In the decision of In the matter of AWA Limited (Administrators Appointed) (Receivers and Managers Appointed) ACN 111 674 661 [2014] NSWSC 249, the New South Wales Supreme Court considered the scope of s 477D of the Corporations Act 2001 (Cth) and whether it was appropriate to make a direction regarding the administrators’ entry into a loan agreement to pay out a secured creditor.

Background

In the recent decision of ASIC v ActiveSuper Pty Ltd (No 2) [2013] FCA 234 (ActiveSuper), the Federal Court considered an application by ASIC brought pursuant to s 472(2) of the Corporations Act 2001 (Cth) (Act) to appoint provisional liquidators to a company MOGS Pty Ltd (MOGS).

This week’s TGIF considers a decision of the Federal Court which enabled administrators of Virgin to send electronic notices, conduct electronic meetings and absolved them from personal liability for leases for four weeks due to COVID-19.

Background

On 20 April 2020, administrators were appointed to Virgin Australia Holdings Ltd and 37 of its subsidiaries (together, the Virgin Companies).

This week’s TGIF considers a recent insolvent trading claim involving novel questions in relation to privilege against self-incrimination and the apportionment of liability between successive directors.

Background

This week’s TGIF considers a priority contest which turned on the construction of section 62 of the PPSA and the reference to a grantor obtaining possession.

What happened?

Bill’s Motorcycles (Bill’s) carried on a business as a motorcycle dealer selling and servicing Kawasaki motorcycles.

In the recent decision, In the matter of Mirabela Nickel Ltd (subject to deed of company arrangement) [2014] NSWSC 836, the NSW Supreme Court has granted leave to the deed administrators under section 444GA of the Corporations Act 2001 (Cth) (Act) to transfer 98.2% of the existing shares of Mirabela Nickel Ltd (Mirabela) to unsecured creditors without the consent of its shareholders.

FACTS

In the decision of JPMorgan Chase Bank, National Association v Fletcher; Grant Samuel Corporate Finance Pty Limited v Fletcher [2014] NSWCA 31, the Court of Appeal of New South Wales confirmed that liquidators may apply under rule 36.16(2)(b) of the Uniform Civil Procedure Rules 2005 (NSW) (UCPR) to further extend the time within which they may bring voidable transactions proceedings.  We considered the first instance judgment in a

In Saraceni v ASIC [2013] FCAFC 42 the Full Court of the Federal Court of Australia confirmed that it is not necessary for ASIC to provide potential examinees with an opportunity to be heard prior to authorising receivers to conduct examinations under s596A of the Corporations Act.

FACTS

This week’s TGIF considers the decision in Aardwolf Industries LLC v Riad Tayeh [2020] NSWSC 299, in which the Supreme Court of New South Wales refused an application for leave to sue court-appointed liquidators for damages for negligence and misleading and deceptive conduct.

Background

This week’s TGIF considers the decision of AIG Australia Limited v Kaboko Mining Limited [2019] FCAFC 96, in which the Full Federal Court found that an insolvency exclusion in a D&O policy did not apply to exclude claims brought against directors and officers of a company under external administration.

What happened?