In September 2017, the Australian government introduced the most significant reforms to Australia's insolvency regime for the past 30 years with the enactment of the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (Cth).
Recent caselaw demonstrates that there is a current judicial disagreement over whether the Bankruptcy Code will permit a cramdown in a jointly-administered bankruptcy case when a consenting class exists for only one of the debtors. This implicates the important issue of de facto substantive consolidation and the potential risks it poses to unsecured creditors.
There are unique and competing interests between the United States Bankruptcy Code1 and federal and state environmental laws. One of the primary purposes of the Bankruptcy Code is to allow a debtor to have a "fresh start." On the other hand, environmental laws are intended to require responsible parties to comply with environmental standards for the protection of human health and the environment. As a result of these competing interests, there has been extensive litigation related to the interplay between the bankruptcy and environmental regimes.
What you need to know in light of Seymour Whyte Constructions Pty Ltd v Ostwald Bros Pty Ltd (in liq)
The NSW Supreme Court recently handed down its decision in the matter of Seymour Whyte Constructions Pty Ltd v Ostwald Bros Pty Ltd (in liq); Ostwald Bros Pty Ltd (in liq) v Seymour Whyte Constructions Pty Ltd [2018] NSWSC 412, in which K&L Gates represented Seymour Whyte. The decision sheds light on numerous issues, including:
On March 5, 2018, the Supreme Court issued a unanimous decision in U.S. Bank National Ass’n ex rel. CWCapital Asset Management LLC v.
The Bankruptcy Code provides bankruptcy trustees, debtors, and creditor committees with “avoidance powers” that allow them to set aside and recover certain transfers that a debtor made before filing for bankruptcy.[1] These avoidance powers are, however, limited by a number of exceptions enumerated in the Bankruptcy Code, including the securities safe harbor at § 546(e). Section 546(e) protects from avoidance any transfer “made by or to (or for the benefit of) . . .
On 9 March 2018, in what was a highly anticipated judgment for many liquidators, the Queensland Court of Appeal reversed the controversial first instance Supreme Court decision in the matter of Linc Energy Pty Ltd (In Liquidation)1.
Background
Shortly prior to the appointment of liquidators to Linc Energy Limited (in Liquidation) (Linc) in May 2016, the Department of Environment & Heritage Protection (Department) issued an environmental protection order (EPO) to Linc in relation to its coal seam gas project at Chinchilla in Queensland.
FASHION LAW “Style is something each of us already has, all we need to do is find it.” – Diane von Furstenberg MARCH 2018 2 | K&L Gates: Fashion Law November 2017 Welcome to another packed edition of Fashion Law! Time has flown by and as we march through 2018, we are proud to continue our long standing sponsorship of the Virgin Australia Melbourne Fashion Festival (VAMFF). The Festival is a celebration of Australian designers and our rich fashion heritage, showcasing Australian talent on an international stage.