This week’s TGIF considers the decision of Palace v RCR O’Donnell Griffin Pty Ltd (in liq)[2021] QCA 137, in which the Queensland Court of Appeal provided useful guidance on the principles to be applied when a party seeks leave under section 500(2) of the Corporations Act 2001 (Cth) to bring proceedings against a company in liquidation.
Key Takeaways
On 12 May 2021 the FCA issued finalised guidance for insolvency practitioners who are tasked with managing insolvencies of regulated firms.
Aiming to help insolvency practitioners understand how to deal with firms in line with FCA requirements, the guidance covers the process from end-to-end including expectations in the pre-insolvency stage and specific procedures relating to insolvencies and restructuring. The aim of the guidance is to assist with the minimising of the impact of a failure of a regulated firm
This week’s TGIF considers the decision of the Supreme Court of NSW in In the matter of Pacific Steelfixing Pty Ltd [2021] NSWSC 655, where a liquidator failed to adequately prove that payments to a creditor, during the relation back period, were voidable transactions because the Liquidator had not finalised investigations into the potential recovery claims available to him.
Key takeaways
This week’s TGIF considers a decision of the Federal Court which concerned a request for an extension to bring a voidable transaction claim where, but for COVID-19, the application would have been filed.
Key takeaways
- The judgment in Bresco Electrical Services Limited (in liquidation) v Michael J Lonsdale (Electrical) Limited recognised that insolvent parties have an unfettered right to adjudicate.
- In so doing the judgment opened the door for Insolvency Practitioners to use adjudication, or the threat of adjudication, to resolve disputes arising under construction contracts.
PRIOR TO BRESCO
This week’s TGIF looks at the decision of the Federal Court of Australia in Kellendonk v State of Western Australia, in the matter of Jasienska-Dudek (a Bankrupt) [2021] FCA 418, where former mortgagees satisfied the Court that property disclaimed by the bankruptcy trustee should vest in them on the basis of a prior dealing between themselves and the bankrupt.
Key takeaways
This week’s TGIF considers David Djordjevich v Richard Trygve Rohrt in his capacity as liquidator of ACN 091 518 302 Pty Ltd (in liq) ACN 091 518 302 [2021] VSC 178, a Victorian Supreme Court decision that focuses on the circumstances in which a court will order an inquiry into the conduct of a liquidator and the interests that such an inquiry is intended to serve.
Key takeaways
This week’s TGIF considers the most recent case involving Gunns Limited where the Full Federal Court confirmed that the ‘peak indebtedness’ rule has been abolished in a partial win for Gunns creditor.
Key takeaways
This week’s TGIF considers the decision of the Federal Court in In the matter of Thousand Angeles Island Pty Ltd (in liq) (No 2) [2021] FCA 283, where the Court held that only a ‘theoretical conflict’ existed for a liquidator entering into a deed where he was also bankruptcy trustee of the company’s sole shareholder.
Key takeaways
This week’s TGIF considers an application to the Federal Court for the private hearing of a public examination where separate criminal proceedings were also on foot.
Key takeaways