Background
Coin Co International PLC (Administrators Appointed) (Coin Co) was a company incorporated in the UK which conducted a cash services business in the UK and a global currency exchange business in various countries, including Australia.
There are various Personal Property Securities Act 2009 (Cth) disasters occurring in the construction industry following contractors’ insolvency or default. These typically arise from a failure to register against leased/hired or retention of title (ROT) equipment or materials, late registration, or incorrect financing statements.
In some cases, legal owners of equipment or materials have lost title to those goods or lost out to secured financiers in a priority dispute.
In Re John Pettit Pty Limited (Subject to a Deed of Company Arrangement) [2014] NSWSC 728, the Supreme Court of NSW considered an application by the deed administrators of John Pettit Pty Ltd (John Pettit) seeking directions to sell property potentially owned by third parties and orders which limited the Deed Administrators’ personal liability in relation to the sale.
BACKGROUND
The Federal Court decision of Crumpler (as liquidator and joint representative) of Global Tradewaves Ltd (a company registered in the British Virgin Islands) v Global Tradewaves (in liquidation), in the matter of Global Tradewaves Ltd (in liquidation)[2013] FCA 1127 provides an illustrative example of the way that cross border insolvency recognition can be used to aid a foreign administration.
Facts
In the recent decision of ASIC v ActiveSuper Pty Ltd (No 2) [2013] FCA 234 (ActiveSuper), the Federal Court considered an application by ASIC brought pursuant to s 472(2) of the Corporations Act 2001 (Cth) (Act) to appoint provisional liquidators to a company MOGS Pty Ltd (MOGS).
This week’s TGIF considers the decision of In the matter of Bryve Resources Pty Ltd [2022] NSWSC 647, which illustrates the circumstances in which liquidators can recover payments made by the company to, or for the benefit of, directors.
Key takeaways
This week’s TGIF considers the recent decision of In the matter of PIC Lindfield 19 Pty Ltd (in liq)[2022] NSWSC 271, in which former directors of the company in liquidation failed to set aside summonses for public examination on the basis of alleged non-disclosure by the liquidators.
Key Takeaways
This week’s TGIF considers a recent decision of the Supreme Court of New South Wales, Re Antqip Pty Ltd (in liq) [2021] NSWSC 1122, concerning whether section 588FL of the Corporations Act2001 (Cth) applied to vest a security interest in the company that was granted after the ‘critical time’.
Key Takeaways
This week’s TGIF focuses on themes that are emerging as Australia moves to an economic recovery phase and sees the end of government intervention to prevent insolvencies.
Key takeaways