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‘Holding’ DOCA used to maintain rights to enforce security of payment claims pre-liquidation
2023-03-17

This week’s TGIF concerns Kennedy Civil Contracting Pty Ltd (Admins Appt) v Richard Crookes Construction Pty Ltd [2023] NSWSC 99, in which the New South Wales Supreme Court determined that an insolvent company’s creditors could properly make a DOCA to maintain the right under security of payment legislation to recover amounts that would have been lost on entry into liquidation.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Deed of company arrangement, Corporations Act 2001 (Australia), New South Wales Supreme Court
Authors:
Michelle Dean
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Get out of the pool: Full Federal Court upholds appeal against pooling order
2023-03-10

In this week’s TGIF, we consider an appeal against the making of a pooling order in the Full Federal Court decision ofMcMillan Investment Holdings Pty Ltd v Morgan [2023] FCAFC 9 and examine the challenges liquidators face in convincing a court to grant such an order.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
Authors:
Alicia Salvo
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Court grants limited intervention in Liquidator’s funding approval applications
2022-11-04

This week’s TGIF considers Hundy (liquidator), in the matter of 3 Property Group 13 Pty Ltd (in liquidation) [2022] FCA 1216, in which the Federal Court of Australia granted leave under rule 2.13(1) of the Federal Court (Corporations) Rules 2000 (Cth) (FCCR) for intervening parties to be h

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Federal Court of Australia
Authors:
Michelle Dean , Tegan Harrington
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Something for everyone: High Court sets the record straight on unfair preference claims
2023-02-24

The decisions in Metal Manufactures Pty Limited v Morton [2023] HCA 1 and Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 have been viewed as conflicting for liquidators. In this week’s TGIF, we examine these proceedings and why the decisions benefit both liquidators and creditors.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Employee Retirement Income Security Act 1974 (USA), Corporations Act 2001 (Australia)
Authors:
Alicia Salvo , Daniel Byrne , Annabelle Browne
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
A matter of trust: Court backs the use of trust assets to pay liquidators
2023-02-03

In Lawrence, Ozifin Tech Pty Ltd (in liq) v AGM Markets Pty Ltd (in liq)[2022] FCA 1478, liquidators of multiple companies were successful in obtaining the declarations and directions they sought regarding the distribution of statutory trust funds, and obtaining payment of their fees from trust assets.

Filed under:
Australia, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Employee Retirement Income Security Act 1974 (USA), Corporations Act 2001 (Australia), Australian Securities and Investments Commission, Federal Court of Australia
Authors:
Matthew Critchley , Annabelle Browne
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Court approves liquidator’s breach of trust claim against director and associated company
2022-12-16

This week’s TGIF considers a recent case where a liquidator obtained judicial advice to commence proceedings against a director and related company concerning the unlawful receipt and use of trust money.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Federal Court of Australia
Authors:
Michael Kimmins , Daniel Byrne
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Foreign State-controlled enterprise immune from insolvency proceedings
2022-12-09

In Greylag Goose Leasing 1410 Designated Activity Company v P T Garuda Indonesia Ltd [2022] NSWSC 1623, the Foreign States Immunities Act 1985 (Cth) provided immunity from insolvency proceedings in relation to a foreign corporation that is State-controlled.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth
Authors:
Michelle Dean
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Shadow director faces search warrant after ‘fobbing off’ liquidator requests
2022-12-02

In the recent decision of Banerjee (Liquidator), in the matter of Eastside Formwork Pty Ltd (in liq) v Stojic [2022] FCA 1315, a liquidator succeeded in obtaining orders for a warrant to search for and seize books and records which had been concealed from the liquidator. The warrant was directed at the person deemed the ‘guiding mind and will’ of the company in liquidation, who had repeatedly ‘fobbed off’ requests for the production of all records of the company.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Federal Court of Australia
Authors:
Alicia Salvo , Annabelle Browne
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Unusual but uplifting: Court approves liquidators’ reasonable success fee
2022-11-25

This week’s TGIF considers a recent decision in Re HRL Limited (in liq) & Anor [2022] VSC 693, in which the Court approved a success fee in addition to the liquidators’ remuneration calculated by the application of a time-based costing method.

Key takeaways

Filed under:
Australia, Capital Markets, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
Authors:
Cameron Cheetham
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Court requires payment of liquidators’ remuneration before terminating winding up
2022-11-18

This week’s TGIF considers a recent case where a court ordered that a company’s winding up be stayed, with a view to being terminated, pending payment of the liquidator’s remuneration.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
Authors:
Michael Kimmins
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article

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