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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)
Kary nakładane na związki przedsiębiorców - nowe zasady

Podwyższeniu ma ulec maksymalny wymiar kar pieniężnych nakładanych na związki przedsiębiorców przez organ ochrony konkurencji i konsumentów. A w przypadku niewypłacalności związku, przewiduje się odpowiedzialność solidarną jego członków.

European Union, Poland, Competition & Antitrust, Insolvency & Restructuring, Bird & Bird LLP, Joint and several liability, Office of Competition and Consumer Protection (Poland)
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)
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)
Dubai courts: A stark warning for directors of companies in liquidation

On 10 October, the Dubai Court of First Instance issued a potentially ground-breaking judgment in respect of directors’ liability in the context of corporate insolvency.

In particular, in the matter of the liquidation of the public company Marka PJSC (“Marka”), the Court held the company’s board of directors and managers personally and jointly liable for the company’s outstanding debts, totalling close to AED 450 million.

United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Bird & Bird LLP, Public company, Bankruptcy, Board of directors, Liquidation, Corporate liability, Directors' duties, Dubai International Financial Centre, Abu Dhabi Global Market, Companies Act
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)