On 11 March 2015, the High Court delivered the following significant decisions (Grant Samuel Corporate Finance v Fletcher [2015] HCA 8 and Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2015] HCA 10) in relation to s588FF(3) of theCorporations Act 2001 (Cth).

In the matter of One.Tel Limited (in liquidation) [2014] NSWSC 1892

In the recent decision of Pt Bayan Resources TBK v BCBC Singapore Pte Ltd [2014] WASCA 178, the Western Australian Court of Appeal unanimously found that the Rules of the Supreme Court 1971 (WA) (RSC) were valid insofar as they empower the Court to ‘freeze’ local assets ahead of a possible foreign judgment.

Introduction

Owen, in the Matter of RiverCity Motorway Pty Ltd (Administrators Appointed) (Receivers and Managers Appointed) (“RiverCity”) [2014] FCA 1008

The Supreme Court handed down an important judgement last week in the case of BNY Corporate Trustee Services Limited v Eurosail - UK 2007 - 3BL PLC ("the Eurosail Case"), which needs to be considered by anyone who is a party to a contract which contains events of default relating to the insolvency of a party to that contract.

Background

On 8 March 2013 the Insolvency Service released details of a director's disqualification undertaking given by a John Boyd Blackwood, a Director of a rural business in Midlothian. He had given the undertaking not to act as a director of a limited company from 15 March 2013 for five years.

Matthew Purdon Henderson v. Foxworth Investments Limited and 3052775 Nova Scotia Limited

Inner House case of some complexity in which the Liquidator of the Letham Grange Development Company sought reduction of a security over the Letham Grange resort near Arbroath. The case involves a number of companies all controlled by a Mr Liu and his family.

It is fairly common for solicitors to act for both the petitioning creditor in an insolvency as well as for the insolvency practitioner appointed as liquidator. Of course, there is always the potential for a conflict of interest to arise and it can be tricky for solicitors, once involved, to be objective and determine when it is appropriate to withdraw from acting.

Outer House case considering a motion for recall of inhibitions served on Cordelt Limited and Mako Property Limited by Playfair Limited. Mako and Cordelt argued that the inhibitions prevented them showing clear searches to purchasers in implement of a contract to sell properties in Edinburgh.