This week’s TGIF considers a refusal by the Federal Court to declare void or terminate a DOCA on the grounds of alleged prejudice & injustice or due to omissions in the administrator’s report to creditors.
Background
R Developments Pty Ltd (the Builder) operated a residential construction business and entered into a contract for the construction of a residential property in 2012.
This week’s TGIF considers the circumstances in which a special purpose liquidator will be appointed to investigate claims the liquidator has already determined are ‘not viable’ in the decision in Williams & Kersten Pty Ltd v Walton Constructions (Qld) Pty Ltd (in liq), in the matter of Walton Constructions (Qld) Pty Ltd (in liq)
This week’s TGIF considers the Federal Court decisions in Carrello, in the matter of Caneland Holdings Pty Ltd (in liq) [2019] FCA 1144, and Carrello, in the matter of Gembrook Investments Pty Ltd (in liq) [2019] FCA 1143. The Court provided guidance as to how a liquidator of an insolvent corporate trustee should ensure payment of their remuneration and expenses out of trust assets.
Background
This week’s TGIF considers the decision in Cremin, in the matter of Brimson Pty Ltd (In Liquidation) [2019] FCA 1023, which confirms that liquidators should approach the Court before taking steps to realise trust assets.
Background
This week’s TGIF considers a recent application for removal of liquidators where creditors argued that the liquidators had not properly discharged their duties and were not independent.
Background
This week’s TGIF considers a recent application for injunctive relief by a bankrupt to restrain liquidators who initiated his examination from continuing to retain their lawyers, given the firm had previously represented the examinee.
What happened?
On 8 August 2016, Richard Nash became bankrupt, on his own petition, and was later served with a summons for examination and orders for the production of books and records.
Will a Court order security for costs against a liquidator with litigation funding? Not always, as a recent decision of the NSW Supreme Court made clear.
Background
The defendant was the director of a company (Commercial Indemnity Pty Ltd or ‘Commercial Indemnity’) which provided agency services for commercial and industrial rental and petroleum bonds.
This week’s TGIF considers a recent insolvent trading claim involving novel questions in relation to privilege against self-incrimination and the apportionment of liability between successive directors.
Background
为创新经济发展模式、扩大对外开放力度，国家设立大湾区并着力将其打造为充满活力的世界级城市群和内地与港澳深度合作示范区。从定位不难看出，实行充分的市场经济和法治经济，为全国经济发展提供新的引擎和全新的模式，无疑是粤港澳大湾区的重要使命。要完成这一神圣使命，离不开破产重整制度。通过破产重整，挽救那些一时陷入财务困境和经营困境的企业，从而为湾区经济健康发展保驾护航。SX公司通过破产重整涅槃重生，就是破产重整制度保驾护航的典型案例。
一、企业初探：破产重整的机遇与挑战
1、SX公司基本情况
SX公司成立于1981年，于1994年在深交所上市，总股本约35000万股，其中流通股18000万股，限售流通股17000万股。
SX公司控股或参股四家实业公司，分别为科技公司、实业公司、饲料公司和西部公司。
2、SX公司重整受理情况
因不能清偿到期债务，经债权人饲料公司申请，深圳市中级人民法院（下称深圳中院）于2009年11月10日裁定SX公司进入重整程序，并指定北京市金杜（深圳）律师事务所担任管理人。
This week’s TGIF considers the decision of AIG Australia Limited v Kaboko Mining Limited [2019] FCAFC 96, in which the Full Federal Court found that an insolvency exclusion in a D&O policy did not apply to exclude claims brought against directors and officers of a company under external administration.
What happened?