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Directions engineered: conduct justified - substantive rights not affected

This week’s TGIF considers Re Broens Pty Limited (in liq) [2018] NSWSC 1747, in which a liquidator was held to be justified in making distributions to creditors in spite of several claims by employees for long service leave entitlements.

What happened?

On 19 December 2016, voluntary administrators were appointed to Broens Pty Limited (the Company). The Company supplied machinery & services to manufacturers in aerospace, rail, defence and mining industries.

Australia, Employment & Labor, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
You can’t rely on anyone but yourself - insolvent companies, litigation funding and security for costs

This week’s TGIF considers Australian Worldwide Pty Ltd v AW Exports Pty Ltd where the Court awarded security for costs against plaintiff companies in liquidation, despite a litigation funder’s indemnity against adverse costs.

Background

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
Gross Overriding Royalty as Interest in Land - the Clear Language Conundrum Continues

In 2002 the Supreme Court of Canada, in Bank of Montreal v Dynex Petroleum Ltd, 2002 SCC 7 (Dynex) affirmed that gross overriding royalty interests (GOR) could constitute interest in land provided the parties so intended and that intention was sufficiently evidenced in an agreement.

Canada, Ontario, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Supreme Court of Canada, Court of Appeal for Ontario, Ontario Superior Court of Justice
(Red)water under the bridge? Court of Appeal upholds right of trustee to disclaim uneconomic assets in the Redwater decision

​On April 24, 2017, the Alberta Court of Appeal issued a decision in Orphan Well Association v Grant Thornton Limited, 2017 ABCA 124. The decision is arguably the past year’s most hotly anticipated and discussed decision in Alberta, despite involving bankruptcy proceedings of a relatively small junior oil and gas company. The Court of Appeal, in a 2-1 split, upheld the trial judge’s decision that a receiver can disclaim or renounce uneconomic assets that are subject to costly environmental liabilities.

Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Environmental remediation, Bankruptcy, Alberta Energy Regulator, Court of Appeal of Alberta
Where do we go from here? Alberta Court approves renouncement of AER-licensed assets by Trustees and Receivers to avoid monetary environmental obligations

The Alberta Court of Queen’s Bench has released its highly anticipated decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (“Redwater”).

Canada, Alberta, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Bankruptcy and Insolvency Act 1985 (Canada)
Alberta Energy Regulator implements the final phase of the LLR Program changes

The Alberta Energy Regulator’s (the “AER”) final phase of changes to the Licensee Liability Rating Program (the “LLR Program”) comes into effect on August 1, 2015. The AER’s Bulletin 2015-13 (found here) says that the implementation date was delayed from May 1 to August 1, 2015, to give licensees more time to understand the implications of, and prepare for, the Phase-3 program changes in light of current market conditions.

Canada, Alberta, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Borden Ladner Gervais LLP, Alberta Energy Regulator