Introduction
Under reforms commencing in July 2018, Australia will have new insolvency laws which will limit the exercise of contract rights to terminate for insolvency. Partners David McIntosh and Robyn Chatwood, explain how these reforms will impact the retail sector in Australia, including suppliers of goods and services and lenders.
Background
In good news for liquidators, the Federal Court’s decision in Marsden (liquidator) v CVS Lane PV Pty Limited Re: Pentridge Village (in which Dentons acted for the liquidator) confirms that time will be extended for liquidators who are unable to bring voidable transaction proceedings within the relevant timeframe due to a lack of funding.
The case also has wider implications. It could be relied upon by liquidators to justify subsequent claims which could otherwise have been brought at an earlier stage if funding had been available.
Friendly societies, along with other mutual societies, are registered with and regulated by the Financial Conduct Authority under the Co-operative and Community Benefit Societies Act 2014 (the Act).
Ministerial Decisions
Amending the Classification Guide of the General Budget of State (Annex 1), attached to the Executive Regulations of the Finance Law (MD 118/2008). Issued on 24 January 2018. Effective from the issue date.
Promulgating the Regulations on school assemblies. Issued on 25 January 2018. Effective from 11 February 2018.
Official Announcements
Legal developments
Clydesdale Bank Plc v. (1) R Gough (t/a JC Gough & Sons) (2) Anne Michelle Gough [2017] EWHC 2230 (Ch)
(1) Citicorp Trustee Company Limited and (2) Golden Belt Sukuk Company BSC v. (1) Maan Al-Sanea and (2) Saad Trading, Contracting and Financial Services Co [2017] EWHC 2845 (Comm)
In this case, the High Court considered whether valid service had been effected upon two defendants based outside of the jurisdiction who had shown no willingness to be involved in the proceedings.
Like any other business, law firms sometimes fail. While the failures of large law firms are well-publicized, smaller law firms can be just as or even more susceptible to failure, as the unexpected departure of the firm’s most profitable partner can be devastating to a small firm.
Do you know the new rules?
The alarming increase in "speculative mergers" and the increasingly frequent occurrence of strawmen in commercial companies' management structures has long been seen as a major obstacle on the Slovak market. In response, the Ministry of Justice of the Slovak Republic has amended the Commercial Code to support and encourage business in Slovakia.
Below we summarise the key changes that affect all business entities, not only with respect to mergers, but also in other areas of day-to-day commercial activity in Slovakia.
If you've ever traded with a company that subsequently enters liquidation, you'll know that it can be very frustrating and disruptive to your business. If the company owes you money and you're an unsecured creditor, you'll join the (often long) line of other unsecured creditors and may see little or no money at the end of the process.