IFLR 1000
The Guide to the World's Leading Financial Law Firms

"I would characterise Henry Davis York's service as being professional and their advice direct and useful", says one client. The team lead by James Lonie and ably assisted by Robert Tracy, "exemplified characteristics that are knowledgeable, communicative, efficient and prompt", the same client adds.

The firm advised ING Real Estate Investment Management last year on the phased withdrawal from its Australian real estate investment management activities, including its management of five ASX-listed real estate investment trusts in excess of A$7.2 billion ($6.9 billion).

Since the collapse of Lehman Brothers, Henry Davis York has advised the Perpetual Trustee Company on the flow-on implications for A$125 million ($135 million) of retail credit linked notes issued by an Australian special purpose company, Mahogany Capital. Lehman was successful in obtaining a favourable first instance judgment in New York. The matter was settled in November 2010 on confidential terms.

The matter is particularly significant because the litigation has been closely watched by the structured credit industry. Its ultimate outcome directly affects the value in excess of US$12 billion of similar structured notes in various Lehman's programmes.

The Henry Davis York banking team has been actively and strategically growing its practice through the lateral hiring of Tim Barton and Patrick O'Grady from Corrs Chambers Westgarth. One client says that "when I need help Henry Davis York is my safe pair of hands, when I'm in trouble or when I want something tended on correctly".

The firm's regulatory practice was busy advising a banking syndicate valued over A$1 billion ($1.1 billion) on the examinations being conducted by the administrator after it obtained funding from International Monetary Fund (IMF). Other highlights included assisting the banking syndicate and receivers on the ongoing Australian Securities and Investments Commissions (ASIC) investigations, including examinations into the collapse of ABC Learning Centres.

A client of Henry Davis York picks out partner Glen Hughes for praise: "Very commercial, has great ability to empathise with the businesses that are our targets. We operate at the smaller end of the private equity market where dealing with a vendor who wasn't overly sophisticated or savvy, he had the ability to tailor his approach so he could speak at the same level."

Notable highlights include advising ING Real Estate Investment Management on the phased withdrawal from its Australian real estate investment management activities. This included its management of five ASX (Australian Stock Exchange) listed real estate investment trusts with excess of A$7.2 billion ($7.76 billion) in assets under management.

Being Australia's largest restructuring and insolvency group Henry Davis York (HDY) is recognised for "being attentive and proactive in their advice and approach to service", according to one client. The firm has an ability to bring a commercial focus to difficult situations, communicate effectively with its clients and to structure transactions innovatively with a results-driven outcome.

Another client praises the firm's depth: "What is particularly exceptional with HDY is that it is not only the partners that are exceptionally skilled, knowledgeable and trustworthy, there are many layers of staff below partnership level that are equally impressive."

Partner Scott Atkins was picked out specifically: "The most outstanding insolvency lawyer I have met, he is incredibly intelligent, articulate, commercial and above all an absolute delight," says one client.

In the last 12 months, HDY worked on two of the largest insolvency deals in Australia, ABC Learning Centres and Octaviar. The Octaviar Group comprised of over 400 companies with funds under management of A$5.2 billion ($5.6 billion) but went into liquidation with debts of A$2.4 billion.

ABC Learning Centres was notable mainly for its size as one of the largest and most complex receiverships in Australia's corporate history. The team played a role in transferring 262 centres to a new entity, ABC2, to which the Australian government had receivers appointed by the court. ABC2 in turn sold those businesses to other operators and the sale of ABC2 enabled ABC to restructure its operations with a view to returning its centres to profitability. After a period of trading, the majority of the ABC Australian business was sold to a special purpose vehicle (SPV) set up by a number of prominent charities.