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Paul Apáthy


Paul specialises in restructuring, work-outs, corporate insolvency and distressed investments.



Paul has extensive experience advising creditors, companies, insolvency practitioners and investors in respect of distressed situations. Paul also advises in respect of loan portfolio sales and other secondary debt market transactions.

Some of the recent transactions on which Paul has advised include acting for:​

  • the senior lenders in respect of the administration and liquidation of the RCR Tomlinson group
  • the senior lenders to BIS Industries in respect of its A$1.2 billion restructuring, by way of two schemes of arrangement and a debt for equity swap under which the senior lenders obtained ownership of 96% of the BIS group
  • a key owner, shipper and noteholder in respect of the restructuring of WICET (Wiggins Island Coal Export Terminal)
  • KKR and Olympus as secured lenders and Ferrier Hodgson as receivers in respect of the receivership of the Keystone Group (a major Australian restaurant and bar group)
  • Imdex (an Australian mining services company) on the successful restructuring of its debt facilities
  • an international bank on a successful workout and settlement in respect of a significant exposure to an Indonesian palm oil producer
  • an international bank on successfully exiting its exposure from Wollongong Coal
  • Various noteholders on the restructuring and insolvency of the Singapore listed and Australian incorporated Linc Energy
  • Blackstone on the acquisition of the A$566m Kensington real estate loan portfolio from GE and the related vendor financing
  • Seven Group in connection with the restructuring of Nexus Energy
  • KKR, Varde and Deutsche Bank in connection with the financing of their acquisition of GE’s Australian and New Zealand consumer finance business
  • Suncorp Group on the sale of its A$1.6 billion non-core corporate and property loan portfolio to Goldman Sachs
  • Goldman Sachs in respect of the A$3.4 billion restructuring of Nine Entertainment Group
  • Deutsche Bank on its acquisition of various loan portfolios from the Banksia group



Originally from New Zealand, Paul practised in London for a number of years with Linklaters and Lovells before joining Herbert Smith Freehills.

Paul has a Bachelor of Laws (First Class Honours) and a Bachelor of Arts from Victoria University of Wellington and is a Fellow of INSOL International (awarded with Honours)

Paul is admitted to practice in New South Wales, England & Wales and New Zealand. Paul is the vice chairman of the New South Wales regional committee of the Turnaround Management Association.


IFLR 1000: Notable practitioner for Australia in the area of Restructuring and Insolvency (2019)

Chambers Asia Pacific: Recognised as Up and Coming (2019). A client commends his ability to "very quickly understand issues and come up with the best solution," and adds "he has a commercial and pragmatic approach to things."

Best Lawyers Australia: Recognised as one of Australia's leading lawyers for the areas of Distressed Investing & Debt Trading  and Insolvency and Reorganisation Law (2019)