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Good things take time: Parliamentary Joint Committee delivers report on Australia’s corporate insolvency framework

The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has delivered its report following an inquiry into the “effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy”.

Australia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Insolvency, Corporations Act 2001 (Australia)
Past its peak: the High Court of Australia confirms the abolition of the peak indebtedness rule for unfair preferences

In the much-anticipated decision of Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 (Badenoch (HCA)), the High Court of Australia (the HCA) has now confirmed that the peak indebtedness rule may not be used when assessing the quantum of an unfair preference claim arising from a continuing business relationship.

Australia, Insolvency & Restructuring, Litigation, Trade & Customs, Herbert Smith Freehills LLP, Corporations Act 2001 (Australia)
First decision on Australia’s ipso facto stay in voluntary administration

The Federal Court of Australia (Court) has handed down the first reported decision on the ipso facto stay provisions contained in the Corporations Act 2001 (Cth) (Act).

Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Corporations Act 2001 (Australia)
Dans une décision récente dans l’affaire Petrowest, la CSC affirme que l’arbitrage et l’insolvabilité ne sont pas aussi différents qu’il n’y paraît

Le 10 novembre 2022, la Cour suprême du Canada (CSC) a rendu sa décision très attendue dans l’affaire Peace River Hydro Partners c. Petrowest Corp. (affaire Petrowest).

Canada, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP
Atlas shrugged: the limits of an administrator’s lien over secured property

Chief Justice Hammerschlag, sitting in the New South Wales Supreme Court (the Court), has delivered a judgement of importance to secured creditor and insolvency practitioners alike in Volkswagen Financial Services Australia Pty Ltd v Atlas CTL Pty Ltd (Recs and Mngrs Apptd) (In liq) [2022] NSWSC 573 (Atlas).

Australia, New South Wales, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Insolvency, Corporations Act 2001 (Australia), New South Wales Supreme Court
Parliamentary inquiry into corporate insolvency in Australia

The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has commenced an inquiry into the “effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy”.[1]

Australia, Corporate Finance/M&A, Insolvency & Restructuring, Herbert Smith Freehills LLP, Coronavirus, Insolvency, Australian Taxation Office, Australian Securities and Investments Commission, Personal Property Securities Act 2009 (Australia), Australian Securities and Investments Commission Act 2001
Hong Kong Court of Appeal considers the effect of exclusive jurisdiction clause on bankruptcy proceedings

A recent Hong Kong Court of Appeal decision examined a creditor’s right to commence bankruptcy/insolvency proceedings where the petition debt arises from an agreement containing an exclusive jurisdiction clause in favour of a foreign court: Guy Kwok-Hung Lam v Tor Asia Credit Master Fund LP [2022] HKCA 1297.

Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
Vous pouvez obtenir ce que vous avez négocié ou non : une ordonnance de mise sous séquestre écarte une clause d’arbitrage dans l’affaire Mundo Media

L’arbitrage est un mode consensuel de résolution des différends qui permet aux parties de personnaliser leur processus et même de choisir leur propre décideur. L’insolvabilité est le scénario diamétralement opposé, dans lequel les différends concernant le débiteur sont involontairement regroupés devant un seul tribunal d’insolvabilité.

Canada, Arbitration & ADR, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP
You (may not) get what you bargained for: a receivership order displaces an arbitration clause in Mundo Media

Arbitration is a consensual method of dispute resolution in which the parties can customize their process and even select their own decision-maker. Insolvency is the diametrically opposite scenario, where disputes involving the debtor are involuntarily consolidated before a single insolvency court.

Canada, Global, Arbitration & ADR, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Supreme Court of Canada, British Columbia Court of Appeal
Sending disclaimer to the sawmill: A liquidator’s power to disclaim land subject to environmental liabilities following the Australian Sawmilling case

In The Australian Sawmilling Company Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 (Australian Sawmilling), the Victorian Supreme Court of Appeal (VSCA) dismissed an appeal by the liquidators of The Australian Sawmilling Company Pty Ltd (TASCO) against a decision of Garde J of the Victorian Supreme Court (VSC) setting aside the liquidators’ disclaimer of land subject to significant environmental ‘clean up’ costs (Primary Judgment).

Australia, Victoria, Capital Markets, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Australian Securities and Investments Commission, Corporations Act 2001 (Australia), Environment Protection Act 2017 (Victoria) (Australia)