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    Australia's Insolvency and Bankruptcy Law Reform: Safe harbour
    2016-05-19

    In brief

    Filed under:
    Australia, Insolvency & Restructuring, Herbert Smith Freehills LLP, Bankruptcy
    Authors:
    Paul Apáthy
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    A sign for unfunded liquidators: what you need to know about assigning a cause of action
    2016-05-20

    This week’s TGIF examines the NSW Supreme Court decision In the Matter of Kevin Jacobsen Pty Limited (in liq) [2016] NSWSC 538 which considered a challenge to an application under s 477(2B) to assign a cause of action.

    WHAT HAPPENED?

    On 10 August 2015, the liquidators of Kevin Jacobsen Pty Limited (in liquidation) (KJPL) applied to the NSW Supreme Court for:

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Liquidation, Liquidator (law), New South Wales Supreme Court
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Australia's Insolvency and Bankruptcy Law Reform - Creditors Schemes
    2016-05-24

    Insolvency reform: let’s not forget about the scheme of arrangement regime (again!)

    In brief

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, Moratorium
    Authors:
    Andrew Rich , Malika Chandrasegaran
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Liquidators and trusts: further developments regarding fees and priorities
    2016-05-11

    On 23 February 2016, Justice Brereton of the Supreme Court of New South Wales handed down a decision In the matter ofIndependent Contractor Services (Aust) Pty Limited ACN 119 186 971(in liquidation) (No 2) that may significantly impact the economics of winding up of corporate trustees and the return to priority creditors such as employees.

    In summary, the Court held that:

    Filed under:
    Australia, New South Wales, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Hall & Wilcox, Australian Taxation Office, Corporations Act 2001 (Australia)
    Authors:
    David Dickens
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Corporate and Business Rescue in Australia: Insolvency Law Reform Process Continues as Government Releases Proposals Paper
    2016-05-12

    Background

    On 7 December 2015, the Australian Government released its "National Innovation and Science Agenda" ("Agenda"). In the Agenda, the Government outlined its intention to make three significant reforms to Australia's insolvency laws, adopting the recommendations of the Productivity Commission ("Commission") in its report, "Business Set-Up, Transfer and Closure" ("Report"), released on the same day as the Agenda:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Katie Higgins , Roger Dobson , Dr Kai Luck
    Location:
    Australia
    Firm:
    Jones Day
    Misconduct and mismanagement: Winding up on the just and equitable ground
    2016-04-19

    Introduction

    In most cases, the precondition for the appointment of a liquidator and the winding up of a company by a court is that a company is insolvent. However, in some cases courts will make these orders in the context of a shareholders dispute where there is a management deadlock or a breakdown in trust and confidence between shareholders. Additionally, a court may make these orders where there has been serious fraud or mismanagement in the conduct of a company’s affairs.

    Relevant law

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Hall & Wilcox, Public company, Shareholder, Liquidation, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Tom McMahon
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Special purpose receivers - court’s broad power to override trust deed
    2016-04-22

    This week’s TGIF considers In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed)[2016] NSWSC 357 in which the Court uses its broad remedial powers to appoint special purpose receivers.


    BACKGROUND

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Class action settlements - just when you thought it was over…
    2016-04-28

    The Federal Court of Australia in Kelly v Willmott Forests Ltd (in liquidation) (No 4) [2016] FCA 323 rejected an application for approval of settlement under s 33V of the Federal Court of Australia Act 1976 (Cth), confirming that the Court’s role is akin to a ‘guardian’ for the group members.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, William Roberts Lawyers, Conflict of interest, Class action, Federal Court of Australia
    Authors:
    Bill Petrovski
    Location:
    Australia
    Firm:
    William Roberts Lawyers
    Fee Recovery: Act early or suffer the consequences
    2016-04-29

    When pursuing outstanding owners corporation fees, suing the right person or entity at the right time is critical. 

    If you get this wrong, you will not recover any money.

    So, who is the owner?

    Section 3 of Owners Corporations Act 2006 and the Subdivision Act 1988 state:

    “an owner is a person who has an estate in fee simple in the land (except a mortgagee), or is empowered by or under an Act to convey an estate in fee simple in the land in an identified folio under the Transfer of Land Act 1958.”

    Filed under:
    Australia, Insolvency & Restructuring, Real Estate, KCL Law
    Authors:
    Anton Block , Rochelle Castro
    Location:
    Australia
    Firm:
    KCL Law
    Termination upon insolvency: Financial markets and Australia’s proposed insolvency law reforms
    2016-05-02

    On 29 April 2016, the Australian Government Treasury released a proposal paper that, among other things, proposed reforms to introduce an ipso facto moratorium (Proposal). This reform was foreshadowed in as part of the Australian Government’s National Innovation and Science Agenda.

    Filed under:
    Australia, Derivatives, Insolvency & Restructuring, King & Wood Mallesons
    Authors:
    Tim Klineberg , Scott Farrell
    Location:
    Australia
    Firm:
    King & Wood Mallesons

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