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    Statutory Demand - strict time limits apply
    2016-02-04

    The decision in Adhesive Pro Pty Ltd v Blackrock Supplies Pty Ltd [2015] ACTSC 288 reinforces the strict rule that an application to set aside a statutory demand must be filed and served within 21 days of receiving the demand.

    Statutory demands are a common and useful tool for many unsecured creditors seeking payment of a debt.  Non-compliance with a statutory demand results in a presumption of insolvency and the possibility that a creditor can apply to wind up a company debtor.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Gadens
    Location:
    Australia
    Firm:
    Gadens
    Deregistered companies and insurance claims: room for improvement?
    2016-02-04

    When a company is deregistered, it ceases to exist.[1] So what happens when a person has a genuine claim against that company but fails to commence proceedings before it is deregistered?

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, McInnes Wilson Lawyers
    Authors:
    Alicia Hill , Ingrid Lehmann
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    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
    Productivity Commission’s recommended changes to Australia’s insolvency laws
    2015-12-11

    Client alert 11 DECEMBER 2015 Contact us Visit our website Productivity Commission’s recommended changes to Australia’s insolvency laws The Productivity Commission published its final report on Business Set-up, Transfer and Closure on 7 December 2015. A copy of the final report is available here.

    Filed under:
    Australia, Insolvency & Restructuring, Baker McKenzie
    Location:
    Australia
    Firm:
    Baker McKenzie
    Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq) [2015] HCA 48
    2015-12-11

    Yesterday the High Court handed down its decision in Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq) [2015] HCA 48.  The High Court held (by a majority of 3:2) that, in the absence of an assessment, a liquidator is not required to retain funds from asset sale proceeds in order to meet a tax liability which could become payable as a result of a capital gain made on the sale.  In doing so, the majority of the High Court affirmed the decision of the Full Federal Court and provided long awaited guidance to liquidators, receivers and administrators.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, MinterEllison
    Authors:
    Adrian Varrasso , David Pratley , James Hamblin
    Location:
    Australia
    Firm:
    MinterEllison
    Pre-Judgment Freeze of Assets in Australia Upheld
    2015-12-14

    A Singapore entity who had entered into a joint venture with an Indonesian entity brought suit in Singapore. The Indonesian entity owned shares in an Australian company. The Singapore entity made an ex parte application to the Supreme Court of Western Australia ("Supreme Court") to freeze the shareholding interests. The court granted the application, but the Court of Appeal dismissed the freezing order. The High Court reversed.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Horwood Marcus & Berk
    Authors:
    Eric (Rick) S. Rein
    Location:
    Australia
    Firm:
    Horwood Marcus & Berk
    New dangers in safe harbour rules
    2015-12-14

    Key Points:

    You can lead a director to the safe harbour, but you can't make him drink.

    The Government's new approach to insolvency is long on rhetoric about risk taking and the need to remove the stigma of business failure.

    However, it is short on detailed consideration of exactly why we have legal rules for corporate and personal insolvency.

    Those rules aim to balance the interests of creditors against the need to encourage business start-ups.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz

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