The judgment in the much-publicised case of Akhmedovav Akhmedov & Ors[i] in April 2021 is a telling example of where the English Courts have exercised wide-reaching statutory powers to set aside or vary dispositions on trust with extra-territorial effect, notwithstanding the assets are held by offshore trustees, outside the Court’s j

For some time, controversy has surrounded the question as to whether unsecured creditors of an insolvent company can utilise set-off under s 553C of the Corporations Act 2001 (Cth) (Act) against unfair preference claims.

Public examinations are a powerful process for a liquidator to explore the reasons for a company’s failure, identify any claims the liquidator or the company might have and assess recoverability prospects following any successful claim.

In a similar vein, liquidators might also obtain document production orders against natural persons and corporate entities. Such document production orders are often obtained in advance of examinations, and can assist the liquidator in its investigations and preparation for the examinations.

Subject to exceptions, a director of a company that enters into liquidation is restricted from being involved in the management of a new or existing company (SecondCo) with the same or a sufficiently similar name to that of the liquidating company (section 216 Insolvency Act 1986 (IA 1986)). If in breach of s.216, a director will have personal liability for all the relevant debts SecondCo incurred during the period of the breach under s.217 IA 1986.

In recent weeks, headlines around the UK have declared a crisis in the gas and energy sector: prices rising, suppliers collapsing, and customers – and industry professionals – wondering what has gone wrong.

The court’s power to overturn the decisions of insolvency practitioners in a company’s external administration was highlighted in the recent case of Tuscan Capital Partners Pty Ltd v Trading Australia Pty Ltd (in liq), in the matter of Trading Australia Pty Ltd (in liq) (Proof of Debt) [2021] FCA 1061 (Tuscan).

In Australia, s 436A of the Corporations Act 2001 (Cth) (Act) provides for the circumstances in which a company may appoint a voluntary administrator. This provision requires the company’s board to resolve that: (a) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and (b) an administrator of the company should be appointed.

Judgment was given by the Court of Appeal yesterday (7th October) in John Doyle Construction Limited (In Liquidation) v Erith Contractors Limited. This important case considered the relationship between adjudication and insolvency proceedings in the context of applications to enforce an adjudicator's decision. The underlying contract between JDC and Erith had related to hard landscaping works at the London Olympic park in Stratford.

Voluntary administration is Australia’s primary business rescue regime. This article is Part 2 of a two-part series. In this article, we highlight the impact of voluntary administration on various stakeholders and the potential outcomes for a company in voluntary administration. It is not intended to be used as an exhaustive guide to Australia’s voluntary administration regime and its many nuances.

Voluntary administration is Australia’s primary business rescue regime. This article is Part 1 of a two-part series. This article provides an introductory overview of voluntary administration in Australia, explaining what it is, why entities might enter it and its processes. It is not intended to be used as an exhaustive guide to Australia’s voluntary administration regime and its many nuances.