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    No green light for establishing causation in shareholder claims
    2016-05-12

    Key Points:

    While shareholders may only need to establish indirect market causation, there are still significant obstacles for establishing shareholder claims.

    Do plaintiffs in a shareholder class action have to show they relied upon misleading or deceptive conduct, or is it enough that the market in general relied upon them, which then affected the share price?

    Filed under:
    Australia, New South Wales, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Shareholder, Class action, Causation (law)
    Location:
    Australia
    Firm:
    Clayton Utz
    My claim is bigger than yours: set-off against insolvent claimants under Security of Payment Act
    2015-03-05

    Key Points:

    Principals or contractors dealing with insolvent downstream companies should ensure they can properly substantiate any counterclaims.

    Usually a principal is not entitled to rely on a set-off or counterclaim to resist court proceedings to recover a debt under the Building and Construction Industry Security of Payment Act 2002 (Vic) (SOP Act). However because of the operation of section 553C of the Corporations Act, the situation is different if the claimant is in liquidation.

    Insolvent subcontractor’s claim

    Filed under:
    Australia, Construction, Insolvency & Restructuring, Clayton Utz, Subcontractor, Liquidated damages
    Authors:
    Jonathan McTigue
    Location:
    Australia
    Firm:
    Clayton Utz
    Response to the Collins Inquiry in construction industry insolvency: bonds, new offences
    2013-04-18

    The NSW Government has accepted some of the key recommendations of the Recommendations of the Independent Inquiry in Construction Industry Insolvency in NSW, including the introduction of bonds. We know that the Government will:

    Filed under:
    Australia, New South Wales, Construction, Insolvency & Restructuring, Clayton Utz
    Authors:
    Frank Bannon , Philip Dawson
    Location:
    Australia
    Firm:
    Clayton Utz
    One ex-office holder, multiple contracts
    2012-03-01

    The statutory exemption can be refreshed each time a person signs a new contract, even if he/she continues to hold the same position.

    Receivers of a failed company have been unable to convince the Federal Court that statutory restrictions on termination payments reduced the payout entitlement of a senior executive (White v Norman; In the Matter of Forest Enterprises Australia Limited (Receivers and Managers Appointed) (in Administration) [2012] FCA 33).

    Background

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz
    Location:
    Australia
    Firm:
    Clayton Utz
    Come and get it! The meaning of “give possession” under the Cape Town Convention
    2020-11-03

    The Full Court of the Federal Court of Australia has become the first appellate court among ratifying countries to look directly at the meaning of “give possession” and “giving possession of the aircraft object to the creditor” under the Protocol to the Convention on International Interests in Mobile Equipment (known as the Cape Town Convention) on matters specific to Aircraft Equipment (the Protocol) in the context of an insolvency (the Virgin Australia insolvency) in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (admin

    Filed under:
    Australia, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Location:
    Australia, United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Australian Senate Committee endorses reduction from three years to a one year bankruptcy period
    2018-05-14

    The Senate Legal and Constitutional Affairs Legislation Committee has endorsed the passing of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 in its report dated 21 March 2018.

    The Bill will align the bankruptcy period in Australia with the United Kingdom. Under the Bankruptcy Act 1996, the period of bankruptcy (unless a successful objection is made) is three years. If passed, the Bill will reduce the period to one year.

    Key points to note are that:

    Filed under:
    Australia, Insolvency & Restructuring, Ashfords LLP
    Location:
    Australia
    Firm:
    Ashfords LLP
    Australian Insolvency reforms progress to House of Representatives
    2017-06-30

    Changes to the Australian Insolvency regime continue to progress through the legislature as part of the Treasury Laws Amendment (2017 Enterprise Incentives No.2) Bill 2017. The amendments are intended to allow companies and directors protections whilst they informally restructure, rather than requiring potentially premature entry into formal insolvency proceedings. It is hoped this will increase the turn-around prospects of those companies.

    Filed under:
    Australia, Insolvency & Restructuring, Ashfords LLP
    Authors:
    Sarah Shrimpton , Olivia Bridger , Alan Bennett
    Location:
    Australia
    Firm:
    Ashfords LLP
    Cross Border Restructuring and Insolvency Update - April 2017
    2017-04-28

    In the matter of the désastres of Gail Alison Cochrane and Orb a.r.l.

    1. Harbour Fund II LP v. (1) Orb a.r.l. (2) Litigation Capital Funding [2017]JRC171 ("the September judgment")

    2. Harbour Fund II LP v. (1) Orb a.r.l. (2) Dr Gail Cochrane [2017]JRC007 ("the January judgment")

    3. Representation of the Viscount re Cochrane and Orb a.r.l. [2017]JRC025 ("the February judgment")

    Filed under:
    Australia, Global, Jersey, Singapore, United Kingdom, USA, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Alan Bennett , Olivia Bridger , Sarah Shrimpton
    Location:
    Australia, Global, Jersey, Singapore, United Kingdom, USA
    Firm:
    Ashfords LLP
    Cross Border Restructuring and Insolvency Update - August 2016
    2016-08-25

    Legend International Holdings Inc (in Liquidation) v Indian Farmers Fertiliser Cooperative Limited [2016] VSCA 151

    The Australian Court of Appeal refused an appeal against a winding up order made in relation to Legend in Australia where Chapter 11 proceedings were on foot in the United States.

    Click here to read more...

    Filed under:
    Australia, Bahamas, Cayman Islands, Saudi Arabia, Singapore, Slovakia, Arbitration & ADR, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ashfords LLP, Bankruptcy, Liquidation
    Authors:
    Alan Bennett
    Location:
    Australia, Bahamas, Cayman Islands, Saudi Arabia, Singapore, Slovakia
    Firm:
    Ashfords LLP
    Legend International Holdings Inc (in Liquidation) v Indian Farmers Fertiliser Cooperative Limited [2016] VSCA 151
    2016-08-24

    The Australian Court of Appeal refused an appeal against a winding up order made in relation to Legend in Australia where Chapter 11 proceedings were on foot in the United States.

    Legend International Holdings Inc ("Legend"), registered in Delaware in the United States, were unsuccessful in defending a claim brought by the IFF which resulted in an award of $12.35 million plus interest. As payment was not received, the IFF filed a Winding Up Petition against Legend in Australia.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Olivia Bridger
    Location:
    Australia
    Firm:
    Ashfords LLP

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