A prohibition order in place on a development in Hassall Street, Parramatta, NSW, serves as a useful reminder for developers, builders and financiers of the importance of complying with the requirements of the Design and Building Practitioners Act 2020 (NSW) (DBP Act) and the Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 (NSW) (RAB Act) (together, the Acts) (and the consequences of non-compliance).
On 18 March 2021, the UK Government published its white paper on restoring trust in audit and corporate governance. On 31 May 2022, the Government published its response to the consultation.
The NSW Supreme Court considered the application of the ‘Universal principle’ in Volkswagen Financial Services Australia Pty Ltd v Atlas CTL Pty Ltd (Receivers and Managers Appointed) (In Liquidation) [2022] NSWSC 573, dismissing a claim for an equitable lien made by administrators and liquidators for trading costs and remuneration.
Key takeaways
This week's TGIF considers In the matter of Intellicomms Pty Ltd (in liq) [2022] VSC 228, in which Associate Justice Gardiner found that a Sale Agreement disposing of key assets to a related entity on the day of appointment of liquidators constituted a creditor-defeating disposition and therefore able to be set aside.
Key takeaways
The High Court (Mr Justice Trower) today gave its judgment sanctioning Amigo’s ‘New Business Scheme’. A team of us at Freshfields were pleased to help Amigo with this. Here we outline the technical innovations that, despite significant legal and regulatory uncertainty, delivered the best available outcome for Amigo’s redress creditors and the prospect of Amigo lending again for the benefit of those creditors and future customers. We also identify two approaches that addressed the practical challenge of implementing a complex legal process with retail creditors.
This week’s TGIF considers In the matter of Spitfire Corporation Limited (in liquidation) and Aspirio Pty Ltd (in liquidation) [2022] NSWSC 579 in which liquidators sought an order that a non-party creditor pay their legal costs for seeking directions from the Court.
Key Takeaways
This week's TGIF considers Stubbings v Jams 2 Pty Ltd [2022] HCA 6, in which the High Court overturned a finding by the Victorian Court of Appeal and confirmed that certificates of independent advice will not always protect lenders from an unconscionability claim.
This week’s TGIF considers the recent Queensland Supreme Court decision in CGS Constructions (Qld) Pty Ltd [2022] QSC 28 where it dismissed an application to restrain liquidators from engaging the same solicitors as a major creditor to conduct public examinations.
Key Takeaways
This week’s TGIF considers an interlocutory decision of Ball J in the NSW Supreme Court in Aqua Botanical Beverages (Australia) Pty Ltd v Botanical Water Technologies Pty Ltd [2022] NSWSC 435, in which the Court dismissed an application to add an oppression claim where the company went into liquidation after commencing proceedings.
Key Takeaways
At the COP26 climate summit in November 2021, over forty countries committed to phase out use of coal-fired power.