In brief: The High Court has held that the proceeds of a forestry investment scheme were not held on trust for the investors by the operators of the scheme. The decision emphasises that a trust will not arise unless the parties expressly declare their intention to create a trust, or if such an intention can be clearly inferred from the language of the parties and the commercial circumstances.

In brief: The Federal Court has dismissed shareholders' claims against Babcock & Brown alleging failure to disclose market sensitive information. The court made important findings on the scope of listed entities' continuous disclosure obligations in the context of accounting irregularities, and potential insolvency. The court has also given theoretical support to market-based causation, although this was not necessary to decide the case. Partner Duncan Travis (view CV) and Lawyer Michela Agnoletti report on the decision, and its implications.

In brief: In two decisions arising from the Octaviar liquidation, the High Court has given guidance on liquidators' ability to seek extensions of time for bringing voidable transaction claims. The decisions also highlight the risks of such applications. Partner Christopher Prestwich (view CV) and Lawyer Julia Baine report.

HOW DOES THIS AFFECT YOU?

In the latest chapter of the long running MFS/Octaviar liquidation, the High Court has recently clarified the extent to which liquidators can seek extensions of time to bring voidable transaction claims.

Can liquidators get a second extension that is sought out of time? 

No. 

The latest statistics on companies entering external administration and insolvency appointments have been released by ASIC for the periods of December 2014 a

The latest statistics on insolvency appointments and companies entering external administration have been released, based on data gathere

The latest statistics on insolvency appointments and companies entering external administration have been released by ASIC.

In brief: The Federal Government has released its package of reforms to Australia's personal and corporate insolvency laws. Included is a draft Bill that proposes to streamline the regulatory framework applying to insolvency practitioners with the aim of increasing efficiency in external administrations and boosting confidence in the competence of practitioners.

ASIC has released its final statistics for the year on insolvency appointments and companies entering external administration, reporting on da

In brief: The Full Federal Court has held that a liquidator has no obligation to retain monies on account of tax until a notice of assessment has been issued. While the decision is a win for taxpayers (and creditors of insolvent entities), it remains to be seen how the Commissioner of Taxation will respond. Partner Katrina Parkyn (view CV), Senior Associate Joanne Langford and Associate Jay Prasad report on the decision.