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Liquidators welcome insurers to the party…again

This week’s TGIF considers Re Akron Roads Pty Ltd (in liq) (No 3) in which the Court held that the liquidators had standing to seek a declaration against an insurer arising from the assignment of rights under a policy.

WHAT HAPPENED?

The previous High Court decision

Australia, Victoria, Insolvency & Restructuring, Insurance, Litigation, Corrs Chambers Westgarth
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
SDNY Bankruptcy Court Publishes Proposed Amendments to Local Rules

Last month, the United States Bankruptcy Court for the Southern District of New York published proposed amendments to its local rules effective December 1, 2016 (the “Proposed Amendments”). Links to the Bankruptcy Court’s notice to the bar with respect to the Proposed Amendments and the full text of the Proposed Amendments are provided below. The Proposed Amendments are currently open for public comment. The comment deadline is November 14, 2016 by 5:00 p.m.

Below is summary of substantive changes effected by the Proposed Amendments which may be of interest to practitioners:

USA, New York, Insolvency & Restructuring, Litigation, Cole Schotz PC, US District Court for the Southern District of New York
Supreme Court Broadly Interprets “Actual Fraud” Exception to Bankruptcy Discharge

On Monday, May 16, 2016, the Supreme Court issued its decision in the case of Husky Int’l Elecs., Inc. v. Ritz, — S. Ct. —, 2016 WL 2842452 (2016) resolving a split between the Fifth and Seventh Circuit Courts of Appeal regarding the scope of the “actual fraud” exception to an individual debtor’s bankruptcy discharge. In relevant part, Section 523(a)(2)(A) of the Bankruptcy Code prohibits debtors from discharging “any debt . . . for money, property, [or] services . . . to the extent obtained, by . . .

USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Bankruptcy, Fraud, Debt, Common law, Bankruptcy discharge, Supreme Court of the United States
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