DOCAs: Can a company rise again...and again?

Michael Sloan and Richard Fisher of Ashurst Perkins Coie discuss a Federal Court decision permitting an existing DOCA to be varied to bind both original and post-DOCA creditors, despite the failure of the original restructuring, confirming that the Court's broad powers under section 447A of the Corporations Act can be used to facilitate successive restructurings where the proposed arrangement offers a better outcome than liquidation, creditors have been given notice and no objections are raised.

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