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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
Forming a game plan for TRuPS

For the past 15 years, trust preferred securities (TruPS) have constituted a significant percentage of the capital of many financial institutions, mostly bank holding companies.Their ubiquity, both as a source of capital and as a common investment for banks, made them a quiet constant for many financial institutions. Even in the chaos of the Great Recession, standard TruPS terms allowed for the deferral of interest payments for up to five years, easing institutions’ cash-flow burdens during those volatile times.

USA, Banking, Capital Markets, Insolvency & Restructuring, Bryan Cave Leighton Paisner (Bryan Cave)
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