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    High Court provides certainty for corporate trustees: Amerind
    2019-07-10

    On 19 June 2019, the High Court delivered its judgment in one of the most hotly anticipated insolvency judgments this year, the Amerind appeal: Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth.

    The High Court unanimously dismissed the appeal, upholding the Victorian Court of Appeal’s decision and confirming (although for differing reasons) that:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Hall & Wilcox, High Court of Justice (England & Wales)
    Authors:
    Wayne Kelcey , Adrian Lasky , Mark Petrucco , David Dickens , Katherine Payne , Shane Wallace
    Location:
    Australia
    Firm:
    Hall & Wilcox
    High Court confirms validity of Holding DOCAs
    2018-06-29

    This week’s TGIF considers the case ofMighty River International Ltd v Hughes, where the High Court upheld the validity of Holding DOCAs.

    Case history

    This case concerned the validity of a deed of company arrangement (DOCA) between Mesa Minerals Ltd (Mesa) and its creditors.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Corrs Chambers Westgarth, High Court of Justice (England & Wales), High Court of Australia
    Authors:
    Cameron Cheetham , Craig Ensor , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Michael Catchpoole , Michelle Dean , Sam Delaney , Estelle Blewett , David Abernethy
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Brave new world: what every commercial practitioner needs to know about the new corporate insolvency law
    2020-07-15

    OVERVIEW

    Introduction

    On 26 June 2020 the UK Corporate Insolvency and Governance Act 2020 (“CIGA”) entered into force. It represents a radical change in English insolvency law in that (among other things):

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Quadrant Chambers, Coronavirus, High Court of Justice (England & Wales)
    Authors:
    Jeremy Richmond KC , Nicola Allsop , Emily Saunderson
    Location:
    United Kingdom
    Firm:
    Quadrant Chambers
    Aviation News Issue 1 | Summer 2020
    2020-07-15

    EDITORIAL by John Kimbell QC

    Welcome to the first edition of Aviation News!

    These are challenging and uncertain times for the aviation world. Covid-19 has temporarily grounded large numbers of commercial aircraft and rumours of airline insolvency abound as pictures of empty airports regularly appear in the press. Against this background, Thomas Macey-Dare QC considers the impact of airline insolvency on slot allocation and Mark Stiggelbout and Emily McWilliams discuss the potential impact of force majeure and frustration arguments based on the pandemic.

    Filed under:
    European Union, United Kingdom, Aviation, Insolvency & Restructuring, Litigation, Quadrant Chambers, Brexit, Force majeure, Coronavirus, Australian Consumer Law, High Court of Justice (England & Wales)
    Location:
    European Union, United Kingdom
    Firm:
    Quadrant Chambers
    Restructuring teams during Covid-19: Tips for lenders managing financially stressed SME Customers
    2020-07-10

    In a recent virtual speech, Chair of the FCA, Charles Randell observed that some of the debt businesses have incurred in the Covid-19 crisis will become unaffordable and that lenders and regulators will need to tackle this overhang of debt quickly and fairly to prevent it becoming a drag on the economy. With an eye to the past, Mr Randall noted that the industry could not repeat the events of the 2008 crisis where the treatment of some SME customers caused serious damage to the trust in financial services institutions and in some cases to customers themselves.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, TLT LLP, Coronavirus, Financial Conduct Authority (UK), High Court of Justice (England & Wales)
    Authors:
    Peter Richards-Gaskin
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Liquidator's power to enter funding arrangements (Australia)
    2011-10-04

    Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2011] FACFC 89 concerned the powers of liquidators in Australia.  In 2009, joint liquidators were appointed to Octaviar Limited (Octaviar) and Octaviar Administration (Funder).  Fortress claimed to be a secured creditor of Octaviar under a charge, and was owed approximately $71 million.  The liquidators arranged for Octaviar and the Funder to enter into funding agreements that provided for the Funder to fund an investigation into the actions of Fortress and to commence litigation against Fortress.

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Credit (finance), Liquidation, Secured creditor, Liquidator (law), High Court of Justice (England & Wales)
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Active co-operation from United Kingdom courts in cross-border insolvency
    2011-10-04

    The recent English decision in the Australian liquidation, New Cap Reinsurance Corpn Ltd (in liquidation) and another v Grant and others (available here), has further opened up the possibility for New Zealand insolvency proceedings to be recognised and enforced in the United Kingdom. 

    Filed under:
    Australia, New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Reinsurance, Liquidation, Liquidator (law), Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Location:
    Australia, New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Legislative subordination of shareholder claims; the response to the High Court decision in Sons of Gwalia
    2011-01-18

    Introduction

    On 26 November 2010, the Federal Parliament passed the Corporations Amendment (Sons of Gwalia) Bill 2010 (“Bill”). The Bill amends section 563A of the Corporations Act 2001 (Cth) (“Act”) such that any claim brought by a person against a company that arises from the buying, selling, holding or other dealing with a shareholding will be postponed in an external administration until all other claims have been paid. The Bill has the effect of reversing the High Court decision of Sons of Gwalia v Margaretic [2007] HCA 1.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, PwC Australia, Share (finance), Shareholder, Credit (finance), Unsecured debt, Option (finance), Debt, Corporations Act 2001 (Australia), High Court of Justice (England & Wales), High Court of Australia
    Location:
    Australia
    Firm:
    PwC Australia
    The possibilities of Pt X deeds of arrangements: CGU Insurance v One.Tel Ltd
    2010-09-22

    Important Features of this Judgment

    • A Pt X Deed may create an equitable assignment of the rights, such that obligations continue after the Deed has come to an end.  
    • The Trustee of the Part X Deed of Arrangement can continue the proceedings initiated against One.Tel, despite the Deed coming to an end.  
    • Serves as a reminder that the enforceability of the debt does notaffect a debtor’s liability.

    Facts  

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Debtor, Beneficiary, Debt, Deed, Capital punishment, Australian Securities and Investments Commission, Trustee, High Court of Justice (England & Wales)
    Location:
    Australia
    Firm:
    Piper Alderman
    High Court warns: receivers should not give 'usual undertaking as to damages' lightly
    2010-03-18

    Introduction

    The High Court recently considered, in European Bank Limited v Robb Evans of Robb Evans & Associates, the nature and extent of a "usual undertaking as to damages" given by a receiver in accordance with Part 28, rule 7(2) of the Supreme Court Rules 1970 (NSW). In doing so, it overturned the decision of the NSW Court of Appeal to reinstate the trial judge's finding that the receiver was liable for substantial losses suffered by a third party deprived of the funds which were at the heart of the dispute.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Injunction, Breach of contract, Citibank, Court of Appeal of England & Wales, High Court of Justice (England & Wales), High Court of Australia, New South Wales Court of Appeal
    Authors:
    Mitchell Mathas , John Holmes , Nino Di Bartolomeo
    Location:
    Australia
    Firm:
    Norton Rose Fulbright

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