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
The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and working with clients on key concerns and issues, now and in the coming weeks and months. We will also continue to provide MoFo Brexit Briefings on a range of key issues. We are here to support you in any and every way that we can.
Following the referendum…and after Brexit
In an August 2014 Alert,1 we reported that (most of) the Banking Recovery and Resolution Directive (‘BRRD’)2 that was adopted on 15 May 2014 was required to be implemented by the EU Member States through local legislation by 1 January 2015.
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?
The English Cases —Further Extension of UK Scheme of Arrangement for the Benefit of Foreign Companies
The Bank's Restructuring Proposal
The UK Supreme Court today delivered an important decision on the meaning of the so-called 'balance sheet insolvency test' in s.123(2) of the Insolvency Act 1986 (UK) (BNY Corporate Trustee Services Limited v Eurosail 2007-3BL PLC [2013] UKSC 28 ("Eurosail")).
Sanctioning of LBT Composition Plan Becomes Final