APAC FRI Pulse

Private Credit on the March – how is the landscape changing?

The global economic environment continues to shape restructuring activity across the APAC region and Australia is no exception. Persistent inflationary pressures, elevated interest rates and tightening credit conditions each influenced by the tumultuous geopolitical landscape have tested the resilience of businesses across a range of sectors, accelerating financial stress for some and creating opportunity for others. All eyes are on private credit and its evolution in Australia – alternative capital providers and distressed debt investors remain acutely focused on the Australian market, drawn by its political stability, transparent legal system and the breadth of restructuring processes available to both creditors and debtors. As regulators are grappling with the exponential growth in this sector, we have witnessed deal complexity as market participants push the boundaries of existing frameworks. The decisions and developments emerging from this period of heightened activity are shaping the way practitioners approach transactions across the region. This issue of the APAC FRI Pulse examines some of the key developments in the Australian restructuring landscape as we head further into 2026.
 

Defensible DOCAs

01 May 2026 - The deed of company arrangement has long been a favoured restructuring option for sophisticated investors in Australia, prized for its speed and flexibility. However, with DOCAs being deployed in increasingly complex situations, stakeholders are devising new and innovative ways to disrupt them. This article outlines practical considerations for those promoting and assessing DOCA proposals in light of recent DOCA challenge applications.

Is a scheme of arrangement a “Chapter 11” in disguise?

01 May 2026 - For those familiar with both U.S. and Australian insolvency regimes, Australia's creditors’ scheme of arrangement may appear, at first glance, to resemble a Chapter 11 restructuring. While both regimes share many similarities, the resemblance masks deeper structural and functional differences. This article examines these similarities and important distinguishing factors of the two regimes.

Section 447A: A significant reserve in a voluntary administrator’s statutory tool kit

01 May 2026 - Section 447A of the Corporations Act 2001 (Cth) is a seemingly modest procedural provision that can be one of the most powerful tools in a voluntary administrator's arsenal. From extending convening periods and limiting personal liability to curing defective appointments, this article explores the broad scope of section 447A and how it has been successfully (and at times unsuccessfully) utilised by voluntary administrators in Australia.

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