The Supreme Court of New South Wales recently considered section 420A of the Corporations Act2001 (Cth) (the Act) in the context of a Receiver selling secured property without first advertising and offering the property for sale by auction.
Justice Black in In the matter of Boart Longyear Limited[2017] NSWSC 537 has confirmed that section 411(16) of the Corporations Act 2011 (Cth) (the Act), can be used to provide companies proposing schemes of arrangement with appropriate protections from its creditors in a form that can be recognised under Chapter 15 of the US Bankruptcy Code.
The Personal Property Securities Act 2009 (Cth) (PPSA) applies to security interests in personal property including, but not limited to:
(6th Cir. B.A.P. May 18, 2017)
(Bankr. E.D. Ky. May 18, 2017)
(U.S. Sup. Ct. May 15, 2017)
(Bankr. W.D. Ky. May 12, 2017)
The bankruptcy court enters summary judgment against the debtor holding the debt nondischargeable pursuant to 11 U.S.C. § 523(a)(4). The plaintiffs inherited a judgment against the debtor that was based on the debtor’s theft of the decedent’s property. The plaintiffs were the proper parties to bring the claim, as the decedent’s estate assigned the judgment to them, and the requirements of § 523(a)(4) were satisfied. Opinion below.
Judge: Lloyd
Attorneys for Plaintiffs: Crain – Schuette Attorneys, Amanda Lisenby Blakeman
The New South Wales Supreme Court has found that a secured party cannot rely on its own mistake when registering on the Personal Property Securities Register (PPSR) to claim that the defective registration “temporarily perfects” its security interest.
The facts
(W.D. Ky. May 2, 2017)
(6th Cir. May 2, 2017)
The Sixth Circuit reverses the bankruptcy court, finding that the assignment of rents acted as a complete transfer of ownership and the assignor did not retain any interest in the rents. The court analyzes Michigan law on such assignments and concludes that because the debtor/assignor had no rights in the rents assigned, they were not property of the bankruptcy estate. Opinion below.
Judge: Stranch
Attorney for Appellant: Robert N. Bassel
Attorney for Appellee: Jeremy S. Friedberg