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Liquidator’s default judgment dismissed to avoid risk of inconsistent findings

In the matter of Bleecker Property Group Pty Ltd (In Liquidation) [2023] NSWSC 1071, appears to be the first published case that considers the question of whether an order can be made under section 588FF(1)(a) of the Corporations Act 2001 (Cth) by way of default judgment against one defendant where there are multiple defendants in the proceedings.

Key takeaways

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Liquidation, Corporations Act 2001 (Australia)
Court grants limited intervention in Liquidator’s funding approval applications

This week’s TGIF considers Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216, in which the Federal Court of Australia granted leave under rule 2.13(1) of the Federal Court (Corporations) Rules 2000 (Cth) (FCCR) for intervening parties to be h

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Federal Court of Australia
Can Picard pull off a squeeze play by using his $5.2 million lawsuit against JASA to place pressure on Saul Katz of the Mets?

A continuing theme of this blog series on Madoff has been the perplexing and inconsistent manner, virtually to the point of arbitrariness and unfairness, with which Trustee Irving Picard has handled charities that invested with Madoff.  Installment

USA, New York, Insolvency & Restructuring, Litigation, White Collar Crime, Fox Rothschild LLP, Bankruptcy, Board of directors, Form 990, The New York Times, Trustee
Picard vs. Wilpons: does the pending trustee lawsuit chill meaningful opportunities for sales of interests by the Mets owners? - installment 58

This Installment will address the potential legal disabilities that exist under the New York Debtor and Creditor Law for the Wilpon/Katz families, the owners of the New York Mets (collectively, the “Wilpon Interests”), in their effort to sell a minority interest(s) in the Mets, in light of the existence of the lawsuit against them (the “Wilpon Case”) by Irving Picard, the Trustee in the Bernard L. Madoff bankruptcy.

USA, New York, Insolvency & Restructuring, Litigation, Media & Entertainment, Fox Rothschild LLP, Bankruptcy, Debtor, Consideration, Good faith, Conveyancing, Australian dollar, The New York Times, Trustee
Madoff, Picard and charities: a comparison of treatment of the Lautenberg Foundation and the Wilpon/Katz foundations - Part 2 - Installment 52

This is the fifty-second in a series of installments on this blog that are discussing issues arising in the aftermath of the global Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”).

USA, Insolvency & Restructuring, Non-profit Organizations, White Collar Crime, Fox Rothschild LLP, Bankruptcy, Charitable organisation, Fair market value, 501(c) organisation, Bénéfice, Form 990, Internal Revenue Service (USA), US Senate
The impending bankruptcy court hearing where Picard seeks to allow Hadassah to keep $32 million in fictitious profits - installment 47

Several Installments in this blog series about the long-running, global Ponzi scheme of Bernard L.

USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Fox Rothschild LLP, Bankruptcy, Charitable organisation, Internal Revenue Service (USA), Trustee, Chief financial officer, United States bankruptcy court