The latest development in what has been a long-running (and expensive) cross-border insolvency proceeding involving Nortel (see our June 2015 and September 2015 legal updates for previous instalments) is a settlement between:
Australian-listed Slater & Gordon, the world’s first publicly traded law firm, is preparing to post what is understood to be legal sector’s biggest ever annual loss. A profit warning filed with the Australian Securities Exchange, reveals the firm's full-year net loss after tax for the year ended 30 June is expected to total A$1,017.6m.
In Ebert Construction Ltd v Sanson [2016] NZHC 472, the High Court awarded costs to liquidators after a statutory demand issued by the liquidators had been set aside by consent. The reasons were as follows:
Following the determination of the substantive High Court case earlier last year (see our previous summary here), this case concerned a dispute in respect of a right to claim int
The Supreme Court of NSW in Citadel Financial Corporation Pty Ltd [2020] NSWSC 886 has made orders (in accordance with section 447A(2(b) of the Corporations Act 2001 (Cth)) to terminate a deed of company arrangement (DOCA) on grounds that entry into such DOCA was an abuse of the voluntary administration process.
In our April newsletter, we noted that the UK Government had announced proposed changes to insolvency laws. On 20 May 2020, the Corporate Insolvency and Governance Bill (UK) was introduced. The proposed reforms include:
Regan v Brougham [2019] NZCA 401 clarifies what is needed to establish a valid guarantee.
A Term Loan Agreement was entered into whereby Christine Regan and Mark Tuffin lent $50,000 to B & R Enterprises Ltd. Rachael Dey and Bryce Brougham were named as Guarantors. Bryce Brougham was the only guarantor to sign the agreement. The Company was put into liquidation and a demand made against the Guarantor.
The guarantor argued that the guarantee was not enforceable based on the following:
North Harbour Motors Limited (in liquidation) (North Harbour) issued a statutory demand against Moffat Road Limited (Moffat) in respect of two separate $30,000 deposits paid by North Harbour to Moffat on the purchase of two properties pursuant to agreements for sale and purchase dated 6 July 2015 (the Agreements).
In New Zealand, a court may appoint a liquidator to a company if, among other reasons, it is satisfied that the company is unable to pay its debts.[1] Unlike other jurisdictions, that assessment is focused only on cashflow, rather than balance sheet, insolvency.
The Commissioner of Inland Revenue (Commissioner) appealed a decision of Associate Judge Christiansen to approve a payment proposal by Mr Wilson to discharge a debt he owed the Commissioner and thereby avoid a declaration of bankruptcy.