Fulltext Search

In this week’s TGIF, we consider the recent case of Vita Group Ltd, in the matter of Vita Group Ltd [2023] FCA 400, in which his Honour Justice Jackman outlined practical changes to the way schemes of arrangement should be implemented through the Federal Court to make them simpler, faster and more cost efficient.

Key takeaways

In this week’s TGIF, we consider the Court of Appeal’s decision in Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88 and the challenges faced by lenders in accepting representations as to solvency and the financial position of borrowers.

Key takeaways

This week’s TGIF considers In the matter of BCA National Training Group Pty Ltd (in liq) [2023] NSWSC 366, in which the priority between a liquidator’s remuneration and expenses claims and the claims of preferred creditors was clarified.

Key takeaways

In this week’s TGIF, we consider the recent case of Re 52 The Esplanade Pty Ltd (in liquidation) [2023] QSC 57 which provides guidance as to how the relation-back day for a company is to be determined in circumstances where there are multiple winding up applications.

Key takeaways

In this week’s TGIF, we consider the Federal Court’s recent decision inFotios (Bankrupt) v Helios Corporation Pty Ltd (No 3) [2023] FCA 251, and earlier decisions in the same proceedings, clarifying the current Australian position as to priorities between creditors of successive trustees.

Key takeaways

In Re Brew Still Pty Ltd (admin apptd)[2023] NSWSC 256, Black J of the New South Wales Supreme Court declined an application for an adjournment of one month brought by the voluntary administrator appointed to Brew Still Pty Ltd three days prior to the hearing of the winding up application.

This week’s TGIF concerns Kennedy Civil Contracting Pty Ltd (Admins Appt) v Richard Crookes Construction Pty Ltd [2023] NSWSC 99, in which the New South Wales Supreme Court determined that an insolvent company’s creditors could properly make a DOCA to maintain the right under security of payment legislation to recover amounts that would have been lost on entry into liquidation.

Key takeaways

The collapse will have far reaching ramifications for many businesses and financial institutions across the UK

On Friday 10 March 2023 it was announced that the Bank of England intends to place Silicon Valley Bank UK Limited (SBV UK) into a Bank Insolvency Procedure following the collapse of its parent company, Silicon Valley Bank, in the US.

In this week’s TGIF, we consider an appeal against the making of a pooling order in the Full Federal Court decision ofMcMillan Investment Holdings Pty Ltd v Morgan [2023] FCAFC 9 and examine the challenges liquidators face in convincing a court to grant such an order.

Key takeaways

Last year saw the construction industry face significant challenges, insolvency levels were up with over 5,000 company failures and nearly 23,000 companies in distress by the last quarter.

Construction businesses in the North-East had the second highest sector insolvency rates, with an estimated 540 companies suffering from distress in the last quarter of 2022 –  the highest of any sector.

This distress has now come to fruition with the recent insolvencies of two of the North East’s largest main contractors, Metnor Construction and Tolent Construction.