This week’s TGIF considers a decision of the Federal Court which concerned a request for an extension to bring a voidable transaction claim where, but for COVID-19, the application would have been filed.
Key takeaways
This week’s TGIF looks at the decision of the Federal Court of Australia in Kellendonk v State of Western Australia, in the matter of Jasienska-Dudek (a Bankrupt) [2021] FCA 418, where former mortgagees satisfied the Court that property disclaimed by the bankruptcy trustee should vest in them on the basis of a prior dealing between themselves and the bankrupt.
Key takeaways
This week’s TGIF considers David Djordjevich v Richard Trygve Rohrt in his capacity as liquidator of ACN 091 518 302 Pty Ltd (in liq) ACN 091 518 302 [2021] VSC 178, a Victorian Supreme Court decision that focuses on the circumstances in which a court will order an inquiry into the conduct of a liquidator and the interests that such an inquiry is intended to serve.
Key takeaways
This week’s TGIF considers the most recent case involving Gunns Limited where the Full Federal Court confirmed that the ‘peak indebtedness’ rule has been abolished in a partial win for Gunns creditor.
Key takeaways
Summary
This week’s TGIF considers the decision of the Federal Court in In the matter of Thousand Angeles Island Pty Ltd (in liq) (No 2) [2021] FCA 283, where the Court held that only a ‘theoretical conflict’ existed for a liquidator entering into a deed where he was also bankruptcy trustee of the company’s sole shareholder.
Key takeaways
The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020, which will come into force on 4 May 2021, will provide individuals with the opportunity to obtain legal protection from creditors in the form of either a breathing space moratorium or a mental health crisis moratorium. Given the economic impact of the Covid-19 pandemic, there may be a significant number of individuals seeking to obtain a moratorium to pause action against them to recover debts.
Protecting debtors
The interesting times of the last 14 months were preceded by the interesting times of the financial crisis of 2008/2009. The reverberations of that financial crisis had a profound effect upon governments’ presumptions as to the financial stability of economies generally but also the financial stability of sectors such as financial services.
This week’s TGIF considers an application to the Federal Court for the private hearing of a public examination where separate criminal proceedings were also on foot.
Key takeaways
This week’s TGIF looks at a recent decision of the Victorian Supreme Court, where a winding up application was adjourned to allow the debtor company to pursue restructuring under the recently introduced small business restructuring reforms.
Key takeaways