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Gogetta security, but no priority: The importance of a lender’s conduct in determining who has the better equity

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?

Australia, Banking, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
Left in the dark - Seeking to appoint a voluntary administrator when Board relations crumble

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.

Australia, New South Wales, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Board of directors, Corporations Act 2001 (Australia), New South Wales Supreme Court
Re Run of Re Amerind - Part 2: Circulating Security Interests and Circulating Assets

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.

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
Supreme Court of Canada to hear Alberta’s “orphaned” oil wells case

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.

Canada, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Baker McKenzie, Secured creditor, Exclusive jurisdiction, Alberta Energy Regulator, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal of Alberta
Uncertainty in Canada’s Oil Patch over Environmental Remediation Claims

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.

Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Baker McKenzie, Environmental remediation, Alberta Energy Regulator, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of Alberta
Has new NSW insurance legislation created more problems than it has solved for claimants, creditors and insolvency practitioners?

In June 2017, the New South Wales Parliament introduced the Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW Act), designed to clarify the rights of claimants to proceed directly against insurance companies. But in the context of insolvent corporations, has it created more problems than it has solved?

Australia, New South Wales, Insolvency & Restructuring, Insurance, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)