The Federal Court in Brereton, in the matter of ICT Century Pty Ltd (In Liquidation) [2025] FCA 107 granted the liquidators of ICT Century Pty Ltd (in liquidation) (ICT) a one-year ‘shelf order’, or an extension of time to bring voidable transaction claims under section 588FF(1) of the Corporations Act 2001 (Cth).
The Federal Court of Australia has recently delivered judgment in the case of Deputy Commissioner of Taxation v ACN 152 259 839 Pty Ltd [2024] FCA 1489. The Court held that in some circumstances, a statutory demand can be validly served on a perceived temporarily empty company office.
On 20 May 2024, an ATO officer purported to serve ACN 152 259 839 Pty Ltd (the Company) with a statutory demand and an accompanying affidavit by leaving the documents at the Company’s registered office.
BACKGROUND
The Federal Court in Hema Maps Pty Ltd v HemaX Digital Pty Ltd, in the matter of HemaX Digital Pty Ltd [2024] FCA 1127, appointed a provisional liquidator to preserve the status quo until the determination of a winding up application. This winding up application was due to a deadlock and an irreparable breakdown in relations between shareholders, and mismanagement of the company.
Key Takeaways
Background
The Insolvency and Bankruptcy Board of India (IBBI) has on 24 September 2024 published the IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 (Amendment Regulations) with the primary aim to streamline and reduce the delays faced in insolvencies containing class of creditors.
Amendments Introduced
BACKGROUND
BACKGROUND
Since its inception the Insolvency and Bankruptcy Code, 2016 (Code) has been an evolving legislation with regular updation(s) being brought about in the form of rules and regulations with a view of streamlining the corporate insolvency resolution process (CIRP).
Deal structure matters, particularly in bankruptcy. The Third Circuit recently ruled that a creditor’s right to future royalty payments in a non-executory contract could be discharged in the counterparty-debtor’s bankruptcy. The decision highlights the importance of properly structuring M&A, earn-out, and royalty-based transactions to ensure creditors receive the benefit of their bargain — even (or especially) if their counterparty later encounters financial distress.
Background