This week’s TGIF considers the recent Queensland Supreme Court decision in CGS Constructions (Qld) Pty Ltd [2022] QSC 28 where it dismissed an application to restrain liquidators from engaging the same solicitors as a major creditor to conduct public examinations.
Key Takeaways
In a recent Supreme Court of Victoria decision[1] in which we acted for the successful liquidators, the Court made various orders to enable the company to complete an ultra-efficient, streamlined second voluntary administration to expedite creditor consideration of a new DOCA proposal.
Key points
Anti phoenix licensing provisions are catching Security of Payment culprits and victims.
Anti phoenix licensing provisions are catching Security of Payment (SOP) culprits and victims in a Covid-19 ‘perfect storm’. These provisions are designed to prevent people from lawfully and personally contracting if they are associated with company collapses. This also includes being meaningfully involved with the contracting companies.
This week’s TGIF considers an interlocutory decision of Ball J in the NSW Supreme Court in Aqua Botanical Beverages (Australia) Pty Ltd v Botanical Water Technologies Pty Ltd [2022] NSWSC 435, in which the Court dismissed an application to add an oppression claim where the company went into liquidation after commencing proceedings.
Key Takeaways
Introduction
The practice area of bankruptcy & insolvency is in a constant state of flux. 2020 and 2021 saw some of the biggest reforms to our insolvency framework in 30 years, as businesses struggled financially with the fallout from the COVID-19 pandemic.
The recent Federal Court decision in Diversa Pty Ltd v Taiping Trustees Limited has highlighted some important risks faced by secured parties who don’t pay attention to the details when perfecting, and maintaining perfection of, their security.
The recent Federal Court decision in Diversa Pty Ltd v Taiping Trustees Limited has highlighted some important risks faced by secured parties who don’t pay attention to the details when perfecting, and maintaining perfection of, their security. Those risks include:
Contributed by William Malouf and Alexandra Stead, Senior Associates, Baker McKenzie
This week’s TGIF considers In the matter of Jabiru Satellite Limited (in liq) and NewSat Limited (in liq) [2022] NSWSC 459 where the Court declined to appoint a special purpose liquidator to pursue claims available to the company.
Key Takeaways
Introduction
The practice area of bankruptcy & insolvency is in a constant state of flux. 2020 and 2021 saw some of the biggest reforms to our insolvency framework in 30 years, as businesses struggled financially with the fallout from the COVID-19 pandemic.
I have received a bankruptcy notice, what is it?
A bankruptcy notice is where a person or organisation (the creditor), is alleging by way of demand, that you (the debtor) owes them money. Effectively, the creditor is seeking to declare you bankrupt if you do not repay the debt or comply with the notice.
A bankruptcy notice is usually issued where a creditor has obtained a court judgement or where the judgement made against a debtor is $10,000 or more.