In this week’s TGIF, we consider the recent case of Re 52 The Esplanade Pty Ltd (in liquidation) [2023] QSC 57 which provides guidance as to how the relation-back day for a company is to be determined in circumstances where there are multiple winding up applications.
Key takeaways
Over the past two years, there has been an interesting trend of courts, in certain circumstances, borrowing from principles of insolvency law when determining analogous questions of trust law. Most recently, the private wealth industry has seen this very application in connection with the now infamous proceedings relating to the trust known as the Ironzar II Trust[1].
In this week’s TGIF, we consider the Federal Court’s recent decision inFotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251, and earlier decisions in the same proceedings, clarifying the current Australian position as to priorities between creditors of successive trustees.
Key takeaways
In Re Brew Still Pty Ltd (admin apptd)[2023] NSWSC 256, Black J of the New South Wales Supreme Court declined an application for an adjournment of one month brought by the voluntary administrator appointed to Brew Still Pty Ltd three days prior to the hearing of the winding up application.
Facts
Insolvency Act 2003
Comment
In the Three Arrows case,(1) the BVI Court has endorsed what is believed to be its first extra-territorial order summoning directors of a BVI company (in liquidation) to appear for private examination by joint liquidators.
This week’s TGIF concerns Kennedy Civil Contracting Pty Ltd (Admins Appt) v Richard Crookes Construction Pty Ltd [2023] NSWSC 99, in which the New South Wales Supreme Court determined that an insolvent company’s creditors could properly make a DOCA to maintain the right under security of payment legislation to recover amounts that would have been lost on entry into liquidation.
Key takeaways
Corporate insolvency in BVI is governed by the Insolvency Act, 2003 (as amended) and the Insolvency Rules, 2005 (as amended). These laws are closely based on the English Insolvency Act 1986. There are a number of insolvency regimes available.
In this week’s TGIF, we consider an appeal against the making of a pooling order in the Full Federal Court decision ofMcMillan Investment Holdings Pty Ltd v Morgan [2023] FCAFC 9 and examine the challenges liquidators face in convincing a court to grant such an order.
Key takeaways
In Re Touradji Private Equity Master Fund Ltd, the Grand Court of the Cayman Islands made a supervision order in respect of three funds in voluntary liquidation, following applications by certain aggrieved investors and the joint voluntary liquidators, and over the objections of the investment manager.
Two broad themes are currently emerging in relation to European private equity real estate financing.
First, market commentary has noted that €150 billion of this finance is due to mature by 2025 – the "wall of credit".