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Court approves liquidator’s breach of trust claim against director and associated company

This week’s TGIF considers a recent case where a liquidator obtained judicial advice to commence proceedings against a director and related company concerning the unlawful receipt and use of trust money.

Key takeaways

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Federal Court of Australia
Court requires payment of liquidators’ remuneration before terminating winding up

This week’s TGIF considers a recent case where a court ordered that a company’s winding up be stayed, with a view to being terminated, pending payment of the liquidator’s remuneration.

Key takeaways

Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
First Circuit Holds that Fifth Amendment Takings Claims Must be Paid in Full

The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.

In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)

USA, Insolvency & Restructuring, Litigation, Dechert LLP, US Congress, Supreme Court of the United States, Ninth Circuit