The High Court's ruling in Priest v Ross Asset Management Ltd (In Liq) [2016] NZHC 1803 arose out of the devastation of the Ponzi scheme effected by David Ross of Ross Asset Management Limited (In Liquidation) (RAM) and Dagger Nominees Limited (Dagger).  For many years RAM and Dagger reported spectacular returns for investors before their illusion was revealed, the Financial Markets Authority became involved and liquidators were appointed.

In Petterson v Hutt a liquidator sought an interim injunction preventing any enforcement steps being taken under two general security agreements (GSAs).  In the substantive proceeding, the liquidator sought to have the GSAs set aside.

In Madsen-Ries & Anor v Donovan Drainage and Earthmoving Limited [2016] NZCA 301, the liquidators of a failed property development company, Te Pua, applied to set aside as insolvent transactions a number of payments which Te Pua made to a drainage contractor, Donovan. 

In CGES Limited (in liquidation and receivership) v Kelly [2016] NZHC 1465, the liquidator of CGES Limited brought claims against the former directors of the company for breaches of duties owed to the company.  The High Court held:

In Bailey v Angove's Pty Limited [2016] UKSC 47, the UK Supreme Court affirmed two principles of critical significance to insolvency practitioners.  The first is that even if the parties should agree that an agent's authority is irrevocable, it will not be treated as such unless such non-revocation is intended to secure the financial interest of the agent.  The second is that when money is paid to an agent for a consideration that the agent knows at the time of receipt must fail because of the agent's imminent insolvency, such receipt will not give rise to a rem

In Berryman v Zurich Australia Ltd, the Supreme Court of Western Australia considered the claim of a bankrupt who had brought an action against his insurance company for breach of contract following its denial of his total disability claim (the bankrupt had claimed under the policy for A$2m). 

Australian-listed Slater & Gordon, the world’s first publicly traded law firm, is preparing to post what is understood to be legal sector’s biggest ever annual loss.  A profit warning filed with the Australian Securities Exchange, reveals the firm's full-year net loss after tax for the year ended 30 June is expected to total A$1,017.6m. 

In Evans v Jones the directors of a liquidated company sought to defend a claim brought by the liquidators that loan repayments were insolvent transactions by asserting that the company was balance-sheet solvent at the time of the transactions.  The directors based this claim on the company having contingent assets in the form of dividend payments (to the directors) that were later found to be unlawful. 

In 2014, Forge Group Construction Pty (Forge) went into liquidation.  Receivers were also appointed.  The Forge insolvency has already been the subject of litigation in the Australian courts in respect of certain Australian PPSA issues (see our previous summary here).

In Australian Securities & Investment Commission v Planet Platinum Ltd [2016] VSC 120, the Australian Securities and Investment Commission (ASIC) sought, and was granted, a declaration from the Supreme Court of Victoria that the appointment of the administrator of Planet Platinum Ltd (Planet Platinum) was invalid and of no effect.