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    Validly constituted committees of inspection
    2014-10-31

    Owen, in the Matter of RiverCity Motorway Pty Ltd (Administrators Appointed) (Receivers and Managers Appointed) (“RiverCity”) [2014] FCA 1008

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery
    Authors:
    Eve Thomson
    Location:
    Australia
    Firm:
    Johnson Winter Slattery
    Proposal to amend Bankruptcy Act 1996 and Corporations Act 2001 – draft Bill released by Treasury
    2014-11-07

    The Treasury has released a draft Bill (the Insolvency Law Reform Bill 2014) that comprises a package of proposals to amend and streamline the Bankruptcy Act 1966 and the Corporations Act 2001. Treasury has stated that the proposed amendments will:

    Filed under:
    Australia, Insolvency & Restructuring, Allens, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Allens
    Wherever you lay your hat is not your home - at least, not necessarily, according to the courts
    2014-11-07

    The respondent in this matter, Mr Culleton, owed Macquarie Leasing Pty Limited (Macquarie) a debt arising out of two chattel mortgage agreements.

    Macquarie obtained judgment against Mr Culleton in the amount of $94,304. The judgment debt was not paid and Macquarie petitioned for a sequestration order to be made against Mr Culleton’s estate.

    Macquarie served the Bankruptcy Notice on Mr Culleton by affixing it to a padlocked gate at his last known address.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Michael Kimmins
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Insolvency Law Reform Bill 2014
    2014-11-10

    On 7 November 2014 the Government released the Insolvency Law Reform Bill.

    The Bill comprises of a package of proposals aimed at amending and streamlining the Bankruptcy Act 1966 and the Corporations Act 2001. It also contains proposals to reform how liquidators are registered and regulated.

    Requirements to become a liquidator

    Of particular interest to practitioners are the changes to the way new liquidators will become registered.

    Filed under:
    Australia, Insolvency & Restructuring, Gadens
    Location:
    Australia
    Firm:
    Gadens
    Receivers' liens receive robust support in Australia
    2014-11-11

    Successive court decisions in Australia are emphasising the enforceability of receivers’ liens in a clear statement to the market about the primacy of insolvency practitioners’ fees.  This is a trend that we expect will shape policy here.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chapman Tripp
    Location:
    Australia
    Firm:
    Chapman Tripp
    Creditor’s pumped up priority brings down DOCA
    2014-11-14

    Connections Total Fitness for the Family Pty Limited (Connections) operated a gym on premises owned by Selkirk Pastoral Co Pty Limited (Selkirk). The gym business ultimately failed and ceased trading when administrators were appointed on 4 October 2013. Connections’ assets were limited to some cash at bank and a $1.1m claim against Selkirk.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Michael Kimmins
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Extensions of time for liquidator's recovery actions - "shelf orders" to be scrutinised by the High Court
    2014-10-20

    Since BP Australia Pty Ltd v Brown, there has been a practice of Courts across Australia granting "shelf orders", whereby time for voidable transaction recovery actions by a Liquidator under section 588FF is extended "at large".  The Court's power to grant these "shelf orders", however, is to be scrutinised by the High Court in December 2014, in the course of the Octaviar group liquidation.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Baker McKenzie
    Authors:
    David Walter , Peter Lucarelli , Jahan Navidi
    Location:
    Australia
    Firm:
    Baker McKenzie
    Focus: Federal Court rules liquidator needn't account for tax on sale of assets
    2014-10-21

    In brief: The Full Federal Court has held that a liquidator has no obligation to retain monies on account of tax until a notice of assessment has been issued. While the decision is a win for taxpayers (and creditors of insolvent entities), it remains to be seen how the Commissioner of Taxation will respond. Partner Katrina Parkyn (view CV), Senior Associate Joanne Langford and Associate Jay Prasad report on the decision.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Allens, Liquidator (law), Federal Court of Australia
    Authors:
    Katrina Parkyn , Charles Armitage , Martin Fry
    Location:
    Australia
    Firm:
    Allens
    Liquidators' remuneration and expenses - value-based remuneration and closer scrutiny of expenses
    2014-10-23

    On 25 July 2014 and 17 September 2014 respectively, Justice Brereton of the Supreme Court of NSW delivered two related judgments in Re AAA Financial Intelligence Ltd (in liquidation) andRe AAA Financial Intelligence Ltd (in liquidation) (No 2). The decisions deal with the evergreen topic of Liquidator remuneration and expenses.

    Importantly, in fixing the Liquidators' remuneration, Justice Brereton adopted a "value" focussed approach, and discussed the relevance of considering matters beyond simply time spent multiplied by fixed hourly rates. 

    Filed under:
    Australia, United Kingdom, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, New South Wales Supreme Court
    Authors:
    Peter Lucarelli , David Walter , John Anderson , Jahan Navidi
    Location:
    Australia, United Kingdom
    Firm:
    Baker McKenzie
    When do liquidators need to retain money to meet a company's tax liabilities?
    2014-10-24

    A recent decision of the Full Federal Court gives liquidators comfort that they are not required to set money aside to meet the future tax obligations of a company until those obligations have been assessed by the Tax Office. Although liquidators must retain money 'sufficient to pay tax which is or will become due', this obligation only applies to tax liabilities that have been assessed and are presently payable or payable in the future, not to liabilities that might be created by future assessments.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Allens, Liability (financial accounting)
    Location:
    Australia
    Firm:
    Allens

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