Skip to content

Menu

LexBlog, Inc. logo
CommunitySub-MenuPublishersChannelsProductsSub-MenuBlog ProBlog PlusBlog PremierMicrositeSyndication PortalsAboutContactResourcesSubscribeSupport
Join
Search
Close

The shift we needed: The fight to save Virgin already changing corporate rescue laws in Australia

By Scott Atkins (AU) & Dr. Kai Luck (AU) on May 19, 2020
Email this postTweet this postLike this postShare this post on LinkedIn

Airplane flying in cloudsIn this article, Scott Atkins and Dr Kai Luck look at the important role Australian courts can play in creating a stronger corporate and business rescue culture to help financially distressed but long-term viable entities navigate the economic downturn caused by COVID-19.

Since this article was written, the Federal Court of Australia granted further orders on 13 and 15 May 2020 exempting the voluntary administrators from personal liability for new contracts entered into as they seek to restructure the Virgin entities (which operate Australia’s second major airline) with a view to a going concern sale to a third party.

Looking ahead, it is hoped that COVID-19, and the proactive role currently being taken by the courts, will drive longer-term reform to Australia’s corporate and business rescue laws, possibly adopting certain features of the US Chapter 11 process such as DIP financing and the cram down of secured creditors’ enforcement rights.

Visit nortonrosefulbright.com to read more.

Photo of Scott Atkins (AU) Scott Atkins (AU)
Read more about Scott Atkins (AU)Email
Photo of Dr. Kai Luck (AU) Dr. Kai Luck (AU)
Read more about Dr. Kai Luck (AU)Email
  • Posted in:
    Bankruptcy
  • Blog:
    Zone of Insolvency
  • Organization:
    Norton Rose Fulbright
  • Article: View Original Source

LexBlog, Inc. logo
Facebook LinkedIn Twitter RSS
Real Lawyers
99 Park Row
  • About LexBlog
  • Careers
  • Press
  • Contact LexBlog
  • Privacy Policy
  • Editorial Policy
  • Disclaimer
  • Terms of Service
  • RSS Terms of Service
  • Products
  • Blog Pro
  • Blog Plus
  • Blog Premier
  • Microsite
  • Syndication Portals
  • LexBlog Community
  • 1-800-913-0988
  • Submit a Request
  • Support Center
  • System Status
  • Resource Center

New to the Network

  • Law of The Ledger
  • Antitrust Law Blog
  • Your ERISA Watch
  • Ciric Law Firm Blog
  • Sacramento Property & Poverty
Copyright © 2022, LexBlog, Inc. All Rights Reserved.
Law blog design & platform by LexBlog LexBlog Logo