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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
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)
District Court dismisses insider preference claim despite affiliates holding equity and board seats

The United States District Court for the Southern District of New York dismissed an insider preference complaint by Capmark Financial Group Inc. and its affiliates ("Capmark") seeking to recover a $145 million pre-bankruptcy payment from a lender group. Capmark Financial Group Inc. v. Goldman Sachs Credit Partners L.P., __ F. Supp. 2d __, 2013 WL 1420243 (S.D.N.Y. Apr.

USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Board of directors, Limited liability company, Ally Financial, Second Circuit, US District Court for the Southern District of New York