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New COVID-19 Bill Provides Additional Bankruptcy Relief

On Sunday, December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, which provides $900 billion in a second wave of economic stimulus relief for industries and individuals faced with challenges from the COVID-19 coronavirus.

USA, Insolvency & Restructuring, Litigation, Real Estate, Morrison & Foerster LLP, Donald Trump, Coronavirus, Leases, CARES Act 2020 (USA)
Assigning the right to sue - the new provisions'

External administrators of companies can now assign any right to sue that is conferred on them by the Corporations Act, for example voidable transaction claims and insolvent trading claims. Previously these were considered rights that could only be utilised by the appointed liquidator and so could not be assigned. Now they can.

When did this start?

  • This has already begun. It commenced on 1 March 2017.

What legislation brought this about?

Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Piper Alderman, Corporations Act 2001 (Australia)
Sakr punched

Yesterday, in a unanimous 5-0 decision, the New South Wales Court of Appeal knocked out Justice Brereton’s remuneration decision in Sakr Nominees Pty Ltd [2016] NSWSC 709, the sixth in a series of controversial decisions on insolvency practitioner remuneration.

Australia, New South Wales, Insolvency & Restructuring, Litigation, Piper Alderman, New South Wales Supreme Court , New South Wales Court of Appeal
Court of Appeal to rule on Brereton remuneration decisions

Last Friday, Justice Brereton finally published his reasons in Sakr Nominees Pty Ltd [2016] NSWSC 709, the latest in a series of controversial decisions on insolvency practitioner remuneration. 

In Sakr, consistently with his Honour’s previous remuneration decisions:

Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Liquidator (law)