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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
Liquidators retain power to publicly examine

The High Court this afternoon unanimously dismissed Clive Palmer and Ian Ferguson's challenge to the constitutional validity of section 596A of the Corporations Act.

This means that a liquidator's power to publicly examine and compel the production of documents remains intact and removes any doubt about the powers of liquidators under section 596A of the Corporations Act.

Arguments made by Clive Palmer and Ian Ferguson

Australia, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons
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