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Receiver remuneration in the spotlight

Introduction

The Full Court of the Federal Court has given some important guidance on the calculation of remuneration for court appointed receivers.  In its decision in Templeton v Australian Securities and Investment Commission the Court has highlighted the importance of proportionality in determining reasonable remuneration.

General Position

Australia, Insolvency & Restructuring, Litigation, Gadens, Proportionality (law)
Supreme Court holds that bankruptcy courts may issue final orders based on consent

Nearly four years after its decision in Stern v. Marshall raised new doubts about the place of bankruptcy courts in our legal system, the Supreme Court has finally put those doubts to rest. This week, in Wellness International Network, Ltd. v. Sharif, No. 13-935, the Court held that even for claims that must otherwise be resolved by an Article III court, a bankruptcy court may still adjudicate the matter based on consent.

USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, United States bankruptcy court
Fortress Credit & Anor v Fletcher & Ors 2015 HCA 10
  1. On 11 March 2015, the High Court delivered its decision in Fortress Credit & Anor v Fletcher & Ors [2015] HCA 10.
  2. The appellant was Fortress Credit.
Australia, Insolvency & Restructuring, Litigation, Gadens
Grant Samuel & Ors v Fletcher & Ors 2015 HCA 8
  1. On 11 March 2015 the High Court delivered its decision in Grant Samuel & Ors v Fletcher & Ors [2015] HCA 8.
  2. The appellants were Grant Samuel Corporate Finance Pty Limited and JP Morgan Chase Bank.
Australia, Insolvency & Restructuring, Litigation, Gadens
Senate inquiry into insolvency in the Australian construction industry

The Senate has announced a national inquiry into insolvency in the Australian construction industry (Inquiry).[1] 

Australia, Construction, Insolvency & Restructuring, Gadens
Financial services update December 15 2014 judicial developments

Swiss Investigating Magistrate Entitled to U.S. Documents

USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Winston & Strawn LLP, Insider trading, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Second Circuit
Financial services update December 8 2014 insights

The International Swaps and Derivatives Association, Inc. (“ISDA”) published the ISDA 2014 Resolution StayProtocol (the “Protocol”) on November 12, 2014 in response to continued efforts by regulators to build additional flexibility into the statutory regimes that would apply in the event of the insolvency of a major financial institution.

USA, Derivatives, Insolvency & Restructuring, Winston & Strawn LLP, Financial regulation, International Swaps and Derivatives Association
Voluntary administration – do you need to appoint an administrator to your company?

In the lead up to peak periods, many businesses come under financial pressure due to various internal and external factors. Seasonal sales may not have been as planned and provision needs to be made for employee holiday pay.

Australia, Insolvency & Restructuring, Gadens
Insolvency Law Reform Bill 2014

On 7 November 2014 the Government released the Insolvency Law Reform Bill.

The Bill comprises of a package of proposals aimed at amending and streamlining the Bankruptcy Act 1966 and the Corporations Act 2001. It also contains proposals to reform how liquidators are registered and regulated.

Requirements to become a liquidator

Of particular interest to practitioners are the changes to the way new liquidators will become registered.

Australia, Insolvency & Restructuring, Gadens
Full Federal Court appeal decision on liquidator's tax liabilities

Introduction

Australia, Insolvency & Restructuring, Litigation, Tax, Gadens, Income tax, Federal Court of Australia