Whyalla wipeout: State-sponsored upending of creditor waterfall?

Background On 19 February 2025, the South Australian government forced OneSteel Manufacturing Pty Ltd (the Company), the operator of the Whyalla steelworks, into external administration in response to protracted failures to pay outstanding royalties owed to the State and trade debts of at least $300 million. The administrators’ appointment was procured by urgent amendments to […]