USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Debtor, Discovery, US Code, Title 11 of the US Code, Second Circuit, United States bankruptcy court
In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir.
British Virgin Islands, USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Liquidation, Title 11 of the US Code, Second Circuit, United States bankruptcy court, Fifth Circuit
The Australian unit trust industry recently experienced financial difficulties. The formal legal process of handling those difficulties has revealed gaps in the Australian regulatory map.
This article highlights some of those problems and the Government’s response to them.
Background
Australia, Capital Markets, Insolvency & Restructuring, Litigation, Clayton Utz, Legal personality, Debt, Retirement, Liquidation, Liquidator (law), Unit trust, The Australian, Corporations Act 2001 (Australia), Trustee
Few now remember that Chapter 5C of the Corporations Act can trace its origins to the afternoon of 23 July 1991. For the past year, the unlisted property trust industry had been in meltdown. The value of the assets held by the industry had fallen over 20%. Investors were scrambling to get out, and collapses seemed imminent.
Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Legal personality, Market liquidity, Debt, Liability (financial accounting), Liquidation, Liquidator (law), Prima facie, Corporations Act 2001 (Australia)