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Curing defects in a members’ winding up

Cathro (liquidator), in the matter of Petsamo No 14 Pty Ltd [2022] FCA 399

Australia, Capital Markets, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Power of attorney, Corporations Act 2001 (Australia)
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)
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)
A cross-border solution to a cross-border restructuring challenge

Voyager Aviation Holdings, LLC (Voyager) is a privately held aircraft owner and lessor with approximately $2 billion in assets. Voyager is headquartered in Dublin and has offices in Stamford, Connecticut.

Earlier this year, A&L Goodbody LLP advised Voyager on the successful restructuring of its senior note obligations.1 The restructuring was implemented by way of a US exchange offer that simultaneously solicited support for both a "plan B" Irish scheme of arrangement and a "plan C" prepack US Chapter 11.

Ireland, Insolvency & Restructuring, Litigation, A&L Goodbody, 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)