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Expansion of electronic methods of effective service of documents in insolvency proceedings

Bioaction Pty Ltd v Ogborne, in the matter of Bioaction Pty Ltd [2022] FCA 436

Australia, Insolvency & Restructuring, IT & Data Protection, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia)
Unreasonable director-related transactions: can the available remedies be ordered in the case of a solvent company?

Aviation 3030 Pty Ltd (in liq) v Lao, in the matter of Aviation 3030 Pty Ltd (in liq) [2022] FCA 458

Can the remedies available for an unreasonable director-related transaction under section 588FDA of the Corporations Act 2001 (Cth) (Act) be awarded in the case of a solvent company? This was the key legal question in the recent case of Aviation 3030 Pty Ltd (in liq) v Lao, in the matter of Aviation 3030 Pty Ltd (in liq) [2022] FCA 458. Ultimately, Justice Anastassiou answered this question in the affirmative.

Australia, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
No statutory set-off for unfair preference claims

Morton as liquidator of MJ Woodman Electrical Contractors Pty Ltd v Metal Manufactures Pty Limited [2021] FCAFC 228

The Full Court of the Federal Court confirms that a statutory set-off under s 553C(1) of the Corporations Act2001 (Cth) is not available against a liquidator’s claim for the recovery of an unfair preference under s 588FA of the Act.

Background

Australia, Company & Commercial, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia)
Bankrupting on a non-provable debt

ASIC v King [2021] FCA 1610

Background

Australia, Queensland, Capital Markets, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Financial Conduct Authority (UK)
Facing financial difficulties? New Rescue Process for Small Companies

The Small Company Administrative Rescue Process (SCARP) was commenced on Tuesday 7 December. Now that the process is available we set out some practical considerations for companies and creditors.

SCARP

Ireland, Company & Commercial, Insolvency & Restructuring, Mason Hayes & Curran LLP, Coronavirus, Companies (Rescue Process for Small and Micro Companies) Act 2021 (Ireland)
The meaning of insolvency in Carna Group Pty Ltd v The Griffin Coal Mining Company (No 6)

Carna Group Pty Ltd v The Griffin Coal Mining Company (No 6) [2021] FCA 1214

In Carna Group Pty Ltd v The Griffin Coal Mining Company (No 6) [2021] FCA 1214, McKerracher J considered the meaning of “insolvent” within the context of a commercial contract and relevantly found that:

Australia, Capital Markets, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia)
A Toxic Appointment: Disclaimer of Contaminated Land Set Aside

The Australian Sawmilling Company Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294

Background

Australia, Capital Markets, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia)
COVID-19 - What Happens When Government Stops Bailing Businesses Out?

Some of the UK Government’s COVID-19 supports for businesses came to an end, or started to taper off, on 30 September 2021. The UK Insolvency service published statistics yesterday showing that the number of corporate insolvencies has returned to pre-pandemic levels. There is no reason to believe that the Irish position will be substantially different when supports come to an end.

What happened when COVID-19 struck?

United Kingdom, England & Wales, Insolvency & Restructuring, Mason Hayes & Curran LLP, Coronavirus
Analysis of solvency does not have the benefit of hindsight: The Arrium collapse

Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025

Australia, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria
No peaks in preference claims - Abolition of the peak indebtedness rule for unfair preferences

Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq) (receivers and managers appointed) [2021] FCAFC 64

Australia, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia)