In 2008, Harvey, an experienced businessman, guaranteed a debt owed to Dunbar Assets plc (Dunbar).  Dunbar subsequently served a statutory demand on Harvey in 2011 for payment under the guarantee.

In 2012, Harvey applied, unsuccessfully, to set aside the demand in the County Court on the ground of promissory estoppel.  However, the demand was subsequently set aside by the Court of Appeal on a completely unrelated ground.

The latest development in what has been a long-running (and expensive) cross-border insolvency proceeding involving Nortel (see our June 2015 and September 2015 legal updates for previous instalments) is a settlement between:

In CGES Limited (in liquidation and receivership) v Kelly [2016] NZHC 1465, the liquidator of CGES Limited brought claims against the former directors of the company for breaches of duties owed to the company.  The High Court held:

The Supreme Court has recently denied leave to appeal a judgment concerning the application of the continuing business relationship to voidable transactions under section 292(4B) of the Companies Act 1993.

The decision of Graham & Jackson v Arena Capital Limited (In Liquidation) concerned an application under the Companies Act 1993 by liquidators seeking direction on the application of liquidation funds.

In our December 2012 insolvency update we reported on CP Asset Management Ltd v Grant, in which the High Court upheld a creditors' resolution to appoint new liquidators.  The High Court found that a resolution should only be set aside when it was found that the prejudice to creditors was unreasonable.  In the High Court, the minority of creditors who voted against the resolution were unable to e

Wentworth Metals Group Pty Ltd (Wentworth) applied under the Corporations Act 2001 (Cth) (Act), for a review by the Federal Court of Australia of a decision by the liquidators of Bonython Metals Group Pty Ltd to sell Bonython's interest in a joint venture mining project to Pure Metals Pty Ltd. 

Re Tames involved an application for the Court to approve a debtor's proposal to creditors under section 333 of the Insolvency Act. The applicant was the provisional trustee for the proposal and sought the Court's approval of the proposal's terms. If the proposal was accepted, Ms Tames (the debtor) would only pay $0.05 on the dollar to her unsecured creditors. The application for approval was opposed by ASB, one of Ms Tames' unsecured creditors.

In the Court of Appeal decision of Herbert v New Zealand Guardian Trust Company Limited, the Court declined to grant Mrs Herbert's appeal in relation to the High Court's refusal to approve her creditor's proposal (see the summary in our October 2011 update).

As noted in our recent insolvency law update, the Western Australian Court of Appeal has recently delivered its judgment (comprising over 1,000 pages) on one of Australia's longest running pieces of litigation: Westpac Banking Corporation v The Bell Group (in liq) [No 3].