The Supreme Court of NSW refused to validate the appointment of a voluntary administrator (Administrator) to Premier Energy Resources Pty Ltd (Company) under section 447A of the Corporations Act 2001 (Cth) (Act) after the Administrator failed to investigate allegations of fraud surrounding his appointment.
Cooper as liquidator of Runtong Investment and Development Pty Ltd (in liq) v CEG Direct Securities Pty Ltd [2024] FCA 6
Commonwealth of Australia v Tonks [2023] NSWCA 285
In this decision, the Court of Appeal of the Supreme Court of NSW considered the interplay between the priority regimes under ss 556 and 561 of the Corporations Act 2001 (Cth) (Act) in resolving a contest between a liquidator’s claim for remuneration and the entitlements of former employees to be paid out of circulating assets.
The Court of Appeal confirmed the first instance decision of Justice Black in finding that:
Case Name & Citation
Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 per Bell CJ, Meagher JA, Kirk JA
Hyperlink
Date of Judgment
14 June 2023
Issues
Mac Interiors Limited (the Company), a Northern Ireland-incorporated company, has become the first company incorporated outside the Irish State (and the EU) to have an examiner appointed under the examinership regime provided for in section 509 of the Companies Act 2014 (the 2014 Act).
A decision which insolvency practitioners will welcome in, Cathro, in the matter of Cubic Interiors NSW Pty Ltd (In Liq) [2023] FCA 694, the Federal Court clarified that s588FL of the Corporations Act 2001 (Cth) (the Act) does not cover security interests granted by a security agreement made after the “critical time” as defined in s588FL(7) of the Act.
Co-author: Ben Gibson, Barrister, Victorian Bar
Case Name:Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2
Issues: Voidable transactions and unfair preferences: abolition of the peak indebtedness rule, the existence of a continuing business relationship.
The abolition of the peak indebtedness rule will likely reduce the quantum of unfair preference claims where there is a running account and render some claims unviable for further pursuit.
Introduction for Insolvency & Restructuring Case Summaries 2021-2022 It gives us great pleasure to introduce our Insolvency & Restructuring Case Summaries 2021-2022.
This is the first year that we have published a collated version of the Case Summaries in addition to our regular insolvency InFocus updates. The Case Summaries have been produced in response to feedback that this would be a useful resource.
The European Union (Preventive Restructuring) Regulations 2021 (the Regulations) were signed into law in Ireland on 27 July 2022. The Regulations provide for the transposition of the mandatory articles of Directive (EU) 2019/1023 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt (the Directive).