The recent decision of Lewis v Nortex Pty Limited (in liquidation)1 highlights potential issues that may arise for liquidators when issuing a bankruptcy notice.
Facts
Nortex Pty Ltd (Nortex) was the trustee of the Nortex Unit Trust (Trust) pursuant to a deed. Under the terms of the trust deed, Nortex ceased to be trustee when the company went into liquidation. The beneficiaries of the trust were Kation Pty Ltd (Kation) which was controlled by the appellant (Lewis) and Lamru Pty Ltd (Lamru).
Public comment on the exposure draft of the Insolvency Law Reform Bill 2013 has now closed. Sixteen submissions were received in response to the long awaited draft.
While one submission was confidential, the remaining 15 can be viewed here.
Facts
The Product People Pty Ltd (TPP) was the manufacturer of various products. The Product People (International) Pty Ltd (TPPI) was a separate company that was licensed to market and sell those products throughout Australia and New Zealand. Box Seat Company Pty Ltd (Box Seat) generated business and managed clients in relation to those products for that region.
The recent Federal Court of Australia decision in Yu v STX Pan Ocean Co Ltd (South Korea), in the matter of STX Pan Ocean Co Ltd (receivers appointed in South Korea) [2013] FCA 680, highlights that the Court will be reluctant to grant additional relief to a foreign representative under the Cross Border Insolvency Act 2008 (Cth) where the additional relief sought would adversely affect the rights of creditors.
Facts
The recent Australian Federal Court decision of Yu v STX Pan Ocean Co Ltd (South Korea) in the matter of STX Pan Ocean Co Ltd (receivers appointed in South Korea) [2013] FCA 680 has the effect of allowing the arrest of a ship in Australia, despite the operation of the Cross Border Insolvency Act 2008 (Cth) which incorporates the United Nations Model Law on cross border insolvency into Australian law.
The first significant decision1 under the Australian Personal Properties Securities Act 2009 has followed New Zealand and Canadian law.
The case involved competing claims by a general security holder and a lessor to three civil construction vehicles located in the Northern Territory.
The relationship between the parties
Pursuant to section 459A of the Corporations Act (the Act), a Court may order that an insolvent company be wound up in insolvency. For such an order to be made, it is conventional practice that the applicant demonstrates insolvency at the date of filing the application and at the date of the hearing of the application.
The recent Federal Court of Australia (Court) decision Hird, in the matter of Allmine Group Limited (Administrators Appointed) (Receivers and Managers Appointed) [2013] FCA 748 involved an application for an extension to the convening period.
Facts
There is a recognised ambiguity in the transitional provisions of the Personal Property Securities Act 2009 (Cth) (PPSA),relating to the issue of whether an ‘umbrella agreement’, governing the supply of goods on retention of title (RoT) terms entered into prior to 30 January 2012, will be an effective transitional security interest.
In the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852
Overview