Australia's restructuring market is entering a more uncertain phase, with sector pressures, refinancing challenges and shifting creditor dynamics reshaping the landscape. Audience members will be invited to share their views through live polling and discussion with the floor as the session examines where distress is building, how creditor behaviour is evolving and what may shape restructuring activity over the year ahead.

Cross-border restructurings rarely follow a single playbook. Panellists and audience members will compare approaches across jurisdictions, test how they would respond to common restructuring challenges and examine the implications for Australian restructurings. Discussion points include:

Using practical scenarios, polling and recent case developments, panellists will work through critical boardroom decisions. Attendees will be invited to vote on key decision points, compare their responses with those of the panel and contribute questions throughout. Discussion points include:

• How directors are using safe harbour protections while pursuing restructuring options in increasingly pressured environments
• What effective decision-making looks like when boards must act quickly with incomplete and evolving information
• How boards, legal counsel and financial advisers interact in practice and where tensions and accountability sit
• What lessons ASIC v Bekier (Star Entertainment) offers on governance, oversight and the shifting boundaries of director and adviser responsibility

With private credit playing an increasingly prominent role in restructurings, this session will focus on audience discussion and peer-to-peer exchange. Panellists will use recent case studies to spark debate, with delegates invited to share their views through live polling, questions and discussion with the floor. Together, the room will examine how creditor priorities, negotiation strategies and the balance of influence are changing across today's restructuring landscape. Discussion points include:

• How has the shift from banks to private credit changed who controls the restructuring process, particularly in mid-market distress?
• Are private credit lenders driving different outcomes on new money, liquidity solutions and balance sheet resets?
• What challenges arise when coordinating lender groups with differing time horizons and enforcement strategies
• What does Healthscope tell us about who really holds leverage when private capital structures come under pressure?
• How is private credit influencing negotiation dynamics, enforcement approaches and timelines in out-of-court restructurings?