This week’s TGIF considers the decision in the matter of Bias Boating Pty Ltd [2017] NSWSC 1524 which deals with leave to join already named defendants to a “mothership” proceeding after expiration of the limitation period
Background
The first plaintiff was appointed administrator of the second plaintiff (the relevant company) on 25 August 2014 and became its liquidator on 29 September 2014.
This week’s TGIF considers the decision of Simpson & Anor v Tropical Hire Pty Ltd (in liq) [2017] QCA 274 in which the Queensland Court of Appeal considered whether a disposition of property by a company after the commencement of its winding up was void
BACKGROUND
Mr Simpson was the sole director and shareholder of Tropical Hire Pty Ltd (company). It had operated a successful business until that business was sold in 2009. After the sale, the company did not trade.
This week’s TGIF considers Ziziphus Pty Ltd v Pluton Resources Ltd (Receivers and Managers Appointed) (in liq) [2017] WASCA 193, where the Court considered the impartiality and independence of liquidators.
BACKGROUND
This week’s TGIF considers the case of Official Assignee in Bankruptcy of the Property of Cooksley, in the matter of Cooksley v Cooksley, in which the Federal Court granted assistance to the High Court of NZ in administering a bankruptcy.
BACKGROUND
On November 9, 2017, the Supreme Court of Canada granted the Alberta Energy Regulator and the Orphan Well Association’s request for leave to appeal from the decision in Grant Thornton Ltd. v. Alberta Energy Regulator, 2017 ABCA 124.
This week’s TGIF examines the determination of an application by a liquidator for directions as to the conduct of further investigations and for those costs and expenses to be paid from the assets of a trust.
What happened?
On 16 March 2016, Australian Managed Print Services (Vic) Pty Ltd (AMPS) was wound up in insolvency and a liquidator was appointed by order of the court.
This week’s TGIF considers the case of Lane (Trustee), in the matter of Lee (Bankrupt) v Commissioner of Taxation [2017] FCA 953, where the Federal Court considered whether the claims of ‘non trust’ creditors in a bankruptcy are to be treated differently than like creditors in a corporate insolvency.
BACKGROUND
Earlier this year, the Alberta Court of Appeal, in Grant Thornton Ltd. v. Alberta Energy Regulator, 2017 ABCA 124 decided that secured creditors in a bankruptcy should be paid before environmental claims arising from abandoned oil and gas wells. There was a strong dissent and Alberta’s energy regulator is seeking leave to appeal to the Supreme Court of Canada.
This TGIF examines the determination of an application by liquidators of the Diploma Group of companies to be appointed as administrators of Diploma company and put a DOCA proposal to creditors.
Background
On 6 September 2017, Federal Court of Australia appointed liquidators to Diploma Group Limited (Diploma) and other companies within the Diploma Group (Group Companies). Prior to that appointment, the liquidators had been appointed as Diploma’s administrators and then provisional liquidators.
This week’s TGIF considers Singh v De Castro [2017] NSWCA 241, where the New South Wales Court of Appeal held that five directors of an insolvent corporate borrower had executed and were bound by personal guarantees.
BACKGROUND
The decision was an appeal from a decision of the District Court of New South Wales finding that five directors of an insolvent corporate borrower had executed and were bound by personal guarantees.