Our Restructuring & Insolvency Team reflects on the year, the industry trends and significant matters of 2022. The Team also looks forward as to what the next 12 months may have in store.
"Our team's strength is in its people and our collective expertise and in the relationships we build with our clients from that. Our national team continues to work collaboratively across state borders with Piper Alderman's other practice groups including Finance, Corporate, Property and Construction in delivering bespoke solutions to what are often complex commercial issues and disputes. I am proud to be part of a team that is recognised as trusted advisers and leaders in their field!"
Michael Lhuede - Practice Team leader
Industry insights
The newly elected Federal Government has launched what has been a long called for inquiry into our national corporate insolvency laws. While it is unlikely this process will see substantial reform within the next 12 months it is a first step in what the industry hopes will see a modernisation and simplification of our corporate (and hopefully personal insolvency) laws. Our team members continue to be actively involved in the reform process through their membership of both the Law Council of Australia's Insolvency and Reconstruction Committee and on the National and State Committees of the Australian Restructuring Insolvency and Turnaround Association.
We foresee continuing stress in particular industries especially the construction industry. We continue to work closely with our colleagues in our Property and Construction Group in addressing the challenges facing stakeholders in this industry as they deal with the ongoing failure of major players within the industry.
We are also seeing increased activity in the non-bank lending space particularly in property development financing. This is seeing more private appointment receiverships giving rise to distressed sales in the property development space. We continue to work closely with our Finance and Property teams in assisting our clients in this space.
Corporate insolvencies generally have been quiet over the past 12 months with little impetus for directors to take steps to resolve issues of insolvency within their businesses. However, with the ATO finally starting to move on burgeoning delinquency taxation payments, this is not likely to last much longer.
Bankruptcy and personal insolvency over this time has seen more activity and continues to generate a steady flow of work. Our industry acknowledged expertise in this niche field continues to see our team engaged in complex and profile administrations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
