Restructuring & insolvency


Insolvency and restructuring assignments require a commercial approach. Our lawyers are skilled at balancing the technical solution with the unique circumstances surrounding our clients’ business objectives.

Our ability to blend the legal duties and obligations of the client with the commercial realities of insolvency underpins the legal counsel we provide.

We regularly represent listed and unlisted corporate debtors, secured and unsecured creditors, liquidators, voluntary administrators and receivers throughout Australia and overseas on corporate workouts, debt recovery, reconstructions and corporate insolvency.

Our expertise covers both disputes and advisory matters for many major multinationals, including Microsoft Corporation, McDonald’s Australia, Treasury Wine Estates, SABMiller, Unilever, and Blackmores.

We draw on our experience in a range of industries and markets to advise on the diverse activities of companies including:

  • advice to boards on disclosure and solvency issues
  • restructuring and negotiation of debt facilities and debt instruments
  • acting for administrators, receivers and liquidators in all aspects of their administration
  • advice on reconstructions and re-listing of companies
  • advice to secured and unsecured creditors on all aspects of enforcement and restructuring
  • acting for bidders for distressed assets
  • preparing and implementing deeds of company arrangement
  • litigation funding.

In workouts and restructurings, our restructuring and insolvency partners work closely with our specialist debt finance partners to provide an integrated, cross-disciplinary team with the full range of skills which may be required.


Recent matters


Acted for the Administrators and the liquidators of AWA Ltd.

Bill Express

Acted for the liquidators of Bill Express (in liquidation) claiming approximately $215 million from the auditors for professional negligence, breach of contract and misleading and deceptive conduct.

Centro Group

Advised two of the principal ASX listed funds within the Centro Group in relation to the proposed triple staple aggregation, and restructure of internal and external debt of approximately $5 billion.

Lehman Brothers liquidation

Represented 18 investors who have claims against Lehman Australia for significant losses incurred through investment in CDOs. This involved advising on various matters relating to the liquidation including a complex claims resolution process for dealing with investors claims and creditors’ rights and strategy generally having regard to the other major creditor groups with competing interests, being Lehman Brothers entities in New York and similarly situated investors are effectively being represented by IMF.


Acted for the Special Purpose Liquidator of One.Tel. The sole task of the Special Purpose Liquidation was pursuing a $250 million damages claim against former directors of One.Tel.

RiverCity Motorway

Acted for the administrators of the RiverCity Group companies in the significant RiverCity Motorway administration and proceedings in both the Supreme Court of Sydney and the Federal Court in Brisbane in respect of the Clem 7 Tunnel.


Acted for a Stemcor creditor in relation to various inter-creditor issues arising from the restructuring of the global Stemcor Group and the separate, concurrent restructuring of the Stemcor Australia Group. Subsequently playing the lead role in negotiating the Australian restructuring for the creditors.


Joseph Scarcella, Matthew Allchurch and Paul Buitendag are listed as leading lawyers in Restructuring & Insolvency Law.
Asia Pacific Legal 500, 2018
Ben Renfrey, David Proudman and Jim Hunwick are named as leading lawyers in Insolvency and Reorganisation Law.
Best Lawyers Australia, 2018
David Proudman is ranked as a leading lawyer in Restructuring & Insolvency.
Chambers Asia-Pacific, 2015
Jim Hunwick and David Proudman are recognised as leading lawyers in Insolvency & Reorganisation Law.
Best Lawyers Australia, 2014
David Proudman was named “Adelaide Lawyer of the Year” for Insolvency & Reorganisation.
Best Lawyers Australia, 2014
David Proudman of Johnson Winter & Slattery specialises in workouts, recovery and reconstructions; "He is fantastic in the insolvency restructuring space. He is extremely commercial, great to have alongside in negotiations, practical and strategic."
Chambers Asia-Pacific, 2013
David Proudman has a "wealth of experience", and a "calm, approachable style."
Asia Pacific Legal 500, 2013

Related insights Read more insight

Set-off in unfair preference claims: In the matter of Cardinal Project Services Pty Ltd

The ability of creditors to rely upon the statutory set-off provision in section 553C of the Corporations Act to reduce or eliminate their exposure to unfair preference claims has been a matter of...

The limits of an insolvency practitioner’s equitable lien: intermeddlers beware

The entitlement to recover remuneration and costs for work performed in conducting an external administration is an ever-present fundamental concern for insolvency practitioners.

Devil in the detail – proposed exclusions from the Ipso Facto Stay

Regarding the introduction of legislation creating a stay on enforcement of ipso facto clauses: the devil was always going to be in the detail.