Insolvency and Restructuring

Working with insolvency practitioners, banks, businesses and individuals to plan and implement restructuring and recovering strategies quickly and cost-effectively.

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Corporate Restructuring Law Firm of the Year in Australia, Corporate Intl Magazine Legal Awards 2013The Insolvency and Restructuring team at HopgoodGanim provides innovative and specialised advice and representation across all facets of corporate and personal insolvency law.

In any particular insolvency administration (be it a liquidation, receivership, voluntary administration or bankruptcy), we may be asked to assist one or more of the competing stakeholders to comply with their obligations, and/or maximize their commercial interests, in circumstances where there are simply insufficient assets available to meet the various competing claims on them. If there is one truism in an insolvency administration, it is this: somebody is going to miss out, and everyone wants it to be somebody else! We can help you understand where you stand in the game and achieve the best outcome that is realistically possible.

We take on many different roles, acting for (and against) professional insolvency practitioners, financial institutions, unsecured creditors, shareholders and employees. We assist in pursuing opportunities to acquire assets from distressed entities and to preserve the value in such entities. Our team has broad experience in numerous industries and we work closely with other experts in our firm to offer you business expertise and comprehensive advice at all stages, from credit risk management to formal schemes of arrangement.

We act for:

  • directors to implement the turnaround of an enterprise which can be strategically salvaged through standstill arrangements or debt and equity restructuring;
  • plaintiffs looking to recover unfair preferences and unwind uncommercial transactions, and defendants looking to resist such claims; and 
  • receivers selling businesses and voluntary administrators putting together complex Deeds of Company Arrangements tailored to deal with the issues confronting them.

We also advise on applying to the Courts to have liquidators appointed and removed, voluntary administrations extended, and decisions on proofs of debt reviewed.

No matter who we are assisting, we provide pragmatic and relevant advice to guide you through the labyrinth of laws, forms, procedures and competing interests. We will play hard when that is required of us, or adopt a subtle and conciliatory approach if needed, but no matter what the circumstances, we will act quickly, confidently and decisively.

HopgoodGanim was named Corporate Restructuring Law Firm of the Year in Australia in the Corporate Intl Magazine Legal Awards, 2013, and is Recommended in Doyle's Guide to Leading Queensland Insolvency and Restructuring Law Firms, 2015 and 2017. Most recently, two of our Partners were named in the Australian Financial Review for Best Lawyers in Australia 2019 in the category of Insolvency and Reorganisation.

  • Advising on all aspects of the liquidation of General Insurance Brokers, a general and life insurance broking business, including conducting a public examination into the affairs of the company in an attempt to trace missing funds.
  • Acting for the secured creditors, Fortress Credit Corporation and First Pacific Mortgage Fund, in effecting the mortgagee sale of a large beachfront development site in Surfers Paradise for a price exceeding $80 million. In order to secure vacant possession for the buyers, we assisted the mortgagees to lawfully evict over sixty tenants, making multiple successful urgent eviction applications to QCAT.
  • Advising Capital Finance Australia in pursuing various guarantors of the joint venture which carried on the “Surfair” development at Marcoola.
  • Advising Capital Finance Australia, as the mortgagee of a commercial property, in urgent proceedings in the Supreme Court of Queensland to remove a caveat by a guarantor claiming a right of subrogation. The caveat was preventing the settlement of the sale of the secured property to an independent buyer, but we successfully obtained an order removing the caveat so settlement could proceed.
  • Acting for a creditor to bring an application for approval of a litigation funding agreement proposed to be entered into with the company’s liquidator.
  • Advising the receivers on all legal matters relevant to the receivership of the No Limit Group of Companies. Total secured debts owed to the appointing lender were in the order of $50 million.
  • Advising ASX-listed technology company, Jumbo Interactive, the creator of the Oz Lotteries website, in successfully implementing a Deed of Company Arrangement for the benefit of the creditors of its distressed subsidiary, Mannacom. The successful workout enabled Jumbo to "cut out the cancer" of its unprofitable subsidiary and preserve the overall financial health of the strongly performing group. 
  • Advising PPB Advisory as the receiver and manager of five companies that owned numerous properties that together comprise the “Big Pineapple” on the Sunshine Coast. 
  • Advising Deloitte (the receivers and managers of assets of some of the Resort Corp Group of companies) in realising the “Noosa Sanctuary” Resort and development site in Townsville, Queensland, for the benefit of the appointing creditor.
  • Acting for the directors of Queensland's largest concrete pumping business to successfully implement a workout through a Deed of Company Arrangement and refinance. The workout saved 80 jobs and prevented financiers writing off around $8 million in debt. This was recognised as one of Australia's most successful business turnarounds for 2009 by the Turnaround Management Association of Australia.
  • Acting on an ongoing basis for RE Murphy & Co, the deed administrators of the Superwoman Group of Companies, in negotiating and effecting the terms of a Deed of Company Arrangement that has facilitated the sale of the company's financial advisory business. The sale meant that secured and unsecured creditors, who were owed more than $2 million, received a dividend of 100 cents in the dollar.
  • Acting for PA Lucas & Co, the administrator and then deed administrator of Shawsportz, a group of companies which operated sporting facilities across Brisbane, to successfully negotiate and implement a workout through a Deed of Company Arrangement. This resulted in the continued operation of the business by the Brisbane City Council, and the sale of its licensed sporting club business.
  • Acting for the administrators of the Super Butcher Group and assisting them with the conduct of the administrations and also successfully obtaining adjournments of the winding up applications.
  • Acting for liquidators in conducting public examinations of company directors including the examination of the affairs of Sky Air World, an airline company.
  • Acting for liquidators in prosecuting claims for preference payments and other voidable transactions, including successfully prosecuting a claim on behalf of the liquidators of Allens Services against the Australian Taxation Office for the recovery of a preference payment in excess of $3 million.
  • Acting for the voluntary administrator and then liquidator of DB & W Bryce (which operated a feedlot at Warwick) and Freestone Group (which operated a meat processing plant at Molendinar) including assisting with the sale of assets.
  • Advising on the orderly realisation of Couran Cove Island Resort by way of members’ voluntary liquidation.