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Am I too special? Appointment of special purpose liquidators where firm involved in previous compliance audit

This week’s TGIF considers State of Victoria v Goulburn Administration Services (In Liquidation) and Ors [2016] VSC 654, in which Special Purpose Liquidators were appointed despite a potential conflict arising from their firm having conducted compliance audits of the companies.

Background

Australia, Victoria, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
The WA Supreme Court is on the money: a fresh look at bailments, consignments and the PPSA

In the decision of Re Arcabi Pty Ltd (Receivers & Managers Appointed) (in liq) [2014] WASC 310 the court considered:

  • the application of the Personal Property Securities Act 2009 (Cth) (PPSA) to goods being held on a bailment or consignment basis by a company in receivership and liquidation; and
  • the receivers’ rights to be indemnified for costs and expenses related to investigating and protecting the property of third parties.

What is the significance?

Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, King & Wood Mallesons
Debtor in possession financing – what is it, who needs it and how did it jump the queue?

Debtor in Possession (“DIP”) financing is essentially new bridge financing that is provided to a corporation as it undergoes insolvency proceedings. The term exists because the corporation maintains possession of its assets during this process as opposed to having a bankruptcy trustee take possession. The concept derived from the United States of America where DIP financing is expressly provided for under c.11 of the Bankruptcy Code and allows a bankrupt corporation to incur new debt for the purposes of carrying on business operations.

Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Bankruptcy, Debtor, Debt, Tax deduction, Cashflow, Debtor in possession, Bridge loan, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada)