Separate but (not) equal: High Court decision in Amerind confirms trust funds to be held separate and statutory priorities apply

The eagerly anticipated judgment in Amerind (Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth [2019] HCA 20) was handed down by the High Court yesterday after the High Court heard the matter in early February of this year. Mills Oakley acts for the Receivers who sought the directions given by the Court.

In three separate judgments, the High Court dismissed the appeal by Carter Holt Harvey, with the key findings as follows:

Filed under:
Australia, Insolvency & Restructuring, Litigation, Mills Oakley, Commonwealth Bank, Corporations Act 2001 (Australia), High Court of Australia
Authors:
Ariel Borland , Dean Brayley
Location:
Australia
Firm:
Mills Oakley
Circulating or non-circulating, that is the question

The judgment in RCR Tomlinson Ltd (Admins apptd) [2020] NSWSC 735 provides clarification regarding the classification of circulating and non-circulating assets for the purpose of section 561 of the Corporations Act 2001 (Cth) (Act). The decision provides useful guidance for insolvency practitioners classifying circulating and non-circulating assets.

Filed under:
Australia, Insolvency & Restructuring, Litigation, Mills Oakley, Liquidator (law), Corporations Act 2001 (Australia)
Authors:
Ariel Borland , Dean Brayley
Location:
Australia
Firm:
Mills Oakley