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    Trustee company property not subject to preferential treatment
    2017-06-29

    The Supreme Court of Victoria has recently considered whether trust property is subject to the priority regime provided for in section 556 of the Corporations Act 2001 (Cth) (the Australian equivalent of New Zealand's Schedule 7 of the Companies Act 1993).  It also considered whether a trustee's right of indemnity is subject to the obligations of receivers under section 433 of that Act, to pay employee entitlements in priority out of assets subject to a circulating security interest.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Buddle Findlay, Debt, Corporations Act 2001 (Australia), Victoria Supreme Court, Trustee
    Authors:
    Matthew Triggs , Peter Niven , David Perry , Scott Abel , Jan Etwell , Willie Palmer , David Broadmore , Bridie McKinnon , Scott Barker , Susan Rowe , Kelly Paterson , Myles O'Brien
    Location:
    Australia
    Firm:
    Buddle Findlay
    Liquidator's disclaimer of lease upheld by Australian High Court
    2013-12-13

    In our September 2012 insolvency update, we reported on Re Willmott Forests Ltd [2012] VSC 29, where the Victorian Court of Appeal found that a leasehold interest in land is extinguished by a liquidator's disclaimer of the lease pursuant to section 568(1) of the Australian Corporations Act 2001 (Cth).

    Filed under:
    Australia, New Zealand, Victoria, Insolvency & Restructuring, Litigation, Real Estate, Buddle Findlay, Leasehold estate, Liquidator (law), Corporations Act 2001 (Australia), Victoria Supreme Court, High Court of Australia
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Disclaiming landlord's interest in a lease - an Australian perspective
    2012-09-28

    A liquidator of a landlord company who disclaims a lease under section 568(1) of the Corporations Act 2001 (Cth), a section largely similar to section 269 of the Companies Act 1993 (NZ), does so with full effect, leaving the land unencumbered by the interests of tenants.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Real Estate, Buddle Findlay, Landlord, Leasehold estate, Liquidator (law), Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Buddle Findlay
    Composing scheme classes
    2017-06-29

    The New South Wales Court of Appeal recently handed down an important judgment relating to the composition of classes in a creditors' scheme of arrangement.  In First Pacific Advisors LLC v Boart Longyear Limited, the Court of Appeal unanimously dismissed an appeal brought by First Pacific Advisors LLC (FPA).  The appeal was against an order made under s 411 of the Corporations Act 2011 convening meetings of creditors of Boart Longyear Limited (BLL) and several associated companies, to consider and if it saw fit, agree to two schemes of arrangements (one relating to

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    Bridie McKinnon , Matthew Triggs , Peter Niven , Myles O'Brien , David Perry , Susan Rowe , Scott Barker , Jan Etwell , Scott Abel , Kelly Paterson , David Broadmore , Willie Palmer
    Location:
    Australia
    Firm:
    Buddle Findlay
    Australian court holds priority insurance payments obtained during liquidation subject to the liquidator's remuneration
    2013-12-13

    The Australian Corporations Act 2001 provides that a company in liquidation that holds insurance for the benefit of third parties must pay the proceeds of the insurance policy to those third parties in priority to other creditors.  Insurance proceeds payable to third parties under this provision are subject to deductions of "any expenses of or incidental to getting in" those proceeds.  The liquidator of Brighton Hall Securities Pty Ltd sought directions from the court regarding the liquidator's entitlement to deduct his fees and expenses from the insurance proceeds.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Buddle Findlay, Liquidation, Tax deduction, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Australia
    Firm:
    Buddle Findlay
    A bumper harvest - setting off post liquidation debts
    2012-06-29

    In Grapecorp Management Pty Ltd (in liq) v Grape Exchange Management Euston Pty Ltd [2012] VSC 112, Grape Exchange Management Euston Pty Ltd (Grape Exchange) managed a vineyard for Grapecorp Management Pty Ltd (Grapecorp). 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Buddle Findlay
    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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