Babcock and Brown Limited | Deloitte Australia | Insolvency matter

Case studies

Babcock and Brown Limited

Insolvency case information

Details

Appointment type:

Voluntary administration

 

Appointment date:

13 March 2009

 

ACN:

108 614 955

 

Appointee(s):

David Lombe

 

Office:

Sydney

 

Enquiries:

General enquiries
Jack McGrath
Tel: +61 2 8260 4867
Email

Media enquiries
Simon Rushton
Tel: +61 2 9322 5562
Email

URL:

http://www.deloitte.com/au/babcockandbrown

Related Links

ASIC
Insolvency information sheets

Help for workers who have recently lost their jobs
Job Services Australia publication

Taking care of yourself after retrenchment or financial loss
Beyond Blue publication

Background information

Babcock & Brown Limited ("BBL") is the ultimate holding company of the Babcock & Brown Group. BBL is a shareholder of Babcock & Brown International Pty Limited ("BBIPL"), the intermediate holding company. All assets of the Group are held by BBIPL and its subsidiaries.

Deloitte Partners David Lombe and Simon Cathro were appointed Voluntary Administrators of Babcock & Brown Limited on 13 March 2009.

BBL's Second Meeting of Creditors was held on 24 August 2009 and creditors resolved for BBL to be wound up. David Lombe and Simon Cathro were appointed the Joint Liquidators pursuant to Section 446A of the Corporations Act 2001. Mr Cathro resigned as liquidator of BBL on 9 August 2011, and David Lombe is the sole Liquidator of BBL.

Current Update 

At the time of preparing our Annual Report to Creditors dated 16 November 2017, the Court had advised us that judgment in the Masters, Broome and Wilhelm proceedings would be delivered in late November 2017, which would allow us to commence the finalisation of the Liquidation.

Subsequently, we received a number of updates from the Judge's associate to the effect that that judgement would be handed down in January 2018, then February 2018, then May 2018, then late August 2018. On 30 August 2018, we were advised that Justice Foster will be unable to finalise his judgment and deliver it for at least two months due to serious illness. Whether further time is required is presently not known and we have been advised that we will be provided an update when possible.

An updated indicative timeline of the Liquidation can be found in our most recent Annual Report to Creditors dated 27 September 2018 available below.

We will continue to update this website as and when news is available.