This week’s TGIF considers Krejci, in the matter of Union Standard International Group Pty Limited (in liq) (No 7) [2022] FCA 890, in which the Federal Court gave liquidators approval to conduct extensive and expensive public examinations despite there being limited expected return to creditors, in part to try and uncover the truth behind $585 million that cannot be accounted for in the company’s dealings.
Key takeaways
In a recent decision of the Supreme Court of New South Wales (In the matter of C.V. Joint (Aust) Pty Ltd [2002] NSWSC 981), a provisional liquidator was appointed by the Court to a company primarily due to an ongoing dispute between the directors and shareholders. The case is a useful reminder of the relevant principles that apply when seeking to have a provisional liquidator appointed.
Key takeaways
This week’s TGIF considers the latest of two recent Federal Court decisions approving the compromise of debts owed to a company in liquidation, on the application of liquidators pursuant to section 477(2A) of the Corporations Act 2001 (Cth) and on confidential terms.
Key takeaways
This week’s TGIF considers a decision of Georges (Liquidator), in the Matter of SIRA Pty Ltd (In Liquidation) [2022] FCA 768, in which liquidators were granted leave to serve a summons for examination on a company based in Singapore.
Key takeaways
This week’s TGIF considers the decision of In the matter of Bryve Resources Pty Ltd [2022] NSWSC 647, which illustrates the circumstances in which liquidators can recover payments made by the company to, or for the benefit of, directors.
Key takeaways
This week’s TGIF considers Arnautovic v Qaqour [2022] FCA 726 in which the Federal Court of Australia ordered a director of a company in liquidation to surrender his passport and prohibited him from travelling outside of NSW without the Court’s prior consent.
Key takeaways
In a recent decision of the Federal Court of Australia (Sino Group International Limited v Toddler Kindy Gymbaroo Pty Ltd [2022] FCA 630), administrators were held to have validly admitted a $5 million claim for a nominal value of one dollar.
The case is a timely reminder of the importance of appropriately evidencing debts, particularly for the purposes of creditors meetings to determine next steps.
Key takeaways
A prohibition order in place on a development in Hassall Street, Parramatta, NSW, serves as a useful reminder for developers, builders and financiers of the importance of complying with the requirements of the Design and Building Practitioners Act 2020 (NSW) (DBP Act) and the Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 (NSW) (RAB Act) (together, the Acts) (and the consequences of non-compliance).
The NSW Supreme Court considered the application of the ‘Universal principle’ in Volkswagen Financial Services Australia Pty Ltd v Atlas CTL Pty Ltd (Receivers and Managers Appointed) (In Liquidation) [2022] NSWSC 573, dismissing a claim for an equitable lien made by administrators and liquidators for trading costs and remuneration.
Key takeaways
This week's TGIF considers In the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228, in which Associate Justice Gardiner found that a Sale Agreement disposing of key assets to a related entity on the day of appointment of liquidators constituted a creditor-defeating disposition and therefore able to be set aside.
Key takeaways