In the decision of Allied Express Transport Pty Ltd v Exalt Group Pty Ltd (Administrator Appointed) (No 2) [2013] FCA 477, Exalt Group Pty Ltd (Exalt) sought an adjournment of a winding up application under s440A(2) of the Corporations Act on the basis that the creditors had voted by a majority in favour of a resolution that Exalt enter into a DOCA.

The recent decision of Deputy Commissioner of Taxation v Premiercorp Pty Limited (Administrators Appointed) [2013] FCA 778 is a good example of the supervisory power played by the Court in the voluntary administration process and shows how a deed of company arrangement (DOCA) may be set aside where it is contrary to the interests of the creditors as a whole, even if the creditors vote in favour of the proposed DOCA.

Facts

In the recent decision of Wentworth Metals Group Pty Ltd v Leigh and Owen (as liquidators of Bonython Metals Group Pty Limited); In the matter of Bonython Metals Group Pty Ltd (In liq) [2013] FCA 349, the Federal Court considered the duties owed by a liquidator when selling assets and the circumstances in which a court should interfere with the decisions of a liquidator.

BACKGROUND

The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.

Facts

Pursuant to section 459A of the Corporations Act (the Act), a Court may order that an insolvent company be wound up in insolvency.  For such an order to be made, it is conventional practice that the applicant demonstrates insolvency at the date of filing the application and at the date of the hearing of the application.

The recent Federal Court of Australia decision in Yu v STX Pan Ocean Co Ltd (South Korea), in the matter of STX Pan Ocean Co Ltd (receivers appointed in South Korea) [2013] FCA 680, highlights that the Court will be reluctant to grant additional relief to a foreign representative under the Cross Border Insolvency Act 2008 (Cth) where the additional relief sought would adversely affect the rights of creditors.

Facts

Facts

The Product People Pty Ltd (TPP) was the manufacturer of various products. The Product People (International) Pty Ltd (TPPI) was a separate company that was licensed to market and sell those products throughout Australia and New Zealand. Box Seat Company Pty Ltd (Box Seat) generated business and managed clients in relation to those products for that region.

The United States District Court for the Central District of Illinois has arguably driven the last nail into the coffin of In re Crane, the much criticized decision of the United States Bankruptcy Court for the Central District of Illinois. The coffin was already set in place after the Illinois legislature passed S.B.0016 late last year, which was signed into law by Gov.

Custom and practice in Illinois with respect to mortgages has been to incorporate the note or other debt instrument by reference, rather than to disclose all of the financial terms of a loan transaction in the mortgage.

Since theIn re Crane decision was handed down by the Bankruptcy Court for the Central District of Illinois in April 2012, all eyes in the mortgage banking industry have been focused on the appeal of the decision pending in the U.S. District Court, in the hopes that the widely criticized ruling of the Bankruptcy Court would be overruled.