This week’s TGIF considers the latest of two recent Federal Court decisions approving the compromise of debts owed to a company in liquidation, on the application of liquidators pursuant to section 477(2A) of the Corporations Act 2001 (Cth) and on confidential terms.

Key takeaways

This week’s TGIF considers a decision of Georges (Liquidator), in the Matter of SIRA Pty Ltd (In Liquidation) [2022] FCA 768, in which liquidators were granted leave to serve a summons for examination on a company based in Singapore.

Key takeaways

This week’s TGIF considers the decision of In the matter of Bryve Resources Pty Ltd [2022] NSWSC 647, which illustrates the circumstances in which liquidators can recover payments made by the company to, or for the benefit of, directors.

Key takeaways

This week’s TGIF considers Arnautovic v Qaqour [2022] FCA 726 in which the Federal Court of Australia ordered a director of a company in liquidation to surrender his passport and prohibited him from travelling outside of NSW without the Court’s prior consent.

Key takeaways

Introduction

简介

最近在Re Hong Kong Bai Yuan International Business Co., Ltd [2022] HKCFI 960一案中，原讼法庭（「法院」）命令被告人（「该公司」）向呈请人（「呈请人」）偿还一项受仲裁协议涵盖的债务，否则将被颁令清盘。法院澄清，虽然法院在行使酌情权时会给予仲裁协议相当大的比重，但不一定将事情转交仲裁处理。

背景

呈请人于2021年6月10日提出呈请（「该呈请」），要求法院对该公司发出清盘令，理由是该公司未能遵守关于一项955,000欧元债务（「该债务」）的法定要求偿债书，因此根据香港法例第32章《公司（清盘及杂项条文）条例》（「该条例」）第178条被视为无力偿债。

簡介

最近在Re Hong Kong Bai Yuan International Business Co., Ltd [2022] HKCFI 960一案中，原訟法庭（「法院」）命令被告人（「該公司」）向呈請人（「呈請人」）償還一項受仲裁協議涵蓋的債務，否則將被頒令清盤。法院澄清，雖然法院在行使酌情權時會給予仲裁協議相當大的比重，但不一定將事情轉交仲裁處理。

背景

呈請人於2021年6月10日提出呈請（「該呈請」），要求法院對該公司發出清盤令，理由是該公司未能遵守關於一項955,000歐元債務（「該債務」）的法定要求償債書，因此根據香港法例第32章《公司（清盤及雜項條文）條例》（「該條例」）第178條被視為無力償債。

In a recent decision of the Federal Court of Australia (Sino Group International Limited v Toddler Kindy Gymbaroo Pty Ltd [2022] FCA 630), administrators were held to have validly admitted a $5 million claim for a nominal value of one dollar.

The case is a timely reminder of the importance of appropriately evidencing debts, particularly for the purposes of creditors meetings to determine next steps.

Key takeaways

A prohibition order in place on a development in Hassall Street, Parramatta, NSW, serves as a useful reminder for developers, builders and financiers of the importance of complying with the requirements of the Design and Building Practitioners Act 2020 (NSW) (DBP Act) and the Residential Apartment Buildings (Compliance and Enforcement Powers) Act 2020 (NSW) (RAB Act) (together, the Acts) (and the consequences of non-compliance).

The NSW Supreme Court considered the application of the ‘Universal principle’ in Volkswagen Financial Services Australia Pty Ltd v Atlas CTL Pty Ltd (Receivers and Managers Appointed) (In Liquidation) [2022] NSWSC 573, dismissing a claim for an equitable lien made by administrators and liquidators for trading costs and remuneration.

Key takeaways