Ebert Construction Limited v Sanson concerned the question of whether payments made by a third party under a 'direct agreement' to finance construction are payments made by the company in liquidation for the purposes of the insolvent transaction regime. Direct agreements are an agreement between the developer, builder and financier of a construction project. The agreement in this case obliged the financier to make progress payments directly to the builder throughout the duration of the project.
In the UK case of CFL Finance Limited v Rubin and Ors, a creditor had sought to make an individual bankrupt. A creditors' meeting was held. At the meeting, a proposal for an Individual Voluntary Arrangement was approved by the creditor that held the largest portion of debt (and therefore 90.43% of the vote). The other two creditors voted against the proposal.
The New Zealand and UK Arbitration Acts generally require court proceedings to be stayed if the parties have agreed to resolve disputes through arbitration.
In a recent address to the Insolvency Lawyers Association, the new Chancellor of the High Court, Sir Geoffrey Vos, discussed briefly the effect of that statutory stay upon winding-up petitions.
James Developments Limited (JDL) went into liquidation on 6 July 2009.
In November 2012, the liquidator issued proceedings against a trust for repayment of a loan, six years and one month after the loan was made. The trustees argued the claim was time-barred. The liquidator argued there had been a fraudulent cover-up of the loan and that the High Court should postpone the limitation period under section 28 of the Limitation Act 1950 (Act).
The sole role of ICS, the company at issue in the recent decision of the New South Wales Supreme Court in In the matter of Independent Contractor Services (Aust) Pty Ltd (in liquidation) (No 2) [2016] NSWSC 106, was to be the trustee of the similarly named ICS Trust. Previous litigation had confirmed that the trust was not a sham and that all ICS's assets were trust assets. In the present decision, the judge held that all expenses incurred by ICS were expenses incurred as trustee, and therefore ICS (and the liquidator) had a right to be indemnified for those e
Castlereagh Properties Limited (Castlereagh) and Gibbston Water Holdings Limited (Water Holdings) were both companies in David Henderson's Property Venture group. Castlereagh and Water Holdings entered into a sale and purchase agreement (SPA), under which Water Holdings sold all of its shares in Gibbston Water Services Limited (Water Services) to Castlereagh for $1. Water Holdings was subsequently put into liquidation.
With facts described as "labyrinthine", Edgeworth Capital (Luxembourg) SARL v Maud [2020] EWHC 974 (Ch) is the latest judgment from Snowden J on efforts to bankrupt Mr Maud.
Snowden J’s latest judgment deals with three issues:
The High Court, in Quinn v Toon [2020] NZHC 816, confirmed that only the reasonable costs of the liquidators will be recoverable.
Ms Toon applied for orders under ss 276 and 278 of the Companies Act 1993 to approve her remuneration claiming $101,729 plus GST and expenses for her work as the liquidator of Investacorp Holdings Ltd.
This was a solvent liquidation. While there were no creditors, there were disputes between shareholders that Ms Toon spent a considerable amount of time investigating.
Mr Hampton was adjudicated bankrupt five years previously. Following his public examination and the filing of the Official Assignee's report, the Official Assignee and Commissioner of Inland Revenue (a creditor) accepted Mr Hampton should be discharged, but sought the imposition of conditions.
We previously reported on the Court of Appeal decision in Trends Publishing International Ltd v Advicewise People Ltd & Ors. The case concerned a compromise under Part 14 of the Companies Act 1993 that was set aside by the High Court on the basis that the challenging creditors, who had voted against the compromise, had been unfairly prejudiced by the decision to call only one meeting of creditors.