Section 440D imposes a stay on “proceedings in a court” against a company whilst it is in administration under Part 5.3A of the Corporations Act. It is well established that the term “proceedings in a court” does not include an arbitration proceeding: see Larkden Pty Limited v Lloyd Energy Systems Pty Limited [2011] NSWSC 1305 at [42] (Hammerschlag J). Notwithstanding this, can the Court use its general power to make orders under s447A to extend the reach of s440D in order to impose a stay on an arbitration against a company in administration?
Last year’s list of the top ten judicial decisions of import to the Canadian Oil and Gas Industry (found here) illustrated that 2014 was a high-water mark for important judicial decisions affecting the oil and gas industry. In 2015, we have seen several of the key 2014 cases applied, confirmed or addressed, in particular in relation to Aboriginal title, contract interpr
This Fall the Alberta Surface Rights Board (the “Board”) Panel issued its decision in Lemke v Petroglobe Inc, 2015 ABSRB 740. The Panel decided that it did not have authority to proceed with a claim by a landowner for unpaid compensation that had accrued before the date that the operator was assigned into bankruptcy.
The recent Full Court of the Federal Court of Australia decision of Templeton v Australian Securities and Investment Commission [2015] FCAFC 137 has considered the application of 'proportionality' in determining receivers' remuneration.
Update on McCabes' article " 'Are we there yet' - When are proceedings over for the purposes of enforcement"
The High Court of Australia has refused an application for special leave to appeal the decision of the Full Court of the Federal Court of Australia in Sarks v Cassegrain [2015] FCAFC 38, confirming that a judgment issued by the Court on the basis of filing of a certificate of costs assessment is a "final judgment" for the purposes of s 40(1)(g) of the Bankruptcy Act 1966 (Cth) and can therefore ground a bankruptcy notice.
It is not uncommon for companies served with wind up proceedings to appoint external administrators for the purposes of investigating the affairs of the company and so that recommendations can be made to creditors to either have the company wound up, execute a deed of company arrangement or hand the company back into the control of directors.
In circumstances where the administrators conclude that the company should be wound up, it is common for the administrators to seek to be appointed as the official liquidators of the company.
In so far as they relates to creditor's statutory demands, the provisions of the Corporations Act 2001 (Cth) are construed by the courts particularly prescriptively.
On 5 June 2015, His Honour Justice Brereton delivered judgment in In the matter of Unity Resources Group Australia Pty Limited [2015] NSWSC 1174. This is another example of the technical application of these sections by the court.
The Fair Entitlements Guarantee Act 2012 (Cth) requires the Commonwealth Government to pay outstanding superannuation, annual leave, redundancy and wages entitlements for eligible employees who have lost their jobs due to the liquidation or bankruptcy of their employers. It is generally recognised as an important safety net for employees, so that their superannuation is guaranteed.
Iona Contractors Ltd. v. Guarantee Company of North America
The Alberta Court of Appeal released its much anticipated decision addressing the interaction between the trust provisions of the Builders’ Lien Act (“BLA”) and the Bankruptcy and Insolvency Act (“BIA”) in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 on July 16, 2015.
The recent British Columbia Supreme Court decision in Yukon Zinc Corporation (Re), 2015 BCSC 836, provides some rare insight into the operation of provincial “miners lien” legislation in an insolvency context.
Background