In a move that signals Henry Davis York’s commitment to stay at the forefront of the banking, restructuring and insolvency area of practice, Nick Dunstone has been appointed a partner to the group. The appointment adds to HDY’s 56-strong banking restructuring and insolvency team, which includes partners Philip Crawford, John Martin, John Evans and Roger Dobson. Managing partner Stephen Purcell commented: “[Dunstone] has significant experience in restructuring and in particular distressed debt investment both domestically and internationally. His practice complements our strong relationships in the financial services industry.”
Distressed debt investments (DDI) have become a significant feature in a number of major Australian restructurings and insolvencies, according to the firm. DDI-driven restructurings allow external fund providers to invest funds in a financially distressed company to achieve returns through its rehabilitation. “[Dunstone’s] appointment emphasises HDY’s commitment to moving with market developments including the development of distressed debt investing in Australia,” Purcell said.