The limitations of set-off in a liquidation scenario and the nature and effect of a security interest under the Personal Property Securities Act 2009 (Cth) (PPSA) have been clarified, with significant ramifications for principals and financiers, who should now review their rights, following the WA Supreme Court's decision in Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (In Liquidation) (Receivers and Managers Appointed) [2017] WASC 152 (Clayton Utz acted for the successful receivers).
Safe harbour and ipso facto clauses reforms are closer, with the consultation on the Insolvency Laws Amendment Bill 2017 having closed last week, but further work is needed.
The Federal Government's consultation on the safe harbour and ipso facto reforms in the draft Insolvency Laws Amendment Bill 2017 closed on 17 May 2017, so we now have a better idea of what they will look like.
Good evening,
Following are the summaries for this week’s civil decisions of the Court of Appeal for Ontario.
Good afternoon,
There were several important civil decisions released this week.
Assets held by an insolvent corporate trustee in its capacity as trustee may not be "property of the company".
For more than 30 years, Victoria has stood apart from the rest of Australia in how it treats the assets of an insolvent corporate trustee. That may have changed, following the Supreme Court's decision in Re Amerind Pty Ltd (receivers and managers appointed) (in liq) [2017] VSC 127.
Hello:
There were only three short procedural decisions we summarized this week.
Have a good one.
John Polyzogopoulos Blaney McMurtry LLP [email protected] Tel: 416 593 2953 http://www.blaney.com/lawyers/john-polyzogopoulos
Table of Contents:
Civil Decisions:
Below are the summaries for this week’s civil decisions of the Court of Appeal.
Topics covered this week included a number of civil procedure issues (civil contempt, appeal routes, administrative dismissals for delay), of couple of real property/municipal law cases (dedication of roads, relief from forfeiture) and an unjust enrichment case in the context of a family dispute.
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Have a nice weekend.
We are seeing attempts by the Chinese Government to provide the market with more sophisticated tools for dealing with unprofitable companies.
China is attempting to align its insolvency regime to international standards and introduce additional tools for dealing with the country's rising debt load.
Australian lenders with exposures to these debts (particularly in the coal, steel, manufacturing, cement, shipbuilding, solar, heavy machinery, mining and property sectors) should reassess insolvency risk and understand their options.
Hello,
If you are served with a demand letter from your lender, you don’t have to fold up your tent and give in. If, like most companies, you feel that if you had more time, you could improve the situation (to the benefit of the Bank and the company), there are options. Here are 5 things that you can consider which will make it more likely that the Bank will either agree, or be forced to agree, to give you some more time to come up with a better solution.