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    Bankrupt New Zealander bankrupted in Australia
    2011-11-09

    Introduction  

    Another failed property developer has just been made bankrupt in Australia, this time with a difference – he was already bankrupt in New Zealand. Bank of Western Australia (Bank) v David Stewart Henderson (No. 3) [2011] FMCA 840 is another Australian cross-border insolvency case in which we have successfully tested the boundaries of the Cross-Border Insolvency Act 2008 (Cth) (the CBIA), this time with the Bankruptcy Act 1966 (Cth).

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Debtor, Common law, Prejudice, UNCITRAL, Trustee
    Authors:
    David Goldman , Michael Rose
    Location:
    Australia, New Zealand
    Firm:
    Norton Rose Fulbright
    Breakaway franchisees - REDgroup retail
    2011-07-05

    With REDgroup administrators, Ferrier Hodgson, desperately searching for a buyer for REDgroup's Australian book business, the consequences for franchisees remains uncertain.  Whilst the nine remaining Borders bookstores are set to close, no decision has yet been made on the future of Angus & Robertson (A&R).

    Filed under:
    Australia, Franchising, Insolvency & Restructuring, Hall & Wilcox, Bankruptcy, Legal personality, Retail, Advertising, Code of conduct, Franchise agreement
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Active co-operation from United Kingdom courts in cross-border insolvency
    2011-10-04

    The recent English decision in the Australian liquidation, New Cap Reinsurance Corpn Ltd (in liquidation) and another v Grant and others (available here), has further opened up the possibility for New Zealand insolvency proceedings to be recognised and enforced in the United Kingdom. 

    Filed under:
    Australia, New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Reinsurance, Liquidation, Liquidator (law), Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Location:
    Australia, New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Recommendations to reform Australia’s insolvency framework
    2010-10-11

    On 14 September 2010, the Senate Economics References Committee (Committee) released a report recommending reforms to Australia’s current insolvency regime (Report) in the following key areas:

    •  the regulation of the insolvency regime
    •  the registration of insolvency practitioners, and
    •  the remuneration of insolvency practitioners.

    Implications

    If the recommendations contained in the Report are enacted in legislation, stakeholders may be affected in the following ways:

    Filed under:
    Australia, Insolvency & Restructuring, PwC Australia, Bankruptcy, Security (finance), Stakeholder (corporate), Australian Securities and Investments Commission, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    PwC Australia
    City of Swan v Lehman Brothers: deed of company arrangements and third party releases
    2010-03-26

    The High Court of Australia is expected soon to hand down its judgment in Lehman Brothers v City of Swan. It is likely that this judgment will definitively determine whether Deeds of Company Arrangement under Pt 5.3A of the Corporations Act (“the Act”) are able to force creditors to give releases to third parties. 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Bankruptcy, Statutory interpretation, Dividends, Deed, Liquidator (law), Collateralized debt obligation, Bankruptcy discharge, Right to property, Lehman Brothers, Corporations Act 2001 (Australia), High Court of Australia
    Location:
    Australia
    Firm:
    Piper Alderman
    Bankruptcy and your super: getting it right
    2009-09-01

    The Bankruptcy Act 1966 (Cth) was amended to address the outcome of the High Court's decision in Cook v Benson1. It was held in that case that a trustee in bankruptcy could not recover amounts transferred from a retirement fund to another superannuation fund after the bankruptcy of the member as the amounts rolled over to the fund by or on behalf of the member were made in good faith and for consideration (ie the member had a right to receive benefits on retirement).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Hall & Wilcox, Share (finance), Bankruptcy, Consideration, Retirement, Liquidation, Good faith, Default (finance), Annuity, Australian Taxation Office, Australian Prudential Regulation Authority, Trustee, High Court of Australia
    Authors:
    Andrew O'Bryan
    Location:
    Australia
    Firm:
    Hall & Wilcox
    US Bankruptcy Court flips English decision on flip clauses in Lehman Brothers case
    2010-02-05

    On 25 January 2010, the United States Bankruptcy Court handed down its much anticipated decision in relation to an action brought in that court by two Lehman Brothers entities (the Lehman entities) against BNY Corporate Trustee Services Limited (BNY) (the US Decision).

    Filed under:
    Australia, USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Clayton Utz, Bankruptcy, Swap (finance), Default (finance), Lehman Brothers, Title 11 of the US Code, Court of Appeal of England & Wales, United States bankruptcy court
    Location:
    Australia, USA
    Firm:
    Clayton Utz
    Liquidators’ liability for GST – draft legislation released
    2009-07-31

    Exposure draft legislation has been released which proposes amendments to the GST legislation to make it clear that liquidators and other representatives of incapacitated entities are liable for GST on transactions within the scope of their appointment.

    Date of effect

    It is proposed that the main operative provisions of the legislation have effect retrospectively from the commencement of the GST Act on 1 July 2000.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Tax, Norton Rose Fulbright, Tax exemption, Bankruptcy, Unsecured debt, Dividends, Tax credit, Consideration, Liquidation, Goods and services tax (Canada), Liquidator (law), Aircraft registration, Goods and services tax (Australia), Goods and Services Tax (New Zealand), Constitutional amendment, Federal Court of Australia
    Authors:
    Peter Norman
    Location:
    Australia
    Firm:
    Norton Rose Fulbright
    Liability of Managing Directors of a GmbH for Incorrect Financial Information and “Civil Fraud” - Austrian Supreme Court Ruling 6 Ob 244/17a
    2018-05-28

    Director’s liability is a recurring issue in both the Austrian and German courts. One reason is that, when a company goes into bankruptcy, its receivers and creditors tend to look for alternative sources of funds, especially when the directors are covered by D&O Insurance.

    Filed under:
    Austria, Company & Commercial, Insolvency & Restructuring, KNOETZL, Bankruptcy, Advertising, Gross negligence, Causality
    Authors:
    Katrin Hanschitz
    Location:
    Austria
    Firm:
    KNOETZL
    Changes to Bankruptcy Law in Azerbaijan
    2017-05-25

    On 25 April 2017, the President of the Republic of Azerbaijan signed a decree approving the Law on Amendments to the Bankruptcy Law (the Amendments).

    The Amendments incorporate the definition of related parties to the debtor in accordance with the Civil Code of the Republic of Azerbaijan (the Civil Code). The related parties include the persons described in Article 49-1.1 of the Civil Code as well as individuals dismissed from the debtor's management bodies within one year prior to the beginning of bankruptcy.

    Filed under:
    Azerbaijan, Insolvency & Restructuring, Baker McKenzie, Bankruptcy
    Authors:
    Altay Mustafayev , Jamil Alizada
    Location:
    Azerbaijan
    Firm:
    Baker McKenzie

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