As Covid-19 restrictions in the UK gradually come to an end, the need for distressed tenants to be able to reorganise their liabilities to efficiently deal with the pandemic’s impact upon their balance sheets is likely to result in a number looking to use restructuring plans and CVAs.

Thankfully, a trio of significant recent cases, New Look1, Virgin Active2 and Regis3, have provided helpful and timely guidance regarding the use of such processes.

When finances become distressed, creditors examine all avenues to recover their debt which can result in any intercreditor agreements being thrown into the spotlight. The recent judgment of Re Arboretum Devon is another helpful reminder to lenders entering into an intercreditor agreement (ICA) that these should be drafted with the worst-case scenario in mind and using the clearest language in order to avoid disputes arising at the time of enforcement.

Last month, we discussed practical tips for dealing with contractor insolvency as part of our ongoing construction webinar series.

Our colleague, Doug Wass, has already shared three key points to be aware of when a contractor becomes insolvent. In this article we discuss, in more detail, the practical points clients and those administering building contracts on their behalf should consider when contractor insolvency is suspected and occurs.

The last 12 months has seen a number of court applications being made for extensions of time to register a security interest under s293 of the Personal Property Securities Act 2009 (Cth) (PPSA) and/or s588FM of the Corporations Act 2001 (Cth), to avoid collateral vesting in the grantor upon an insolvency event.

On 10 May 2021 in Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq)(receivers and managers apptd)^[i] the Full Court of the Federal Court of Australia abolished the application of the Peak Indebtedness Rule to a running account ‘single transaction’ under section 588FA(3) of the Corporations Act 2001 (Cth) (the Act) in unfair p

In Bechara v Bates,^[1] the Full Federal Court reminds us of the proper procedure for review of a sequestration order made by a registrar. This case raises an important point about bankruptcy practice and procedure in the Federal Circuit Court and the Federal Court.

In Ross, in the matter of Print Mail Logistics (International) Pty Ltd (in liq) v Elias,^[1] the Federal Court considered the extent to which a Jones v Dunkel^[2] inference can be made.

Three weeks spent entirely at home seemed daunting at the time (little did we know…) and the prospect of wholesale business closures soon gave rise to serious concerns about the potential impact which those closures would have on the wider economy.

In ACN 004 410 833 Ltd (formerly Arrium Limited) (in liq) v Michael Thomas Walton & anor,^[1] the New South Wales Court of Appeal considered the purpose for which public examination summons and production of documents can be ordered.

In Re Octaviar Ltd,^[1] the Supreme Court of Queensland has given a recent example of a settlement considered too ‘good’ to approve, even while noting its failure to achieve perfection.