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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
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
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
Modified universalism: Full Federal Court protects the rights of a local creditor in a cross-border insolvency
2014-05-27

Akers as a joint representative of Saad Investments Company Limited (in Official Liquidation) v Deputy Commissioner of Taxation [2014] FCAFC 57

The Full Federal Court has confirmed a “modified universalism” approach to cross-border insolvencies, and provided guidance on what is required for the “adequate protection” of rights of local creditors under the Model Law on Cross-Border Insolvency (‘Model Law’), as enacted in Australia by the Cross-Border Insolvency Act 2008 (Cth).

Filed under:
Australia, Cayman Islands, Insolvency & Restructuring, Litigation, Tax, Liquidation, Liquidator (law), Federal Court of Australia
Location:
Australia, Cayman Islands
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
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
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
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
Administrators protected from personal liability and permitted to trade on
2022-08-26

This week’s TGIF considers Hill, in the matter of Ovato Limited (Administrators Appointed) [2022] FCA 903 in which the Federal Court approved the administrators’ proposal for the Ovato Group to continue trading in order to maximise the chances of a sale as a going concern. The proposal was dependent on ongoing funding from the Ovato Group’s financier and, in that context, the administrators were able to agree to have their personal liability limited to the assets subject to the financier’s security.

Key takeaways

Filed under:
Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Litigation funding, Corporations Act 2001 (Australia), Federal Court of Australia
Location:
Australia
Firm:
Corrs Chambers Westgarth
View Original Article
The Road Ahead for 2017 - Restructuring & Insolvency in Australia
2017-01-12

It is anticipated that, by the middle of the year, Australia will see the most significant reform to the corporate and personal insolvency environment in two decades. The reforms, which appear likely to be supported by all sides of government, are designed to promote business preservation and allow greater flexibility in order to ‘turnaround’ distressed companies.

Filed under:
Australia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Federal Court of Australia
Authors:
Amanda Banton
Location:
Australia
Firm:
Squire Patton Boggs
View Original Article
Insurers rush to check access, co-operation and assistance obligations, following Federal Court decision
2018-02-22

In a significant decision for the insurance industry, the Federal Court of Australia has granted leave to shareholders to bring a direct action against a company’s insurers where the (insured) company was in liquidation. This is one of the earliest cases to make use of the new Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Third Party Claim Act), and provides some useful guidance for the industry on how this new legislation will be applied.

The decision impacts plaintiff lawyers, policyholders and insurers alike. Importantly:

Filed under:
Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Liquidation, Federal Court of Australia
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article

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