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    Funding a liquidator's investigations into the affairs of a corporate trustee
    2016-12-13

    In Re PrimeSpace Property Investment Limited (In Liquidation) [2016] NSWSC 1450 the Supreme Court of New South Wales was asked to consider whether it could make directions in respect of the investigation of the affairs of a corporate trustee (whose only assets were held on trust). The company, as trustee, had guaranteed a loan from a third party and also granted that third party first option on several apartments.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Corporations Act 2001 (Australia), Trustee
    Authors:
    Susan Rowe , Bridie McKinnon , Peter Niven , David Perry , Kelly Paterson , Scott Abel , Jan Etwell , Scott Barker , Willie Palmer , Myles O'Brien
    Location:
    Australia
    Firm:
    Buddle Findlay
    Proposal to harmonise business insolvency in Europe
    2016-12-13

    On 22 November 2016, The European Commission announced a proposal for a new, more consistent approach to business insolvency across the member states of the EU. It is hoped that the proposed directive will create greater efficiencies in the insolvency process, enhance financial stability and provide greater certainty to investors and companies operating across the EU.

    Filed under:
    European Union, Insolvency & Restructuring, Buddle Findlay, European Commission
    Authors:
    Bridie McKinnon , Susan Rowe , Scott Abel , Peter Niven , Myles O'Brien , Scott Barker , Kelly Paterson , Jan Etwell , David Perry , Willie Palmer
    Location:
    European Union
    Firm:
    Buddle Findlay
    Brozen: UK proposes three month moratorium on legal action against struggling companies
    2016-06-30

    A proposed shakeup of the UK’s corporate insolvency regime will impose a three month freeze on legal action against stressed businesses who are investigating rescue options.  In addition to this moratorium, measures have been suggested to help businesses to continue trading through the restructuring process.  The intention is that this will prevent struggling companies being held to ransom by key suppliers, and will also assist in developing flexible restructuring plans.  The proposal would make rescue schemes binding, even on secured creditors.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Jan Etwell , Scott Abel , Scott Barker
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    The importance of registering your security interest, particularly in Australia
    2016-03-31

    In March 2013, four portable gas turbines worth about AU$50m had been leased to Forge Group Power Pty Ltd (Forge) by GE International Inc (GE) as lessor.  In February 2014 and March 2014 Forge was placed in administration and liquidation respectively.

    Filed under:
    Australia, New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, New South Wales Supreme Court
    Authors:
    David Perry , Scott Barker , Willie Palmer , Jan Etwell , Scott Abel
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Indemnity for receiver's costs and the operation of penalty clauses
    2015-12-08

    Torchlight Fund No 1 (Torchlight) contracted with Wilaci Pty Ltd (Wilaci) for a $37m loan. The terms included the payment of a 'late fee' of $500,000 per week.  Following default, Torchlight applied for a declaration that the fee was a penalty, and therefore unenforceable.  Torchlight also applied for directions as to the payment of the costs of the receivers appointed by Wilaci, arguing that a clause indemnifying Wilaci in respect of a default did not apply to such costs.  

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer , Jan Etwell
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Trans-Tasman Proceedings Act order excludes enforcement of certain Australian insolvency judgments in New Zealand
    2013-09-30

    On 11 October 2013, the Trans-Tasman Proceedings regime will come into effect. The Trans-Tasman Proceedings Act 2010 aims to streamline the process for resolving Trans-Tasman civil proceedings, with the intention of reducing costs and improving efficiency in enforcing Australian judgments in New Zealand.

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Marshalling inappropriate when single creditor is knocking
    2013-06-27

    Tegel sought summary judgment against Mr and Mrs Arnensen as guarantors of the obligations of Coastal Cuisine NZ Limited (In Receivership). The Arnensen's argued (in reliance on the equitable doctrine of marshalling) that Tegel ought not to be allowed to pursue the guarantees until the receivership of Coastal Cuisine had run its course.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidator is not appropriate appointee to trust
    2013-04-03

    Justice Dobson has recently reversed his interim ruling that section 17A Judicature Act 1908 gives the Court jurisdiction to appoint a liquidator to a trust if satisfied there are reasons for doing so. He found that a trust is not an "association" to which section 17A applies, and instead appointed receivers with selected powers given to liquidators under the Companies Act 1993.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Court of Appeal affirms the imposition of trading restrictions on a bankrupt
    2012-12-20

    Armitage v Established Investments Limited (in liq) involved an appeal by an undischarged bankrupt (A), against a High Court decision imposing conditions that A was not to engage in business for three years following discharge at the end of his bankruptcy. The High Court had also ordered that the period of bankruptcy was to be extended for three years beyond the statutory three year period, although A did not challenge this aspect of the High Court decision.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    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

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