In the decision of Re Arcabi Pty Ltd (Receivers & Managers Appointed) (in liq) [2014] WASC 310 the court considered:
- the application of the Personal Property Securities Act 2009 (Cth) (PPSA) to goods being held on a bailment or consignment basis by a company in receivership and liquidation; and
- the receivers’ rights to be indemnified for costs and expenses related to investigating and protecting the property of third parties.
What is the significance?
Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, King & Wood Mallesons
On October 30, 2009, the Supreme Court of Canada released its long-anticipated decision in Quebec (Revenue) v. Caisse populaire Desjardins de Montmagny. At issue in this case (and two companion cases) was the legal characterization of Crown rights with respect to collected but unremitted GST and Quebec sales tax (QST) in the hands of a trustee in bankruptcy. The Supreme Court confirmed that the Crown is an ordinary unsecured creditor with respect to such amounts, subject to the rights of prior ranking security holders.
Summary of Facts
Canada, Insolvency & Restructuring, Litigation, Tax, Norton Rose Fulbright, Bankruptcy, Accounts receivable, Excise, Tax deduction, Secured creditor, Goods and services tax (Canada), Unsecured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of the United States, Supreme Court of Canada, Quebec Court of Appeal