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Supreme Court of Victoria dismissed application to set aside statutory demand on basis of spurious and hypothetical dispute

This week’s TGIF considers the case of Brandon Industries (Vic) Pty Ltd v Locker Pty Ltd [2016] VSC 373 where the Court dismissed an application to set aside a statutory demand due to the applicant’s failure to establish a genuine dispute or offsetting claim pursuant to section 459H of the Corporations Act 2001 (Cth).

BACKGROUND

Australia, Victoria, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Debtor, Debt, Legal burden of proof, Good faith, Corporations Act 2001 (Australia), Victoria Supreme Court
Court approval of Bell settlement

After nearly 20 years, the long running Bell litigation is almost over, with the Supreme Court of Western Australia having approved the settlement between the liquidators of the Bell group of companies and the syndicate of banks involved in the litigation (Re Bell Group (In Liq); Ex Parte Antony Leslie John Wooding as Liquidator of the Bell Group Ltd (In Liq) [2013] WASC 409).

BACKGROUND

Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Good faith, Liquidator (law)
New York district courts differ regarding the scope of the Bankruptcy Code’s “safe harbors” for protected contracts

The District Court for the Southern District of New York recently issued an opinion in Picard v. Katz, et al., (In re Bernard L. Madoff Investment Securities LLC),1 which limits avoidance actions against a debtor-broker’s customers to those arising under federal law based on actual, rather than constructive, fraud. The decision was issued by US District Judge Rakoff in the Trustee’s suit against the owners of the New York Mets (along with certain of their friends, family and associates).

USA, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Security (finance), Fraud, Federal Reporter, Limited liability company, Liquidation, Good faith, Due diligence, Title 11 of the US Code, Trustee, Second Circuit
Interplay between insolvency and arbitration proceedings— a Hong Kong perspective

The number of international arbitrations involving the Hong Kong International Arbitration Centre doubled between 2004 and 2008. The number of winding up petitions is also currently on the rise because of the poor global economic environment. This article discusses conflicts that may arise between the statutory insolvency regime and the contractual rights of parties to arbitrate their disputes in Hong Kong.

Can Arbitration Be Used To Circumvent Statutory Insolvency Regimes?

Hong Kong, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Arbitration clause, Debt, Liquidation, Good faith, Liquidator (law), UNCITRAL, Article 8 ECHR, Court of First Instance (Hong Kong)
New York Bankruptcy Court holds remote special purpose subsidiaries eligible as debtors, denies dismissal of SPE Chapter 11 filings by General Growth Properties

On August 11, 2009, the US Bankruptcy Court for the Southern District of New York denied five motions to dismiss bankruptcy cases filed by certain bankruptcy remote, special purpose subsidiaries (SPEs) of General Growth Properties, Inc. (GGP). The motions were filed by or on behalf of secured lenders to the SPEs (Movants) who argued that the bankruptcy filings were inconsistent with the bankruptcy remote structures that they had negotiated with GGP.

USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Public company, Bankruptcy, Shareholder, Debtor, Real estate investment trust, Good faith, Bad faith, Refinancing, Subsidiary, Commercial mortgage, Title 11 of the US Code, Delaware General Corporation Law, United States bankruptcy court