The case of Taylor and Ors v B concerned a company that imported and distributed hair care products, Cabellos Holdings Limited.
Finnigan v He underlines the obligatory nature of bankruptcy set-off whereby once the statutory requirements that exist in section 310 of the Companies Act 1993 are met (and no exclusion applies), such a set-off is mandatory. It also discusses when a transaction occurs and the operation of the exclusion in section 310(2) that preludes bankruptcy set-off.
A recent decision confirms that liquidators can require creditors and other persons with relevant knowledge about the affairs of the company in liquidation to provide information.
The Supreme Court of Victoria has recently given some guidance on when a secured creditor who is entitled to enforce a charge over "the whole, or substantially the whole of the company's property" can validly appoint a company administrator.
The administrators of St George’s Property Services (London) Ltd appealed from a decision granting the application of the 2 shareholders and directors of the company to remove the administrators and to appoint replacement insolvency practitioners who were willing to make an application under s 244 of the Insolvency Act 1986 (UK) in respect of an exorbitant credit transaction to which the company was a party.
In Nylex (New Zealand) Ltd (In Rec and in Liq) v Independent Timber Merchants Co-Operative Limited Justice Heath granted summary judgment to Nylex and rejected ITM's argument that it had a defence of equitable set-off relating to unpaid loyalty scheme obligations.
In Katavich v Meltzer & Ors, the court confirmed that pursuant to ss 284 and 321 of the Companies Act 1993 (Act), liquidators can be removed notwithstanding that their final report has been filed and the company is to be struck off the Register.
The court had made orders for examination of 4 current and former directors of New Image by the liquidators of Omegatrend.
Fodare Pty Ltd v Shearn considered the admissibility of transcripts of public examinations made under Australia's Corporations Act 2001.
Mana bought proceedings against the liquidators of James for legal costs resulting from the liquidator's decision to continue an appeal against Mana, in respect of successful specific performance proceedings brought by Mana against James.