In brief - Courts will not grant further extensions if second application is made too late
Background
In In the matter of Nexus Energy Ltd (subject to a deed of company arrangement) [2014] NSWSC 1910, the deed administrators of Nexus Energy Limited (subject to a Deed of Company Arrangement) (Nexus) sought leave of the Court to transfer all ordinary shares in Nexus to SGH Energy (No 2) Pty Ltd (SGH2). SGH2 was the proponent of the Deed of Company Arrangement (DOCA) and was also associated with the secured lender.
The final Report of the Whittaker Review into the Personal Property Securities Act 2009 (Cth) (PPSA) was tabled in Federal Parliament on 18 March, 2015. The Report can be found here. Our focus here is on key issues in the Report for the hire industry. There are many, many other recommendations in the 542 page Report which we do not discuss here.
SUMMARY
The Full Court of the Federal Court of Australia have confirmed that a judgment on assessed costs is a final orders for the purposes of the Bankruptcy Act 1966 (Cth) (Act), and therefore that a costs order can ground a bankruptcy notice for the purposes of the Act.
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.
On 11 March 2015, the High Court delivered the following significant decisions (Grant Samuel Corporate Finance v Fletcher [2015] HCA 8 and Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2015] HCA 10) in relation to s588FF(3) of theCorporations Act 2001 (Cth).
The latest statistics on companies entering external administration and insolvency appointments have been released by ASIC for the periods of December 2014 a
- On 11 March 2015, the High Court delivered its decision in Fortress Credit & Anor v Fletcher & Ors [2015] HCA 10.
- The appellant was Fortress Credit.
Summary
- On 11 March 2015 the High Court delivered its decision in Grant Samuel & Ors v Fletcher & Ors [2015] HCA 8.
- The appellants were Grant Samuel Corporate Finance Pty Limited and JP Morgan Chase Bank.