The Court of Forlì (3 February 2016) allowed a competitive bid process to select the purchaser of abusiness unit during the phase following a concordato “pre-‐filing”
The case
This week’s TGIF considers In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed)[2016] NSWSC 357 in which the Court uses its broad remedial powers to appoint special purpose receivers.
BACKGROUND
Victorian Supreme Court rules that the appointment of an administrator was invalid, void and of no effect because the directors did not genuinely believe the company was insolvent and appointed the administrator for an improper purpose.
BACKGROUND
This week’s TGIF considers the recent decision of the Federal Court which concerned the proper distribution of sale proceeds and whether those proceeds comprised part of the “property of the company”
WHAT HAPPENED?
Bamboo Direct Pty Limited (Bamboo), a company engaged in the business of purchasing and importing solar hot water heaters and solar panels, was placed into liquidation on 11 July 2012.
This week’s TGIF considers the decision of Crowe-Maxwell v Frost [2016] NSWCA 46 in which the Court held that a liquidator did not discharge his onus of proving relevant transactions were unreasonable director-related transactions.
BACKGROUND
Two recent judgements deal with the issue in two different cases: the Court of Santa Maria Capua Vetere(17 February 2016) allows a partial payment of VAT, contrary to precedents of the Supreme Court and ofthe Constitutional Court, while the Court of Appeals of Bologna (24 December 2015) confirms that theVAT refund claim’s satisfaction depends on the value of the related assets
The case
The Supreme Court confirms in the recent decision No. 2538 of 9 February 2016 that the rules regardingthe effects of termination of a pending leasing contract, by choice of the receiver, cannot be applied tothe different case of termination for breach which has already occurred
The case
The Court of Milan (19 February 2016) adopts a restrictive approach and rules out that the special rulesprovided for concordato “preserving the business” (“concordato con continuità aziendale”) can applywhere the plan includes a lease of business arrangement
The case
WHAT HAPPENED?
Rahan Constructions Pty Ltd (Rahan) was contracted to undertake commercial construction and other works in about April 2012. On or about this date, Rahan entered into a credit account with Asset Flooring Pty Ltd (Asset Flooring). Rahan’s obligations under this credit account were personally guaranteed by the respondent, Mr North.
On 30 July 2013, Rahan was wound up by order of the court and Asset Flooring sought to enforce the guarantee for the outstanding balance owing under the credit account.
BACKGROUND
The statutory order of priority as it relates to a superannuation guarantee charge liability was considered in the New South Wales Supreme Court proceeding In the matter of Independent Contractor Services (Aust) Pty Limited ACN 119 186 971 (in liquidation) (No 2)[2016] NSWSC 106.