really understands it. He is also quite commercial. He is excellent." Recently he led a multi-disciplinary team acting for Ferrier Hodgson, the receivers and managers of the Allco Group, in the AUD3 billion sale of Allso's aviation assets.

THE FIRM This firm has scored a major win by luring highly regarded rainmaker Dominic Emmett from Corrs to run its restructuring and insolvency practice in November 2011. In the past year the firm has advised Reliance Rail on the refinancing of Australia's largest PPP between the NSW Government and Downer EDI to deliver new rolling stock in the territory. Other clients include JPMorgan, Ferrier Hodgson, National Australia Bank and Lloyds.

Sources say: "Dominic Emmett and the team he has brought with him are great additions. It is a very good move on G&T's behalf."

KEY INDIVIDUALS Dominic Emmett is frequently praised by both clients and peers. "He is probably the most experienced restructuring lawyer in Sydney," sources affirm. Recently he acted for the deed administrators, Korda Mentha, of the administration of Griffin Energy Group, a matter with a value of AUD1.2 billion. He has more than 30 years' experience and is also admitted to practice in England & Wales.

James Lewis sits within the firm's banking and finance group and acted for subordinated creditors Crescent Capital Partners in connection with restructure of the Metro Glass Group in New Zealand, which involved a complex debt-for-equity swap by senior and mezzanine lenders.

At the time of going to press, it was announced that Simon Lynch will be joining the firm. He has broad experience in complex corporate workouts from a banking perspective. According to one peer: "He's in a lot of deals and is well trusted by the banks." 

THE FIRM Norton Rose's large restructuring and insolvency practice has been retained by three of the four major Australian bank panels as well as HSBC, Macquarie Bank, Citi and Rural Bank. It has advised on some of Australia's highest-profile insolvencies, including those of Sonray, Raine Square, Great Southern and Trio Capital.

Sources say: "The partners have good accessibility and deep involvement - you never have to chase them up. They are proactive; they're the ones driving you rather than vice versa."

KEY INDIVIDUALS Steven Palmer led a team advising Citi on its obligations as super senior hedge provider, including providing guidance on alleged defaults and proposed capital restructuring of the Reliance Rail PPP deal. One client said of him: "He is incredibly commercial, switched on and street smart. He doesn't waste time and doesn't litigate for sake of it."

Gerard Breen acted for the Commonwealth Bank of Australia on the restructuring of the Hastie Group, which was in default to multiple financiers. He is thought by sources to be "a very safe pair of hands," with others agreeing that "he's very commercial."

Since publication, Gerard Breen has left this practice.

THE FIRM This large team of restructuring and insolvency specialists successfully defended the Bank of Western Australia against an injunction application to prevent the appointment of a receiver and manager to MPI Investments. Other non-confidential clients include Deloitte and Ferrier Hodgson.

Sources say: "They did good work and are reasonably commercial, I'd use them again."

KEY INDIVIDUALS Justin Bates heads the practice and has been involved in a wide variety of restructuring and insolvency matters of late. He led a multi-disciplinary team advising Deloitte in connection with the liquidation of MF Global Australia. One client remarked that he was "good value for money and very approachable and accessible. A good all-rounder in insolvency matters."

THE FIRM Lawyers at Kemp Strang's restructuring and insolvency practice have experience representing insolvency practitioners, financial institutions and company director clients on both sides of the table and have advised the players involved in some of Australia's biggest corporate collapses. The practice is combined with the firm's dispute resolution practice, which gives it a head start in its contentious work.

Sources say: "They are very good at what they do, very sensible and easy to get on with."

KEY INDIVIDUALS Alex Linden has acted for insolvency administrators in several significant administrations, including One.Tel and ABC Learning Centres. He is a member of the Insolvency Practitioners Association, International Insolvency Institute, INSOL and the Law Council Insolvency and Reconstruction Committee.

Scott Hedge is popular among interviewees, who described him as "technically very strong, a cautious delightful guide. He is well regarded from a technical perspective and it's reassuring to have him on your side." He advises in both contentious and non-contentious matters and across all aspects of restructuring and insolvency, as well as the enforcement of securities for financial institutions and syndicates. 

Since publication, Scott Hedge has joined Colin Biggers & Paisley

THE FIRM Maddocks reports picking up new clients in the secondary debt trader, government and corporate spheres, as well as continuing to act for its traditional clients, secured lenders and insolvency practitioners. Recently the firm acted in the liquidation of major suppliers to the retail sector, a transport company and a government insolvency issue. Clients include Bank of Queensland, Deloitte, KordaMentha, PwC and Bendigo and Adelaide Bank.

Sources say: "Maddocks are a very strong mid-market firm."

KEY INDIVIDUALS Clients remark that David Newman "is very responsive and commercial with a strength in commercial negotiation." He heads the practice and led on a number of confidential matters in the public and private sectors, and in the retail, resources, education and transport sectors.