This week’s TGIF considers the recent case of In the matter of Umberto Pty Ltd (in liq) [2018] FCA 541,which involved an application to appoint special purpose liquidators and to obtain the Court’s approval of their funding and legal arrangements.
What happened?
This week’s TGIF considers the case of In the matter of Specialist Australian Security Group Pty Ltd (in liq) [2018] VSC 199 in which the Court considered the priority of administrators' right to an indemnity out of company property.
Background
This week’s TGIF considers Gogetta Equipment Funding Pty Ltd v Mark & Liz Pty Ltd [2018] VSC 91, which examined a priority contest between competing equitable interests in property.
What happened?
This week’s TGIF considers the case of White, in the matter of Mossgreen Pty Ltd (Administrators Appointed) v Robertson in which administrators sought directions on whether they hold a lien over consignor property to secure an alleged levy.
Background
This week’s TGIF considers the case ofIn the matter of Bean and Sprout Pty Ltd [2018] NSWSC 351, an application seeking a declaration as to the validity of the appointment of a voluntary administrator.
What happened?
On 7 December 2018, Mr Kong Yao Chin (Chin) was purportedly appointed as the voluntary administrator of Bean and Sprout Pty Ltd (Company) by a resolution of the Company.
This week’s TGIF is the second of a two-part series considering Commonwealth v Byrnes [2018] VSCA 41, the Victorian Court of Appeal’s decision on appeal from last year’s Re Amerind decision about the insolvency of corporate trustees.
In September 2017, the Commonwealth Parliament passed the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (Cth) to amend and reform the insolvency and external administration provisions of the Corporations Act 2001 (Cth).
One of the main changes implemented by these reforms was the introduction of a ‘safe harbour’ protection for company directors.
On 18 November 2009, the Commission approved a restructuring and asset relief package for KBC under the EC State aid rules. KBC is a Belgian integrated banking and insurance group, based primarily in Belgium and Central and Eastern Europe. KBC has received three aid measures to support it during the economic crisis: in December 2008 a recapitalisation of €3.5 billion; in June 2009, a second recapitalisation of €3.5 billion and an asset relief measure on a portfolio of Collateralised Debt Obligations (“CDO”). Approval of these measures was subject to KBC submitting a restructuring plan.
On 13 November 2009, the Commission approved a restructuring plan for ING Groep NV under the EC State aid rules. ING is a Dutch financial institution, offering its services in over 40 countries. In October 2008, the Commission approved the liquidity guarantees of €12 billion offered by the Dutch government to support ING during the economic crisis.
On the 12 November 2009, the OFT launched a market study into corporate insolvency. The investigation was prompted by concerns raised with the Government and the Insolvency Service, and also following a recent World Bank report which showed that the costs of closing a business in the UK are higher than in other countries.