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    Re Run of Re Amerind - Part 2: Circulating Security Interests and Circulating Assets
    2018-03-23

    This week’s TGIF is the second of a two-part series considering Commonwealth v Byrnes [2018] VSCA 41, the Victorian Court of Appeal’s decision on appeal from last year’s Re Amerind decision about the insolvency of corporate trustees.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    Cameron Cheetham , Craig Ensor , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Michael Catchpoole , Michael Kimmins , Sam Delaney , Estelle Blewett , Michelle Dean , David Abernethy
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Senate Committee endorses reduction from three years to a one year bankruptcy period
    2018-03-26

    The Senate Legal and Constitutional Affairs Legislation Committee (“the Committee”) has endorsed the passing of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 (“the Bill”) in its report dated 21 March 2018.[1]

    Filed under:
    Australia, Insolvency & Restructuring, King & Wood Mallesons, Bankruptcy
    Authors:
    Emma Costello , Philip Pan , Priscilla Lal
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Commercial Law Update - The decision in Killarnee - trading trusts, statutory priorities on the liquidation of trustee companies, lack of power to sell trust assets
    2018-03-26

    In the recent decision of Jones (liquidator) v Matrix Partners Pty Ltd, re Killarnee Civil & Concrete Contractors Pty Ltd (in liq) [2018] FCAFC 40 (Killarnee), the three member bench comprised Allsop CJ, and Siopis and Farrell JJ. Their Honours of the Full Court wrote three separate judgments, with the Chief Justice writing the lead.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, List G Barristers, Liquidation, Liquidator (law), Trustee
    Location:
    Australia
    Firm:
    List G Barristers
    Voidable transactions - falling at the final hurdle
    2018-03-27

    Liquidators will generally be pretty happy if a court finds that a transaction was both an uncommercial transaction and an unfair preference and dismisses any defence. Unfortunately for the liquidator in Re Cyberduck Software Pty Ltd (In Liq) & Anor [2018] VSC 122 you can still fail.

    In Cyberduck:

    Filed under:
    Australia, Victoria, Company & Commercial, Insolvency & Restructuring, Litigation, Maddocks, Liquidator (law)
    Authors:
    David Newman , Sam Kingston
    Location:
    Australia
    Firm:
    Maddocks
    Documents you give to other parties in litigation can end up with the ATO
    2018-03-29

    In handing over any documents in litigation or Court process, you must assess whether or not the documents have tax relevance.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Clayton Utz
    Authors:
    Tim Jones , Philip Bisset , Luke Furness , Peter Hickey
    Location:
    Australia
    Firm:
    Clayton Utz
    Green light for Gunns Group liquidators (and liquidators everywhere)
    2018-03-15

    JWS has achieved an excellent result for the liquidators of the Gunns Group, with success in the Federal Court’s judgment in Bryant (Liquidator) v L.V. Dohnt & Co Pty Ltd, In the Matter of Gunns Limited (In Liq.) (Receivers and Managers Appointed) [2018] FCA 238.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Johnson Winter Slattery
    Authors:
    Ben Renfrey , Pravin Aathreya
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Amerind overturned! - 1 March 2018
    2018-03-01

    The Victorian Court of Appeal decides that the Corporations Act priority regime does apply to trading trusts.

    The law is now clear. Or is it?

    For the last two years and six days, insolvency practitioners and other stakeholders involved in the liquidation of trading trusts have been frustrated by what should be a very straightforward question.

    If the company in liquidation carries on business through a trust structure, as many do, what is the order of priorities that the liquidator must apply when making distributions to creditors?

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, HopgoodGanim, Liquidation, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Authors:
    Paul Betros
    Location:
    Australia
    Firm:
    HopgoodGanim
    New insolvency reforms are on the way: How will they affect you?
    2018-03-01

    As part of the implementation of the Turnbull government’s National Innovation and Science Agenda, a suite of insolvency reform laws have been introduced, aimed at encouraging entrepreneurship rather than punishing corporate failure. The objective of these new laws is to provide viable but underperforming companies an opportunity to implement a turnaround strategy or sale of the business.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Administrator wipeout! Claimants stoked as Court dumps nominal value for class action claims
    2018-03-02

    This week’s TGIF considers In the matter of SurfStitch Group Limited [2018] NSWSC 164, where the Court refused to allow administrators to value claims of class action group members at a nominal $1 for voting at the second creditors’ meeting.

    What happened?

    On 11 December 2017, the administrators of SurfStitch filed an application seeking orders:

    Filed under:
    Australia, New South Wales, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Shareholder, Class action
    Authors:
    Kirsty Sutherland , Mark Wilks , Matthew Critchley , Sam Delaney , Estelle Blewett , Michelle Dean
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Bankruptcy: Unfair preferences, third party payments and the ‘Quistclose’ trust
    2018-03-05

    Can you prefer one creditor by arranging a third party loan, the proceeds of which are paid directly to that creditor, without the arrangement being void against your trustee in bankruptcy? “Yes” says the Full Federal Court – thus confirming an important distinction between personal and corporate insolvency.

    Rambaldi (Trustee) v Commissioner of Taxation, in the matter of Alex (Bankrupt) [2017] FCAFC 217

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, The Commercial Bar Association of Victoria, Australian Taxation Office, Federal Court of Australia
    Authors:
    James Strong
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria

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