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Section 588FDA: indirect benefits to directors risk voiding a mortgage transaction

Cooper as liquidator of Runtong Investment and Development Pty Ltd (in liq) v CEG Direct Securities Pty Ltd [2024] FCA 6

Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Financial Conduct Authority (UK)
No more s 588FL vesting for security interests granted post appointment: Cubic Interiors NSW & Ors

A decision which insolvency practitioners will welcome in, Cathro, in the matter of Cubic Interiors NSW Pty Ltd (In Liq) [2023] FCA 694, the Federal Court clarified that s588FL of the Corporations Act 2001 (Cth) (the Act) does not cover security interests granted by a security agreement made after the “critical time” as defined in s588FL(7) of the Act.

Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Liquidation, Financial Conduct Authority (UK), National Australia Bank, Corporations Act 2001 (Australia)
Ongoing developments at Silicon Valley Bank UK

As we continue to work with clients regarding the Bank of England’s statement as to its intention to apply to place Silicon Valley Bank UK Limited (SVB UK) into a bank insolvency procedure, please see below for responses to some frequently asked questions surrounding the current situation. Please note that this list covers general topics related to rapidly changing circumstances.

United Kingdom, Banking, Insolvency & Restructuring, Ropes & Gray LLP, Financial Services Compensation Scheme, Financial Conduct Authority (UK), Bank of England, Prudential Regulation Authority (UK), Banking Act 2009 (UK)