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    Trust assets not exposed in trustee's bankruptcy
    2013-09-30

    The NSW Court of Appeal recently confirmed that the bankruptcy of a personal trustee or appointer of a family trust does not affect the protection afforded to the family trust assets by the trust structure. 

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Australia
    Firm:
    Buddle Findlay
    Liquidator's power to enter funding arrangements (Australia)
    2011-10-04

    Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2011] FACFC 89 concerned the powers of liquidators in Australia.  In 2009, joint liquidators were appointed to Octaviar Limited (Octaviar) and Octaviar Administration (Funder).  Fortress claimed to be a secured creditor of Octaviar under a charge, and was owed approximately $71 million.  The liquidators arranged for Octaviar and the Funder to enter into funding agreements that provided for the Funder to fund an investigation into the actions of Fortress and to commence litigation against Fortress.

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Credit (finance), Liquidation, Secured creditor, Liquidator (law), High Court of Justice
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Joint Court hearing in Halifax liquidation a first for New Zealand
    2021-05-31

    The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.

    Filed under:
    Australia, New Zealand, Capital Markets, Insolvency & Restructuring, Litigation, Buddle Findlay, Corporations Act 2001 (Australia)
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne , Luke Sizer , Annie Cao
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Liquidators entitled to a fair fee
    2017-03-20

    The New South Wales Court of Appeal recently handed down an important judgment on the remuneration of registered liquidators.

    Sakr concerned an appeal by Sanderson as liquidator of Sakr against an order determining his remuneration on anad valorem basis, without reference to his time attendances or hourly rate.  Due to the importance of the issues, the Australian Securities and Investments Commission (ASIC) and Australian Restructuring Insolvency and Turnaround Association (ARITA) appeared and made submissions on the issue.

    Filed under:
    Australia, New Zealand, New South Wales, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Liquidator (law)
    Authors:
    David Broadmore , David Perry , Jan Etwell , Scott Abel , Scott Barker , Susan Rowe , Willie Palmer , Bridie McKinnon , Kelly Paterson , Matthew Triggs , Myles O'Brien , Peter Niven
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Duty to achieve best price in asset sales does not apply to liquidator
    2013-09-30

    Wentworth Metals Group Pty Ltd (Wentworth) applied under the Corporations Act 2001 (Cth) (Act), for a review by the Federal Court of Australia of a decision by the liquidators of Bonython Metals Group Pty Ltd to sell Bonython's interest in a joint venture mining project to Pure Metals Pty Ltd. 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Buddle Findlay, Corporations Act 2001 (Australia), Federal Court of Australia
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Australia
    Firm:
    Buddle Findlay
    When can a secured creditor appoint an administrator?
    2011-04-04

    The Supreme Court of Victoria has recently given some guidance on when a secured creditor who is entitled to enforce a charge over "the whole, or substantially the whole of the company's property" can validly appoint a company administrator.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Buddle Findlay, Secured creditor, Victoria Supreme Court
    Location:
    Australia
    Firm:
    Buddle Findlay
    Latest Update in the Wells Fargo, Willis and Virgin Australia Case - The Appeal to the High Court of Australia
    2021-12-07

    On 4 November 2021, the High Court of Australia heard the arguments put forward by Wells Fargo Trust Company, National Association and Willis Lease Finance Corporation, together Wells Fargo, and the administrators (the Administrators) of the Virgin Australia Airlines group, which entered into administration on 20 April 2020. The dispute primarily concerned who should pay for the redelivery of four aircraft engines capable of being used on B737s (the Engines) to the lease redelivery location in Florida.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Mayer Brown, High Court of Australia
    Authors:
    Barry Cosgrave , Christopher Street , Hannah Davies
    Location:
    Australia
    Firm:
    Mayer Brown
    HETA ASSET RESOLUTION AG: Austrian Financial Market Authority imposes temporary debt moratorium
    2015-03-11

    By an ordinance (Mandatsbescheid) issued on March 1, 2015, the Austrian Financial Market Authority (“FMA”) has initiated the resolution of HETA ASSET RESOLUTION AG (“HETA”). HETA is the “bad bank” that was established to assume and manage large parts of the Austrian Bank Hypo-Alpe-Adria, which was required to be resolved in accordance with EU regulations. HETA is 100 percent owned by the Republic of Austria, and it currently manages assets worth approximately EUR 18 billion.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Mayer Brown
    Authors:
    Dr. Simon G. Grieser
    Location:
    Australia
    Firm:
    Mayer Brown
    Insolvency reform - Productivity Commission weighs in
    2015-05-25

    The reform agenda for Australia's restructuring and insolvency regime has now received the views of the Productivity Commission, in the context of its wider review of Business Set-Up, Transfer and Closure.  A draft report published on 21 May 2015 sets out a number of recommendations that, while mostly not new to the reform agenda, will be relevant to restructuring and insolvency professionals in the not-too-distant future.

    Filed under:
    Australia, Insolvency & Restructuring, Baker McKenzie, Debtor in possession
    Authors:
    Maria O'Brien , David Walter , Peter Lucarelli
    Location:
    Australia
    Firm:
    Baker McKenzie
    There is a first time for everything - US bankruptcy plan for Australian debtor
    2015-01-20

    Need to know

    In a first for the US and Australian markets, the Buccaneer Energy group of companies successfully had bankruptcy plans approved by the US Bankruptcy Court for both US and Australian incorporated debtor companies. 

    Filed under:
    Australia, USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor
    Authors:
    David Walter , Peter Lucarelli , Maria O'Brien
    Location:
    Australia, USA
    Firm:
    Baker McKenzie

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