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    Federal court approves administrators’ entry into funding deed to trade company pending sale
    2021-07-01

    Section 90-15 of the Insolvency Practice Schedule (the IPS) confers on Courts wide powers to adjust rights related to companies in external administration. Here, the administrators of a mining group obtained orders approving their entry into a deed to fund the ongoing operation of the group pending sale and limiting their liability under the deed to the company’s assets. The Court accepted the administrators’ evidence that this funding was urgently required to continue the Group’s operations pending a sale, the prospects of which were thereby maximised.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Gadens, Corporations Act 2001 (Australia)
    Authors:
    Scott Couper
    Location:
    Australia
    Firm:
    Gadens
    Federal Court decision throws unfair preference law into a state of flux
    2021-07-01

    In a recent article [The Abolition of the Peak Indebtedness Rule in Preference Claims] we discussed the case of Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq) (receivers and managers appointed) [2021] FCAFC 64 (First Badenoch Decision) which effectively abolished the “peak indebtedness rule” in unfair preference claims.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Corporations Act 2001 (Australia)
    Authors:
    Michael Lalji
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    ATO on the watch after liquidators claw back funds despite a deed of company arrangement
    2021-07-01

    In the matter of Western Port holdings Pty Ltd (receivers and managers appointed)(in liq) [2021] NSWSC 232, Deed Administrators who were subsequently appointed Liquidators of Western Port Holdings Pty Ltd (the Company) clawed back over $2 million worth of payments made to the Australian Taxation Office (ATO) whilst the Company was subject to a Deed of Company Arrangement (DOCA).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Gadens, Power of attorney, Corporations Act 2001 (Australia)
    Authors:
    Barbara-Ann Sim
    Location:
    Australia
    Firm:
    Gadens
    Federal court considers whether bankrupt’s property should vest in mortgagees following disclaimer by bankruptcy trustee
    2021-07-01

    The Federal Court’s recent decision in Kellendonk concerned a $350,000 loan made by the applicants, Mr and Mrs Kellendonk, to Ms Maria Jasienska-Dudek to help her buy a property in Midland, Western Australia (Property). Ms Jasienska-Dudek defaulted under the loan agreement and the parties subsequently entered an informal agreement which, after Ms Jasienska-Dudek became a bankrupt, led to some novel circumstances and a novel application of section 133 of the Bankruptcy Act 1966 (Cth) (the Bankruptcy Act).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Gadens
    Authors:
    Guy Edgecombe , Mitchell Byram
    Location:
    Australia
    Firm:
    Gadens
    It’s a brave new world: NZ and Australian courts join to determine a high profile, cross-border insolvency
    2021-07-01

    Cross-border insolvency has ventured into new territory as a judgment is released from the first contemporaneous sitting of the Federal Court of Australia and the High Court of New Zealand.

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Gadens
    Authors:
    Guy Edgecombe
    Location:
    Australia, New Zealand
    Firm:
    Gadens
    Newsflash: threshold for statutory demands raised
    2021-07-01

    In another move to protect small business owners, the Federal Government has permanently raised the minimum debt required to serve a statutory demand from $2,000 to $4,000, effective today.

    The increase was introduced by the Corporations Amendment (Statutory Minimum) Regulations 2021 (Cth) (Regulations). The new threshold applies to all statutory demands served on or after 1 July 2021. The 21-day period to comply with a statutory demand remains unchanged.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Hall & Wilcox, Corporations Act 2001 (Australia)
    Authors:
    Scott Butler , Katherine Payne
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Australian court winds up UK company and dismisses recognition application by UK moratorium restructuring practitioners
    2021-06-29

    A Supreme Court in Australia has dismissed an application by a UK company’s moratorium restructuring practitioners for recognition of a UK moratorium and ordered that the company be wound up under Australian law.

    The decision provides insights into the interaction between cross-border insolvencies and the winding up in Australia of foreign companies under Australian law.

    Introduction

    In the matter of Hydrodec Group Plc [2021] NSWSC 755, delivered 24 June 2021, the New South Wales Supreme Court:

    Filed under:
    Australia, United Kingdom, Insolvency & Restructuring, Litigation, Cooper Grace Ward, Corporations Act 2001 (Australia)
    Authors:
    Graham Roberts
    Location:
    Australia, United Kingdom
    Firm:
    Cooper Grace Ward
    Why You May Not Be Able to Avoid That Public Examination
    2021-06-28

    In the recent case of Jane v Secatore (Liquidator), in the matter of Last Lap Pty Ltd (in liq) [2021] FCAFC 108, the Court heard an appeal of a decision that dismissed an application to discharge summonses issued concerning public examinations by the liquidator of Last Lap Pty Ltd (in liquidation) (Last Lap).

    The fact of the Case

    The applicant applied to the Court to discharge summonses issued to himself and various entities.

    The application was on two main bases:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Federal Court of Australia
    Authors:
    Sayward McKeown
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    TGIF 25 June 2021 - Not all preference claims are created equal
    2021-06-25

    This week’s TGIF considers the decision of the Supreme Court of NSW in In the matter of Pacific Steelfixing Pty Ltd [2021] NSWSC 655, where a liquidator failed to adequately prove that payments to a creditor, during the relation back period, were voidable transactions because the Liquidator had not finalised investigations into the potential recovery claims available to him.

    Key takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    statutory demands - minimum amount to increase
    2021-06-23

    The Federal Government has recently announced that from 1 July 2021 the statutory minimum amount to serve a creditor’s statutory demand will increase from $2,000 to $4,000. The 21 day period within which a debtor must respond to a statutory demand and the personal liability on Directors for insolvent trading will remain the same.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Macpherson Kelley, Coronavirus
    Location:
    Australia
    Firm:
    Macpherson Kelley

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