Liquidators accepting a new appointment will have to think carefully if there's a possibility of disclaiming onerous property as part of that appointment.
Australia, Victoria, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Due diligence, Insolvency, Australian Securities and Investments Commission, Corporations Act 2001 (Australia), Environment Protection Act 2017 (Victoria) (Australia), Victoria Supreme Court
In The Australian Sawmilling Company Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 (Australian Sawmilling), the Victorian Supreme Court of Appeal (VSCA) dismissed an appeal by the liquidators of The Australian Sawmilling Company Pty Ltd (TASCO) against a decision of Garde J of the Victorian Supreme Court (VSC) setting aside the liquidators’ disclaimer of land subject to significant environmental ‘clean up’ costs (Primary Judgment).
Australia, Victoria, Capital Markets, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Australian Securities and Investments Commission, Corporations Act 2001 (Australia), Environment Protection Act 2017 (Victoria) (Australia)