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First major PPSA decision - perfection is key!

Dispute is one of priority, not ownership.

The first judgment regarding a major Personal Property Securities Act ("PPSA") priority dispute between a bank with a perfected "General Security Agreement" and an equipment owner with an unperfected "PPS Lease" has been handed down.

The decision in Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors  highlights three key issues for the insolvency industry:

Australia, Banking, Insolvency & Restructuring, Litigation, Baker McKenzie
Time extensions for voidable transaction proceedings, and the commissioner for taxation

The importance of notifications to potential defendants and directors of the insolvent company

The decision in Re Octaviar Administration Pty Ltd (in liq) [2013] NSWSC 786 highlights two key issues for insolvency practitioners:

Australia, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, Liquidation
Dubai government releases details of a tailor-made restructuring process

At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).

The Decree is significant in two respects:

United Arab Emirates, Insolvency & Restructuring, Herbert Smith Freehills LLP, Injunction, Debt, Common law, Best practice, Dubai International Financial Centre, Civil Procedure Rules (UK), High Court judge (England and Wales)
Dubai World - government releases details of a tailor-made restructuring process

At the same time as announcing that the Nakheel sukuk due for repayment on 14 December would be repaid in full, the Dubai government stated that it would pass a reorganisation law for the Dubai World group in case that group is unable to achieve an acceptable restructuring of its remaining obligations. The details of that new law have now been released in the form of Dubai Decree No. 57 for 2009 (the Decree).

The Decree is significant in two respects:

United Arab Emirates, Insolvency & Restructuring, Herbert Smith Freehills LLP, Debt, Common law, Best practice, Promulgation, Dubai International Financial Centre, High Court judge (England and Wales)