The Insolvency Service (in reply to a letter from R3) has confirmed that it will be reframing its view of the term "creditor". This follows the cases last year of Pindar and Toogood where the court was asked to consider whether a paid secured creditor should have consented to an administration extension and therefore, in the absence of consent, whether the extensions were valid in both cases, the judges confirmed that the consent of paid secured creditors was not required.
Restructuring Plans (RPs)
2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.
It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.
The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary.
Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes.
Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.
Typical floating charge assets include stock and inventory, trade debtors, cash and currency, movable plant and machinery (such as vehicles), and raw materials and other consumable items used by the business.
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.
このたび、森・濱田松本法律事務所アジアプラクティスグループでは、東南・南アジ ア各国のリーガルニュースを集めたニュースレター、MHM Asian Legal Insights第160 号（2024 年 2 月号）を作成いたしました。今後の皆様の東南・南アジアにおける業務 展開の一助となれば幸いに存じます。 ※本レターに記載した円建て表記は、ご参照のために、各現地通貨を現在の為替レー トで換算したものとなります。
マレーシアの Income Tax Act 1967 が改正され、2024 年 1 月 1 日より、一定の会社 の株式の譲渡益はキャピタルゲイン課税の対象となりました。改正後も個人による譲渡 については課税対象外とされていますが、会社等の法人による譲渡の場合は一定の課税 が生じます。 2024 年 1 月 1 日からの譲渡益課税の対象となるのは、以下の会社の株式の譲渡益で す。
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