Creditor Claims

When not working for insolvency practitioners and major lenders, MinterEllison routinely works for creditors whose interests are adversely affected by the insolvency of a customer or counterparty.

We have substantial experience in drafting terms and conditions for suppliers that maximise their rights when a customer becomes insolvent (through retention of title, Personal Properties Securities Act compliant security mechanisms or indemnities) and advising on other forms of credit risk reduction and management.

We are involved in enforcing retention of title clauses against insolvent companies and enforcing charging clauses in guarantees against guarantors, and resolving priority contests between competing secured creditors.

We advise clients on their ability to terminate contracts as a result of an actual or potential insolvency-related default, and in the case of financial market contracts, the calculation of close-out payments.

Our clients include landlords faced with an insolvent tenant and suppliers who are defending voidable transaction claims by liquidators.

We advise on the merits of deeds of company arrangement proposed by other parties, including related parties associated with directors; and helping prepare and substantiate proofs of debt to be lodged with an insolvency practitioner.

Environinvest MIS wind up

Acted for the secured creditor (CBA) and the receivers and managers (Korda Mentha) of the Environinvest Group, including as responsible entity for a number of managed investment schemes.

Opes Prime collapse

Acted as the primary advisors for ANZ in the collapse of Opes Prime Stockbroking, with approximately 1,200 clients and debts to ANZ of over A$700 million, including acting on two class actions.

Burrup Fertilisers receivership

Acting for the receivers and managers (PPB) of the assets and shares in Burrup Fertilisers Pty Ltd, and certain shares held in the parent entity Burrup Holdings Limited. The secured creditor's exposure to the broader Oswal Group of Companies exceeded A$900 million.

Lehman Brothers ISDA close-out dispute

Acted on behalf of ANZ in the Lehman’s bankruptcy, advising on a close-out dispute under an ISDA contract.