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Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
2023-05-26

In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
Authors:
Liz Humphry , Tashreen Tourabaly
Location:
Australia
Firm:
Clayton Utz
View Original Article
Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025
2021-12-21

In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.

Significance

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clyde & Co LLP
Authors:
Jacques Jacobs
Location:
Australia
Firm:
Clyde & Co LLP
View Original Article
Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
2023-05-26

In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
Authors:
Liz Humphry , Tashreen Tourabaly
Location:
Australia
Firm:
Clayton Utz
View Original Article
Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025
2021-12-21

In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.

Significance

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clyde & Co LLP
Authors:
Jacques Jacobs
Location:
Australia
Firm:
Clyde & Co LLP
View Original Article
Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
2023-05-26

In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
Authors:
Liz Humphry , Tashreen Tourabaly
Location:
Australia
Firm:
Clayton Utz
View Original Article
Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025
2021-12-21

In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.

Significance

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clyde & Co LLP
Authors:
Jacques Jacobs
Location:
Australia
Firm:
Clyde & Co LLP
View Original Article
Parliament signals a comprehensive review of corporate insolvency law in Australia
2023-09-20

Insolvency practitioners and other potentially affected stakeholders, such as company directors and corporate trustees, should watch this space carefully to keep abreast of any changes to their obligations.

Filed under:
Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Insolvency, Australian Securities and Investments Commission
Location:
Australia
Firm:
Clayton Utz
View Original Article
Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
2023-05-26

In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
Authors:
Liz Humphry , Tashreen Tourabaly
Location:
Australia
Firm:
Clayton Utz
View Original Article
Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025
2021-12-21

In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.

Significance

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clyde & Co LLP
Authors:
Jacques Jacobs
Location:
Australia
Firm:
Clyde & Co LLP
View Original Article
Unveiling the puzzle: lenders' appeal falls flat as Arrium officers avoid personal liability
2023-05-26

In a recent decision, Anchorage Capital Master Offshore Ltd v Sparkes [2023] NSWCA 88, lenders to the Arrium Group, a company that collapsed, have lost their appeal regarding the personal liability of the Chief Financial Officer and Group Treasurer. The NSW Supreme Court had previously dismissed the lenders' claims, and the Court of Appeal has now affirmed that decision.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Due diligence, New South Wales Supreme Court , New South Wales Court of Appeal
Authors:
Liz Humphry , Tashreen Tourabaly
Location:
Australia
Firm:
Clayton Utz
View Original Article

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