INSOL Europe attended the 52nd session of Working Group V (Insolvency law) held in Vienna from 18 to 22 December 2018 in its capacity as an invited international non-governmental organisation (NGO) with observer status. Other observers included, inter alia, World Bank, European Investment Bank, European Banking Federation, the American Bar Association, the International Bar Association, INSOL International, International Insolvency Institute, European Law Institute.
This week’s TGIF considers a priority contest which turned on the construction of section 62 of the PPSA and the reference to a grantor obtaining possession.
What happened?
Bill’s Motorcycles (Bill’s) carried on a business as a motorcycle dealer selling and servicing Kawasaki motorcycles.
This week’s TGIF considers the decision in the matter of Bias Boating Pty Ltd [2017] NSWSC 1524 which deals with leave to join already named defendants to a “mothership” proceeding after expiration of the limitation period
Background
The first plaintiff was appointed administrator of the second plaintiff (the relevant company) on 25 August 2014 and became its liquidator on 29 September 2014.
This week’s TGIF considers the decision of Simpson & Anor v Tropical Hire Pty Ltd (in liq) [2017] QCA 274 in which the Queensland Court of Appeal considered whether a disposition of property by a company after the commencement of its winding up was void
BACKGROUND
Mr Simpson was the sole director and shareholder of Tropical Hire Pty Ltd (company). It had operated a successful business until that business was sold in 2009. After the sale, the company did not trade.
This week’s TGIF considers the case of Official Assignee in Bankruptcy of the Property of Cooksley, in the matter of Cooksley v Cooksley, in which the Federal Court granted assistance to the High Court of NZ in administering a bankruptcy.
BACKGROUND
This TGIF examines the determination of an application by liquidators of the Diploma Group of companies to be appointed as administrators of Diploma company and put a DOCA proposal to creditors.
Background
On 6 September 2017, Federal Court of Australia appointed liquidators to Diploma Group Limited (Diploma) and other companies within the Diploma Group (Group Companies). Prior to that appointment, the liquidators had been appointed as Diploma’s administrators and then provisional liquidators.
This week’s TGIF considers whether a flexible payment arrangement between a subsidiary and its holding company creditor meant the parent suffered no loss on the insolvency of the subsidiary.
What happened?
On 17 August 2017, the West Australian Court of Appeal published its reasons in Perrine v Carrello [2017] WASCA 151 drawing a close to the long-running dispute between the Perrines and the liquidator (Liquidator) of their failed pod-home building company (PodCo).
The NSW Supreme Court has given a Landlord leave to commence proceedings against a company for rent and make good costs arising after the date of the DOCA.
BACKGROUND
This week’s TGIF examines a recent decision of the Supreme Court of New South Wales which considered whether payments made by a third party to a company’s creditors could be recovered as unfair preferences.
What happened?
On 2 September 2015, liquidators were appointed to a building and construction company (the Company) and later commenced proceedings against eight defendants for the recovery of payments considered to be unfair preferences.
Germany's major legal reform aiming to facilitate group insolvencies comes into effect on April 21, 2018 (full German text). The new law allows insolvency proceedings over companies within a corporate group to be concentrated at a single German insolvency court and/or to be administered by one insolvency administrator.