An appeal by Christchurch property developer, David Henderson, against the High Court decision imposing conditions on his discharge from bankruptcy has been dismissed.
In Official Assignee v Carrim the High Court considered the concept of a "gift" in the Insolvency Act 2006.
The Official Assignee sought to cancel insolvent gifts made by the bankrupt to complete a property purchase by a family trust settled by the bankrupt and Ms Carrim, the bankrupt's partner (as trustees). The High Court considered:
The New South Wales Court of Appeal recently handed down an important judgment on the remuneration of registered liquidators.
Sakr concerned an appeal by Sanderson as liquidator of Sakr against an order determining his remuneration on anad valorem basis, without reference to his time attendances or hourly rate. Due to the importance of the issues, the Australian Securities and Investments Commission (ASIC) and Australian Restructuring Insolvency and Turnaround Association (ARITA) appeared and made submissions on the issue.
Re Finnigan concerned the costs of a successful application to be appointed as liquidators after the liquidators had overlooked a disqualification.
In our June 2016 update, we discussed the Court of Appeal's decisions in Madsen-Ries v Petera[2016] NZCA 103, Calvert v Reynolds [2016] NZCA 151, and Petterson v Browne [2016] NZCA 189. In all three cases leave was sought to appeal to the Supreme Court. Leave was granted to the applicant companies in Petterson v Browne, but declined in all other cases. 
The Jackson reforms to no-win no-fee agreements and the UK government's proposal to ban general damages for minor personal injuries have sent many UK firms into a tailspin.
Torchlight Fund No 1 (Torchlight) contracted with Wilaci Pty Ltd (Wilaci) for a $37m loan. The terms included the payment of a 'late fee' of $500,000 per week. Following default, Torchlight applied for a declaration that the fee was a penalty, and therefore unenforceable. Torchlight also applied for directions as to the payment of the costs of the receivers appointed by Wilaci, arguing that a clause indemnifying Wilaci in respect of a default did not apply to such costs.
In a recent costs decision, the English High Court partly disallowed an indemnity sought by receivers in respect of costs payable to certain third parties and the receivers' own costs and expenses for certain steps.
In the recent UK case of Williams v Glover & Anor, the Court considered the novel issue of whether the right to appeal against a tax liability constitutes the "property" of a company in liquidation, in deciding whether such a right was assignable or not. In that case, the applicant liquidator sought directions as to whether it could assign the right to appeal against an assessment of tax liability to the respondent former directors of the company in liquidation. Judge Pelling QC held that while there were authorities that had considered this point, they were not binding.
The Federal Court of Australia in KASH Aboriginal Corporation ICN 108 (Administrators Appointed) No 2, held that, in certain circumstances, administrators may be granted protection from personal liability for debts incurred as part of the administration of a corporation.