Introduction The Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 (Cth) was finally passed by the Senate on 12 September 2017. The Bill will insert provisions into the Corporations Act 2001 (Cth) which will:...
Category: Insolvency Law
Does a potential administrator’s involvement in pre-administration contingency planning give rise to a conflict of interest, such that the potential administrator should be disqualified from accepting the formal appointment?
Into the twilight zone: Corporate insolvency amendments, and the disappearing act of section 511 (et al)
Seeking directions from the Court in the period 1 March to 1 September 2017 – what are liquidators and administrators to do?
Justice Robson has delivered his decision on an application by receivers and managers for directions as to, among other things, their obligations to pay preferential debts under the Corporations Act from the surplus generated by their trading-on of a business and other recoveries by their appointing bank.
The New South Wales Court of Appeal has overturned one of a series of decisions by Brereton J in which, it held, undue prominence had been given to considerations of proportionality and value of the services provided by liquidators in determining their remuneration claims.
A recent decision of the New South Wales Court of Appeal serves as a timely reminder of the costly consequences of failing to register a PPSR security interest in leased goods.
Winding up a company when you are the trustee in bankruptcy of the sole director and shareholder can be more complicated than you think.
In Suk v Hanjin Shipping Co Ltd  FCA 1404, the Federal Court (a) provided guidance on how courts are to determine what stay arises upon recognition of foreign main proceedings under the Cross-Border Insolvency Act 2008; and (2) demonstrated that such recognition can cause maritime lien actions to be stayed.
A five-member bench of the New South Wales Court of Appeal recently heard argument in an appeal from a decision by Justice Brereton dealing with a liquidator’s remuneration claim.
It has been held that automatic set off under s 553C of the Corporations Act 2001 (Cth) precludes companies in liquidation from taking advantage of the summary progress payment regime under the Building and Construction Industry Security of Payment Act 2002 (Vic).
The Supreme Court has confirmed that declarations can be made approving settlement payments and the mere fact that a liquidator has acted on incorrect advice will not preclude a settlement payment being regarded as an expense “properly incurred” for the purposes of s 556(1)(a) of the Corporations Act.
The Supreme Court of Victoria has dismissed an application by a company to set aside a statutory demand which sought repayment of a loan which was to be repaid “as soon as practicable”. The Court held that the term as to repayment was void for uncertainty, and that the loan was accordingly immediately due and payable from its inception.
When serving an application to set aside a statutory demand interstate, the strict modes prescribed by SEPA trump service under the Corporations Act (or any mode of informal effective service which might otherwise suffice). Practitioners forgetting this may face a rather abrupt conclusion to proceedings.
Bond’s Bell group litigation never dies: High Court strikes down WA laws as constitutionally invalid
Alan Bond passed away last year, but the legal battles over the 1990 collapse of his Bell Group companies may yet continue. The High Court has declared state legislation, which was designed to end the long-running litigation by short-circuiting certain aspects of the Corporations Act 2001 (C’th), constitutionally invalid.