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    No tenure for tenants of liquidated landlords
    2013-12-05

    The High Court has ruled that liquidators of lessors can disclaim leases, thus terminating the leasehold interests of tenants.

    However, yesterday's High Court decision in Willmott Growers Group Inc. v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation) [2013] HCA 51 leaves open another issue: do liquidators need to get Court approval before exercising this power, and, if so, how easy or difficult would it be to get that approval?

    Key Points

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Landlord, Leasehold estate, Liquidation, Liquidator (law)
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    Increased incidence of insolvency in NSW construction industry leads to government inquiry
    2012-08-16

    A particular focus of the inquiry will be the consequences of such insolvencies for sub-contractors.

    In the wake of a recent spate of contractors becoming insolvent, the NSW Government has announced an inquiry into insolvency in the construction industry and is seeking submissions from interested parties. Submissions to the inquiry are due by 14 September 2012.

    Filed under:
    Australia, New South Wales, Construction, Insolvency & Restructuring, Clayton Utz
    Authors:
    Narelle Smythe
    Location:
    Australia
    Firm:
    Clayton Utz
    US Bankruptcy Court flips English decision on flip clauses in Lehman Brothers case
    2010-02-05

    On 25 January 2010, the United States Bankruptcy Court handed down its much anticipated decision in relation to an action brought in that court by two Lehman Brothers entities (the Lehman entities) against BNY Corporate Trustee Services Limited (BNY) (the US Decision).

    Filed under:
    Australia, USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Clayton Utz, Bankruptcy, Swap (finance), Default (finance), Title 11 of the US Code, Lehman Brothers, Court of Appeal of England & Wales, United States bankruptcy court
    Location:
    Australia, USA
    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
    Cross Border Restructuring and Insolvency Update - January 2016
    2016-01-28

    Simona Kornhaas v Thomas Dithmar (Case C-594/14)

    The ECJ have ruled that a director of an English company that had entered into insolvency proceedings in Germany is liable to reimburse the company under German law for payments made after the company became insolvent.

    Filed under:
    Australia, European Union, Ireland, Luxembourg, United Kingdom, Insolvency & Restructuring, Litigation, Ashfords LLP
    Authors:
    Alan Bennett , Bethany Parr , Olivia Bridger
    Location:
    Australia, European Union, Ireland, Luxembourg, United Kingdom
    Firm:
    Ashfords LLP

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