In this Australian case, a major creditor of the company in question alleged that it was involved in phoenix activity and offered to fund a public examination of the director provided that the creditor's solicitors would act for the liquidators in that examination.  The liquidators refused the offer and, in response, the creditor applied to have the liquidators removed.

In Mclean v Trustees of the Bankruptcy Estate of Dent [2016] EWHC 2650, the High Court considered the application of the equitable doctrines of marshalling and subrogation in relation to a fixed charge over (among other things) a dog.

A company and partnership borrowed funds from two sources – Barclays Bank and Lady Morrison. Barclays held, among other things, charges over farms owned by individual partners and an agricultural charge under the Agricultural Credits Act 1928 (UK), including a charge over a dog. Lady Morrison only held charges over the farms.

Australian-listed Slater & Gordon, the world’s first publicly traded law firm, is preparing to post what is understood to be legal sector’s biggest ever annual loss.  A profit warning filed with the Australian Securities Exchange, reveals the firm's full-year net loss after tax for the year ended 30 June is expected to total A$1,017.6m. 

In Ebert Construction Ltd v Sanson [2016] NZHC 472, the High Court awarded costs to liquidators after a statutory demand issued by the liquidators had been set aside by consent.  The reasons were as follows:

In Cook v Mortgage Debenture, Mr Cook applied to be joined to a proceeding that was being continued by a claimant company after it had been placed into administration.  The issue was whether the Court's consent was required on the basis that the application was against a company in administration (the English legislation being similar to section 248 of the Companies Act 1993).  The Court concluded that, while the moratorium covered legal proceedings against a company in administration or liquidation, it does not cover defensive steps in proceedings brought (or contin

Frustration amongst creditors of struggling UK law firms continues to grow.  Administrators of Challinors have concluded that the partnership's unsecured creditors, owed approximately £7.1m, are likely to receive nothing.  Meanwhile the Solicitors Regulation Authority (SRA) has advised 141 firms that they must prepare to shut-down following their failure to obtain professional indemnity cover.  These firms are currently in the middle of a 60 day cessation period during which they may remain in business, but cannot accept any new instructions.  While some have blamed the

In Commissioner of Inland Revenue v Property Ventures Limited (in Liq & In Rec), the liquidator of Property Ventures Limited (in liq and rec) obtained orders requiring the New Zealand Police to produce computer equipment holding certain company records. The Police obtained the relevant information from the offices of a Mr Henderson, following a complaint by the liquidator alleging a failure to comply with notices issued under section 261 of the Companies Act 1993. 

The recent Court of Appeal case of Kakara Estate Ltd v Savvy Vineyards 3552 Ltd [2013] NZCA 101 provides a useful reminder that an assignment and a novation of an agreement are different. When an agreement is assigned, the assignor remains a party to the agreement. If the agreement is novated, a new agreement is created between the assignee and the continuing party, and the "assignor" is released.

Further to our October 2011 update, the UK Supreme Court has released its decision in respect of the New Cap Reinsurance and Rubin appeals.

Under section 241(4) of the Companies Act 1993 the High Court "may" order that a company which is unable to pay its debts be put into liquidation.  While the Court retains a discretion not to order the liquidation of an insolvent company, it will not usually exercise that discretion in the absence of good reasons for doing so.