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
A new electronic database of bankruptcy and liquidation petitions, open to any company, is being set up by the National Judicial Office.
This will enable any company to obtain a certificate showing whether it has had a bankruptcy or liquidation petition filed or liquidation proceedings initiated against it (but in each case not yet finally decided).
The introduction of the database and certificate system into the Bankruptcy Code is the result of concerted lobbying by the American Chamber of Commerce in Hungary and CMS Budapest Office.