This week’s TGIF considers Re Akron Roads Pty Ltd (in liq) (No 3) in which the Court held that the liquidators had standing to seek a declaration against an insurer arising from the assignment of rights under a policy.

WHAT HAPPENED?

The previous High Court decision

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

On 19 January 2013, a new edition of the Law of Ukraine "On rehabilitation of debtor or its bankruptcy" (the “Bankruptcy Law”) came into force. The Bankruptcy Law provides for the possibility of a pre-bankruptcy rehabilitation of a debtor which may be introduced by the court on the debtor’s or the creditor’s request. During the pre-bankruptcy rehabilitation of the debtor bankruptcy proceedings cannot be commenced in court, and the court may establish a moratorium on the satisfaction of the creditors’ claims.