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    Court upholds liquidator’s decision to reject proof of debt relating to failed property sale
    2022-10-14

    This week’s TGIF considers a recent case in which the Federal Court of Australia upheld a liquidator’s decision to reject a proof of debt for damages relating to a failed sale of commercial property.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Corrs Chambers Westgarth, Coronavirus
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025
    2021-12-21

    In the case of Anchorage Capital Master Offshore Ltd v Sparkes (No 3); Bank of Communications Co Ltd v Sparkes (No 2) [2021] NSWSC 1025 (Anchorage v Sparkes), the Supreme Court of NSW considered the obligations of company officers to sophisticated commercial lending entities, and whether company officers could be personally liable for making misleading statements.

    Significance

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clyde & Co LLP
    Authors:
    Jacques Jacobs
    Location:
    Australia
    Firm:
    Clyde & Co LLP
    Eels to play defence, but without winning security for costs
    2022-10-07

    This week’s TGIF considers Campbell J’s recent decision in Blackcitrus Pty Ltd (in liquidation) v Parramatta Rugby Club Limited [2022] NSWSC 1329, refusing to order security for costs and determining whether to strike out defences based on alleged past breaches of NRL salary cap rules.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Mediation, Insolvency, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Inquiry into Australia’s corporate insolvency regime commences
    2022-09-30

    The Parliamentary Joint Committee on Corporations and Financial Services has commenced an inquiry into Australia’s corporate insolvency regime. The inquiry, due to be completed by 30 May 2023, will examine the effectiveness of the current regime and consider potential reform.

    Key takeaways

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Corrs Chambers Westgarth, Coronavirus, Insolvency, Personal Property Securities Act 2009 (Australia), Australian Taxation Office, Australian Securities and Investments Commission
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Court orders costs against funder of liquidator’s failed defence
    2022-09-23

    This week’s TGIF examines Sentinel Orange Homemaker Pty Ltd v Davis Investment Group Holdings Pty Ltd (in liquidation) (No 2) [2022] NSWSC 1171 where a court considered an application for non-party costs orders against a litigation funder and the liquidator of an insolvent defendant.

    Key takeaways

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Insolvency, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Court relieves administrators of liability for entry into funding agreement with creditor
    2022-09-16

    This week’s TGIF considers a recent decision of the Federal Court of Australia in which the Court relieved administrators of liability for entering a funding agreement with a major creditor in order to keep the company trading.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Nothing to investigate in board’s nimble refinancing with new investors
    2022-09-09

    This week’s TGIF considers the decision in Enares Pty Limited v Nimble Money Limited [2022] FCAFC 126, in which the Full Court considered shareholder information rights in the context of a dispute between Nimble’s board and its largest shareholder as to how to refinance Nimble’s debt.

    Key takeaways

    Filed under:
    Australia, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Due diligence, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Court rejects proof of debt based on alleged entitlement under SOP Act
    2022-09-02

    This week’s TGIF considers In the matter of Nicolas Criniti Pty Ltd (In Liquidation) [2022] NSWSC 1149 which examined the intersection between the winding up provisions in the Corporations Act 2001 (Cth) and the Building and Construction Industry Security of Payment Act 1999 (NSW).

    Key takeaways

    Filed under:
    Australia, New South Wales, Construction, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Liquidation, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Administrators protected from personal liability and permitted to trade on
    2022-08-26

    This week’s TGIF considers Hill, in the matter of Ovato Limited (Administrators Appointed) [2022] FCA 903 in which the Federal Court approved the administrators’ proposal for the Ovato Group to continue trading in order to maximise the chances of a sale as a going concern. The proposal was dependent on ongoing funding from the Ovato Group’s financier and, in that context, the administrators were able to agree to have their personal liability limited to the assets subject to the financier’s security.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Litigation funding, Corporations Act 2001 (Australia), Federal Court of Australia
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Mortgagor alleges duty of care breach during COVID-19 pandemic property sale
    2022-08-19

    This week’s TGIF considers Manda Capital Holdings Pty Ltd v PEC Portfolio Springvale Pty Ltd [2022] VSC 381, a recent Victorian Supreme Court decision that focused on the effect of COVID-19 on the property market, through the lens of a mortgagee’s duties under section 420A of the Corporations Act 2001 (Cth).

    Key takeaways

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Real Estate, Corrs Chambers Westgarth, Coronavirus, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth

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