From www.claytonutz.com: The Australian restructuring landscape has evolved significantly over the past decade, shifting focus from debt enforcement to strategies such as debt-for-equity swaps, influenced by the rise of private capital investors.

Safe Harbour reforms have provided directors with protections against personal liability for insolvent trading, facilitating consensual restructuring efforts, while ASIC has issued guidance to clarify best practices under these protections.

Recent judicial trends indicate increased scrutiny of Deeds of Company Arrangement (DOCAs) to ensure equitable treatment among creditors and discourage their use as tools to avoid legitimate debt obligations.