Insolvency Feature

Issue No. 46 - April/May 2009

Traps for the unwary

Ray Mansueto, Insolvency Partner at Minter Ellison Adelaide, was voted one of the best Insolvency and Reconstruction Lawyers in Australia in Best Lawyers

2008 and 2009. He gives an insight to the state of the insolvency market in South Australia.

In the SA market, we have seen:

• Steady deterioration in business profitability and resultant cash flow pressures leading to loss of equity and increasing business failure

• Limited funding relief available by way of refinance or increased borrowing, and earlier intervention by banks to enforce their securities, with several companies having receivers and/or administrators appointed in the past three months

• Retention of title creditors are taking a prominent part in most administrations, and are taking a more aggressive approach in enforcing their security, both by going to court to obtain possession of their product and in terms of effecting self-help if there is no moratorium in place in those admini...

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