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    A mixed bag for liquidators in High Court decisions on claims of unfair preference or other voidable transactions
    2023-02-09

    Insolvency practitioners and creditors facing voidable transaction claims will need to reassess the value of any potential or threatened unfair preference claims or other voidable transaction claims, following two important insolvency decisions in the High Court yesterday (Metal Manufactures Pty Limited v Morton [2023] HCA 1 (Metal Manufactures); Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 (Badenoch).

    It held that:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Debt, Insolvency, Corporations Act 2001 (Australia)
    Authors:
    Timothy Sackar , Jennifer Ball , Cameron Belyea , Zac Chami , Brett Cook , Alistair Fleming , Paul James , Gareth Jenkins , Orla McCoy , Karen O'Flynn , Nick Poole , Scott Sharry
    Location:
    Australia
    Firm:
    Clayton Utz
    Media Release: Education and reform key to turning around attitudes to turnaround professionals
    2023-02-07

    More Australian businesses in financial difficulty are embracing a ‘turnaround’ culture, but further structural reforms are needed to shift attitudes towards the use of turnaround professionals, according to Clayton Utz Restructuring & Insolvency partner, Cameron Belyea.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clayton Utz
    Location:
    Australia
    Firm:
    Clayton Utz
    The ipso facto stay in voluntary administration: first decision gives some (limited) guidance
    2023-02-07

    The first reported decision on the ipso facto stay provisions of the Corporations Act provides clarity that they operate as intended in voluntary administration – leaving the trickier issues for another day.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, ipso facto, Corporations Act 2001 (Australia)
    Authors:
    Orla McCoy , Mikhail Glavac
    Location:
    Australia
    Firm:
    Clayton Utz
    Australia’s corporate insolvency laws to undergo a comprehensive review
    2022-10-04

    A comprehensive review has begun into the effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy. Undertaken by the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services, the review is seeking submissions by 30 November 2022.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Coronavirus, Insolvency, Australian Taxation Office, Australian Securities and Investments Commission
    Authors:
    Timothy Sackar , Jennifer Ball , Zac Chami , Orla McCoy , Karen O'Flynn , Paul James , Nick Poole , Brett Cook , Gareth Jenkins , Scott Sharry , Cameron Belyea , Alistair Fleming
    Location:
    Australia
    Firm:
    Clayton Utz
    Litigation - risky business for liquidators
    2021-05-13

    Before embarking on any litigation, or continuing any litigation that is on foot at the time of the liquidator's appointment, a liquidator should carefully weigh up the benefits and risks of pursuing a particular course of action.

    A liquidator can be exposed personally in litigation. We discuss the risks to a liquidator associated with litigation by examining some recent cases where liquidators have been ordered to pay costs personally. We provide guidance on ways to mitigate this risk.

    Balancing risk – weighing up competing priorities

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidator (law), Insolvency Act 1986 (UK)
    Authors:
    Anthony Burke
    Location:
    Australia
    Firm:
    Clayton Utz
    Is the threat of voluntary administration credible in restructurings?
    2019-07-19

    It is inevitable that companies will face periods of financial distress during their corporate lives. During these times, it is incumbent on the directors and management to seek to maximise the company's chances of survival and preserve value for stakeholders. Certainly it has not been uncommon for directors to use the threat of voluntary administration as a part of their stakeholder management strategy during these times.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Board of directors
    Authors:
    Timothy Sackar , Jillian Robertson
    Location:
    Australia
    Firm:
    Clayton Utz
    The Personal Property Securities Act: Is "possession" still nine-tenths of the law?
    2018-09-12

    Although we have been operating under the Personal Property Securities Act 2009 (Cth) (PPSA) for a number of years, this area of law continues to generate disputes because of the complexity of the legislative regime and the ramifications of being an unsecured creditor of an insolvent entity.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Orla McCoy , Jillian Robertson
    Location:
    Australia
    Firm:
    Clayton Utz
    Disclaimers and the obligation to comply with environmental protection orders
    2018-03-15

    The liquidators were not bound to cause Linc to comply with the EPO from the date of the disclaimer.

    Filed under:
    Australia, Queensland, Environment & Climate Change, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Kathryn Pacey , Stuart MacGregor , Scott Sharry
    Location:
    Australia
    Firm:
    Clayton Utz
    Court extends time for registration of security interests due to inadvertence - ABN v ACN
    2016-09-01

    Accolade is a very useful illustration of how a court exercises its discretion when a financier's failure to register its security interests properly was inadvertent.

    When will a court exercise its discretion to grant an extension of time for the registration of security interests on the Personal Property Securities Register (PPSR)? The NSW Supreme Court has given some guidance in In the matter of Accolade Wines Australia Limited and other companies [2016] NSWSC 1023, specifically regarding:

    Filed under:
    Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Clayton Utz, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidators face (re)insurance problems
    2015-08-06

    Key Points:

    Section 562A of the Corporations Act does not apply where liquidator realises a sum of money by assigning the proceeds of the reinsurance claim to a third party.

    Liquidators of insurance companies face a major quandary when assessing reinsurance recoveries.

    A new Court decision may undercut the legislative policy that reinsurance proceeds should be quarantined from the normal rules for paying out creditors of insolvent companies.

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Reinsurance, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Karen O'Flynn , Mark Waller
    Location:
    Australia
    Firm:
    Clayton Utz

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