This week’s TGIF considers a recent decision of the High Court of Australia, in which a 4:3 majority held that a former trustee is not owed any fiduciary obligation by a successor trustee.
Key takeaways
In Davis-Jacenko v Roxy’s Bootcamp Pty Limited [2024] NSWSC 702, McGrath J delivered an extempore decision, appointing provisional liquidators in respect of Roxy’s Bootcamp Pty Limited (theCompany). His Honour stated that it was “a paradigm case” for the court to intervene to preserve the status quo.
Key Takeaways
When do amounts owed to a company constitute ‘circulating assets’ and how should they be distributed? This crucial question has not always been answered predictably in recent cases. The Court of Appeal’s decision in Resilient Investment Group Pty Ltd v Barnet and Hodgkinson as liquidators of Spitfire Corporation Limited (in liq) [2023] NSWCA 118 has provided a framework for navigating the relevant principles in the context of a priority dispute over R&D tax refunds.
Key takeaways
In the recent case of Stubbings v Jams 2 Pty Ltd [2022] HCA 6, the High Court has allowed an appeal relating to asset-based lending (ABL) and the enforceability of security associated with these loans. The High Court held that whilst asset-based lending itself is not unconscionable, certain conduct may render loans and security unenforceable. The decision is a reminder that lenders should ensure the circumstances of potential borrowers are fully scrutinised prior to lending.
This week’s TGIF considers a recent case where the Supreme Court of Queensland rejected a director’s application to access an executory contract of sale entered into by receivers and managers on the basis it was not a ‘financial record’
Key Takeaways
This week’s TGIF looks at the decision of the Federal Court of Australia in Donoghue v Russells (A Firm)[2021] FCA 798 in which Mr Donoghue appealed a decision to make a sequestration order which was premised on him ‘carrying on business in Australia' for the purpose of section 43(1)(b)(iii) of the Bankruptcy Act 1966 (Cth) (Act).
Key Takeaways
导言
Introduction
2021年5月14日，最高人民法院与香港特区政府签署了《最高人民法院和香港特别行政区政府关于内地与香港特别行政区法院相互认可和协助破产程序的会谈纪要》（以下简称“《会谈纪要》”），为进一步细化两地破产案件协助机制，最高人民法院发布了《关于开展认可和协助香港特别行政区破产程序试点工作的意见》（以下简称“《试点意见》”），在破产程序的互相认可、互认的案件范围、互认的法律效力、两地司法机构的协助方式等方面为涉及两地的破产工作提供了创新性指引。我们从《试点意见》的诞生背景入手，分析此次《试点意见》的创新亮点，作为在内地和香港特别行政区均专业从事债务重组业务的律师事务所，展望两地破产协助的前景。
一、《试点意见》的诞生背景
在《中华人民共和国香港特别行政区基本法》的效力前提下，香港特区可以与全国其他地区的司法机关以协商方式进行司法协助。在法院判决及仲裁裁决的互认与执行等方面，内地与香港地区已签署八项民商事司法协助安排，但此前两地的司法协助将破产领域除外。《中华人民共和国企业破产法》第五条对跨境破产作出原则性规定，尚无制度性的司法文件。此番《试点意见》的出台，是对两地司法协助在破产领域的拓展性探索，对于破产从业人员参与跨境程序、保全企业资产、参与衍生诉讼与仲裁、境外债权人参与破产程序而言，《试点意见》无疑具有开创性意义。
This week’s TGIF considers an application to the Federal Court for the private hearing of a public examination where separate criminal proceedings were also on foot.
Key takeaways