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
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?
On Friday, the Florida Office of Financial Regulation closed First Bank of Jacksonville, headquartered in Jacksonville, Florida, and appointed the FDIC as receiver.
On Friday, the Office of the Comptroller of the Currency closed The First National Bank of Barnesville, headquartered in Barnesville, Georgia, and appointed the FDIC as receiver.
On Friday, the Florida Office of Financial Regulation closed Progress Bank of Florida, headquartered in Tampa, Florida, and appointed the FDIC as receiver.
On Friday, the Georgia Department of Banking and Finance closed The Gordon Bank, headquartered in Gordon, Georgia, and appointed the FDIC as receiver.
On Friday, the Office of the Comptroller of the Currency closed First Suburban National Bank, headquartered in Maywood, Illinois, and appointed the FDIC as receiver.
On Friday, the Office of Thrift Supervision closed First Arizona Savings, A FSB, headquartered in Scottsdale, Arizona, and appointed the FDIC as receiver.
On Friday, the Florida Division of Financial Institutions closed Peninsula Bank, headquartered in Englewood, Florida, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Premier American Bank, headquartered in Miami, Florida, to assume all of the deposits of Peninsula Bank.
Last Friday, financial services group Dexia SA announced that it had reached an agreement with the European Commission relating to its restructuring plan. Dexia had previously received approximately €6.4 billion in bailout money from Belgium, France and Luxembourg. Pursuant to the negotiated restructuring plan, Dexia will: