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.


"They exceeded expectations; they went the extra mile, doing what it took to work through issues," "they're very good in the litigation area, they're very commercial and very experienced."
Chambers Asia Pacific, 2018
David Proudman and Joseph Scarcella are ranked as leading lawyers in Restructuring and Insolvency.
Chambers Asia Pacific, 2018
"The thing which really differentiates their practice is the amount of partner time and partner attention for the client."
Chambers Asia Pacific, 2018
David Proudman: "He's good because he doesn't work for the banks so he's not so conflicted, and he has as good a knowledge as anyone in the country in this area. In terms of debtor-only work, I don't know anyone who's better than him."
Chambers Asia Pacific, 2018
Joseph Scarcella is noted as "an individual who takes control of the matter
Chambers Asia Pacific, 2018
David Proudman, Joseph Scarcella, Matthew Allchurch and Paul Buitendag are recommended lawyers in Restructuring & Insolvency Law.
Asia Pacific Legal 500, 2018
Paul Buitendag and group head David Proudman, are “always accessible and available, and handle complex issues while focusing on a commercial outcome”.
Asia Pacific Legal 500, 2018
Paul Buitendag and group head David Proudman, are “always accessible and available, and handle complex issues while focusing on a commercial outcome”.
Asia Pacific Legal 500, 2018
David Proudman, is commended for his “understanding of complex issues” and his “high-quality advice.”
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
"I really do not think there are any material improvements they could make. I know quality when I see it and it was an unprecedented experience."
Chambers Asia Pacific, 2017

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