In the recent decision of Re PBS Building (Qld) Pty Ltd [2024] QSC 108, the Supreme Court of Queensland considered for the first time the operation of the State’s new project and retention trust account regime in the context of an insolvency. The decision provides useful guidance to insolvency practitioners and subcontractors as to their rights in relation to trust accounts established by an insolvent head contractor.
The High Court of Australia’s decision in Wells Fargo Trust Company, National Association (as Owner Trustee) & Anor v VB Leaseco Pty Ltd (Administrators Appointed) & Ors (the “Willis” case).
On Wednesday, 16 March 2022, the High Court of Australia handed down its decision in the Willis case.
On the 2 August 2021 Treasury released a consultation paper titled ‘Helping Companies Restructure by Improving Schemes of Arrangement. The consultation is aimed at reforming Australia’s scheme of arrangement procedure.
Background
Insolvency relief extended to 31 December 2020
On Sunday, the Federal Government announced that it will extend until the end of the year insolvency relief measures which were put in place from March 2020 as part of its response to the COVID-19 pandemic which were due to expire on 25 September 2020.[1]
The dialogue is changing yet is the law enabling the practical change Directors need?
Achieving significant cultural shift in any business environment is no easy task, so it’s by no means ground-breaking to declare that after 1 year in operation, it still cannot be said that the new “Safe Harbour” legislation has resulted in a cultural change among directors.
The Senate Legal and Constitutional Affairs Legislation Committee (“the Committee”) has endorsed the passing of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 (“the Bill”) in its report dated 21 March 2018.[1]
The Queensland Court of Appeal has upheld an appeal by the liquidators of Linc Energy Limited (In Liquidation) (“Linc”) and given full effect to their disclaimer of contaminated mining property and onerous obligations the subject of an environmental protection order (“EPO”) issued by the Queensland Department of Environment and Science (“DES”).[1]
On 28 March 2017, the Turnbull Government released draft legislation which would implement wide-ranging reforms to Australia’s corporate restructuring laws. The draft legislation focuses on reforms to the insolvent trading prohibition (Safe Harbour) and introducing a new stay on enforcing “ipso facto” clauses during certain restructuring procedures (Ipso Facto).
破产重整，实践中也称之为司法重组、法庭内重组、破产保护，是在人民法院主导下进行的企业重组活动，是《企业破产法》规定的三种程序之一。与破产清算程序不同，破产重整程序旨在帮助限于困境的企业脱离困境、实现重生。自《企业破产法》于2007年6月1日实施以来，沪深两市已有49家上市公司实施了破产重整，其中47家已完成重整。此外，部分从沪深两家交易所退市的公司也实施了破产重整。从实践来看，破产重整的上市公司或者退市公司多数具有债务负担沉重、持续经营能力较弱、盈利能力较差的特点。从结果来看，破产重整程序确实起到了拯救困难企业的积极作用。长航凤凰（SZ，000520）、长航油运5（400061）是近年来通过破产重整程序实现企业脱困复兴的典型案例。