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    Liquidators record $115k in time, but are allowed only $30k
    2016-02-25

    Two critical components affecting liquidators have come out of Tuesday’s decision by Brereton J in the NSW Supreme Court.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Corporations Act 2001 (Australia)
    Authors:
    Glenn Caligaris , Chris Hargreaves
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Potent antidote to denial: at behest of liquidators, court declares insurer must indemnify directors
    2016-02-25

    CGU Insurance Limited v Blakeley [2016] HCA 2

    Liquidators brought action against company directors under s 588M(2) of Corporations Act 2001 (Cth) – Liquidators sought to join third party insurer after insurer denied liability – Supreme Court had jurisdiction to grant declaratory relief on liquidators’ application – Meaning of justiciable controversy

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, The Commercial Bar Association of Victoria, Liquidator (law), Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria
    “A Major Leap Forward for Australian Insolvency Laws”
    2016-02-26

    Australia is making several significant reforms to its insolvency legislation – with more changes likely to come – to provide much-needed comfort for directors and to align legislation on ipso facto clauses in order to prevent contractual terminations simply as a result of the commencement of an insolvency proceeding. (See the Productivity Commission Report on Business Set-up, Transfer and Closure (available here)).

    Filed under:
    Australia, Insolvency & Restructuring, Bracewell LLP
    Location:
    Australia
    Firm:
    Bracewell LLP
    Federal Circuit Court considers the prima facie right of a creditor to a sequestration order despite allegations of fraud, malice and incapacity
    2016-02-26

    History

    On 1 May 2014, the Creditor commenced proceedings against the Debtor for a sequestration order against his estate in respect of unpaid legal costs awarded by the Magistrates Court of Western Australia.

    Various preliminary issues protracted the case, including:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Fraud, Prima facie
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    The High Court decides: Insurers can be joined
    2016-02-12

    The High Court of Australia in CGU Insurance Ltd v Blakeley & Ors [2016] HCA 2 unanimously confirmed that a third party can join a defendant’s insurer to a proceeding and seek a declaration of rights under the insurance agreement, provided that third party has a ‘real interest’ in the performance of the agreement and that there is practical utility in the court providing that declaration.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, High Court of Australia
    Authors:
    Tony Troiani , David Cowling
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    24 December 2015 Cross-border insolvency provisions at work
    2015-12-24

    Key Points:

    Complex cross-border issues can be dealt with relatively easily under the Cross-Border Insolvency Act as long as flexibility is built into the relevant orders.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Peter Bowden
    Location:
    Australia
    Firm:
    Clayton Utz
    Australian Court recognises Foreign Maritime Liens
    2016-01-04

    Until now the 1981 English case of The Halcyon Isle has been the principle authority on maritime liens and conflict of laws in Anglo-Common law jurisdictions. In that case, which was on appeal from the Singapore courts, the majority of the Privy Council held that the recognition and enforcement of maritime liens were to be determined according to the law of the forum in which the proceedings were commenced (i.e. the lex fori).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Shipping & Transport, Clyde & Co LLP, Conflict of laws, Common law, Admiralty law
    Location:
    Australia
    Firm:
    Clyde & Co LLP
    Insolvency Initiatives
    2016-01-12

    The government's proposed changes to Australia's insolvency laws as part of the NISA are:  

    Filed under:
    Australia, Insolvency & Restructuring, Baker McKenzie, Bankruptcy
    Location:
    Australia
    Firm:
    Baker McKenzie
    Insolvency update: recovery of unreasonable director-related benefits
    2016-01-18

    Voidable transactions When a company becomes insolvent, sections 588FA and 588FB of the Corporations Act 2001 (Cth) (Corporations Act) empower liquidators to investigate voidable transactions, including unfair preference and uncommercial transactions as well as unreasonable director-related transactions.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Jackson McDonald, Corporations Act 2001 (Australia)
    Authors:
    Victoria Butler , Paul Mac , Samantha Roberts
    Location:
    Australia
    Firm:
    Jackson McDonald
    Australia proposes insolvency law rewrite
    2016-01-18

    Australia has an Insolvency Law Reform Bill in Parliament and plans for more change further down the track in the form of recommendations from the Australian Productivity Commission, which the Australian Government has signalled it will adopt.

    These developments will be of interest to New Zealand insolvency practitioners, company directors and creditors.  We summarise the proposed changes and comment briefly on the possibility of similar reform in New Zealand.

    Insolvency Law Reform Bill

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Chapman Tripp
    Authors:
    James McMillan
    Location:
    Australia, New Zealand
    Firm:
    Chapman Tripp

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