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ASIC's consultation on clarifying director's duties to prevent insolvent trading

On 14 September 2023, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 372 "Guidance on insolvent trading safe harbour provisions: Update to RG 217".

Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Board of directors, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability

In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
CFA success fees and ATE premiums no longer recoverable for insolvency cases

From 1 April 2016, conditional fee agreements (CFA), after the event premiums and success fees will no longer be recoverable in insolvency cases.

The legislative change is set to have the biggest impact on lower-value insolvency cases (damages less than £500,000 and legal costs lower than £200,000).

United Kingdom, Insolvency & Restructuring, Insurance, Litigation, RPC