Category: Insolvency Law

Forge and the $44m fail

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.

Court approval of settlements in liquidations

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 company will repay the loan when it can afford to! How certain is that?

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.