A recent decision of the NSW Court of Appeal demonstrates the importance for security trustees tocarefully consider and understand their obligations in an enforcement scenario.

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Introduction

On 1 July 2015, the Commonwealth Government launched the Fair Entitlements Guarantee Recovery Programme for an initial period of two years. The purpose of the Recovery Programme is to increase the prospects of the Commonwealth recovering amounts it has paid to former employees of companies in liquidation pursuant to the Fair Entitlements Guarantee Scheme[1]. 

Dispute Resolution Singapore Client Alert July 2015 Singapore High Court determines proprietary interests of customers of insolvent brokerage firm, MF Global Singapore Pte Ltd In the latest instalment arising out of the insolvency of MF Global, the Singapore High Court had to decide whether certain customers of the insolvent brokerage firm had any proprietary interests in the assets of the firm, and whether these assets were held on trust for these customers.

China Tax Monthly – 2015 Midyear Review Beijing/Hong Kong/Shanghai In this midyear issue of the China Tax Monthly, we present the most interesting and most important regulatory changes and administrative cases from the first six months of 2015. Two major trends are worthy of note. First, the PRC tax authorities are continuing to strengthen transfer pricing enforcement and anti-avoidance practice. Second, though cross-border restructurings still face challenges, China offered various preferential tax policies to domestic corporate restructurings during the first half of the year.

Kajtár Takács Hegymegi-Barakonyi Baker & McKenzie Ügyvédi Iroda is a member of Baker & McKenzie International, a Swiss Verein. Futhat a bank a pénze után? Nem várt kockázatot rejt a pénzügyi szolgáltatók számára a Csődtörvény a refinanszírozás szempontjából. A hitelezőkkel megeshet, hogy a már kiegyenlítettnek hitt követelésüket a felszámoló az adós nevében visszakövetelheti a törvény egyik rendelkezése értelmében.

In Akagi v. Synergy Group (2000) Inc. (“Akagi“), the Ontario Court of Appeal set aside a series of ex parte orders made by Toronto’s Commercial List Court granting broad investigative powers to a court-appointed receiver.

Update on Dutch partnerships Willemijn Punt The Dutch Supreme Court recently delivered two important and interesting judgments in the matter of partnerships. The first judgment relates to the consequences of bankruptcy of a general partnership or a limited partnership for its partners. The second judgment pertains to a matter that has kept opinions in case law and legal literature divided for a long time, namely whether or not an acceding partner is liable for debts of the partnership going back to a moment in time prior to his or her accession.

What you need to know

The Court of Appeal - Supreme Court of Western Australia has confirmed that the existence of a general security interest does not of itself destroy mutuality between a company in liquidation and its creditors and as a consequence section 553C of the Corporations Act 2001 (Cth) (Corporations Act) can apply to allow a creditor to set-off its debts against amounts owed to the company in liquidation.1

In a comprehensive unanimous decision, the Court of Appeal confirmed the following propositions:

What you need to know

The High Court has decided not to hear an appeal about the ability of the Linc Energy Limited (Linc Energy) liquidators to disclaim property of the company - this means the liquidators could disclaim that property, including any obligations under the specific environmental protection order (EPO) issued under Queensland's environmental legislation. The current position stands that the disclaimer notice had the effect of avoiding obligations of both the company and its liquidators under the EPO.

What you need to know

The High Court yesterday affirmed the flexibility of the purposes for Deeds of Company Arrangement (DOCA). In its reasoning, the Court placed very few limits on the use of what are commonly called "holding" DOCAs. It confirmed that a holding DOCA can be validly accepted by creditors to allow more time for an administrator to investigate the future options for an insolvent company.