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    Clarity at last: Liquidators and receivers not required to account to the ATO under s 254 without an assessment
    2015-12-10

    Today, by a majority of 3-2, the High Court of Australia in Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq) [2015] HCA 48 confirmed that s 254(1)(d) of the Income Tax Assessment Act 1936 (Cth) (ITAA 1936) does not impose an obligation on trustees (including administrators, receivers and liquidators) to retain sufficient moneys from the trust fund to pay tax unless a relevant assessment has been issued.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Tax, King & Wood Mallesons, High Court of Australia
    Authors:
    Samantha Kinsey
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Security for costs: full Federal Court awards security for respondents' costs in an unfunded class action
    2013-07-01

    Summary

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Class action, Federal Court of Australia
    Authors:
    Patricia Matthews
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Adjudicating bulk claims? Forex it!
    2022-05-27

    Faced with thousands of complex potential claims from creditors, and a soon-to-expire letter of comfort, the liquidators of Forex Capital Trading Pty Ltd (in liq) sought creative and efficient relief in the Federal Court of Australia to implement an expedited adjudication process to adjudicate and admit these claims without creditors having to individually establish causation for their loss or damage: Woodhouse (liquidator), in the matter of Forex Capital Trading Pty Ltd (in liq) [2022] FCA 600.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Liquidation, Corporations Act 2001 (Australia), Australian Securities and Investments Commission Act 2001
    Authors:
    Sam Dundas
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Virgin v Wells Fargo: the Full Federal Court adopts a different interpretation of an insolvency administrator’s obligation to “give possession” under the Cape Town Convention
    2020-10-15

    Following our previous alert here on Justice Middleton’s decision in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (Administrators Appointed),[1] the administra

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Virgin Group, Federal Court of Australia
    Authors:
    John Canning , Cameron Mew , Samantha Kinsey
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    论英国破产法与破产程序
    2020-04-11

    随着新冠肺炎疫情在全球范围内持续引发财务不确定性,我们认为是时候简要介绍英国法适用于陷入财务困境的公司的各种公司破产程序。下文将依次讨论管理程序 (administration)、接管程序 (administrative receivership)、公司自愿安排 (company voluntary arrangement)、债务偿还安排 (schemes of arrangement) 和破产清算 (liquidation)。此外,还将简述董事职责、有关破产中资产分配的规则以及在破产中可撤销或“可审查”的交易。

    在本专业概要发文之前,英国商务、能源与产业战略部于2020年3月28日发布公告,旨在帮助处于破产拯救或重整程序中的公司继续开展交易,避免破产。简言之,英国商务大臣宣布:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, King & Wood Mallesons
    Location:
    United Kingdom
    Firm:
    King & Wood Mallesons
    中英企业交易中的“五行”元素——第四部分:火
    2019-10-17

    在与向英国供货的国际公司合作的过程中,我们发现了一些常见问题。在上一篇文章中,我们研究了客户可能面临的破产程序类型。在“五行”系列第四篇文章中,我们围绕“火”元素来说明破产执业者在进入破产程序时拥有的重大权力:调查不当行为,并将资产收回统一偿还债权人。

    火:破产执业者对债权人欺诈性交易的重大权力

    破产执业者(不论是清算人或管理人)可以向法院申请撤销在公司进入破产程序前进行的特定交易。通过这种方式,可以收回资产或资金,统一向债权人偿付。下列情形属于“先前的”或“可审查”的交易:

    1. 公司的资产或财产被低价出售;

    2. 公司在进入破产程序前给予某债权人优先权,使其处于比其他债权人更有利的地位;

    3. 公司订立了敲诈性信贷交易(交易条款有严重的敲诈性);

    4. 公司设立了无效浮动抵押,即为已发放的贷款或已提供的货物及服务的成本提供担保;

    5. 公司订立的交易具有欺诈债权人的明确目的,即:使公司的资产脱离破产执业者和债权人的控制范围。

    不同类型的可审查交易有不同的时间要求。例如,低价出售必须发生在公司进入破产程序前的两年内。

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, King & Wood Mallesons
    Authors:
    Dorothy Murray
    Location:
    United Kingdom
    Firm:
    King & Wood Mallesons
    How should Chinese banks effectively manage, enforce and restructure their non-performing loans?
    2018-07-19

    As the Chinese economy enters the “new normal”, the Chinese government has been adjusting its industrial and credit-related policies and strengthening regulation of Chinese financial institutions. A large number of non-performing loans (NPLs) as well as actual loan defaults have started to surface. The risks associated with rising levels of NPLs require Chinese banks to enhance their ex ante and ex post credit risk management practices.

    Filed under:
    China, Banking, Insolvency & Restructuring, Litigation, King & Wood Mallesons
    Authors:
    Su Meng
    Location:
    China
    Firm:
    King & Wood Mallesons
    Striking a balance: KWM responds to the Turnbull Government’s draft insolvency laws
    2017-05-02

    On 28 March 2017, the Turnbull Government released draft legislation which would implement wide-ranging reforms to Australia’s corporate restructuring laws. The draft legislation focuses on reforms to the insolvent trading prohibition (Safe Harbour) and introducing a new stay on enforcing “ipso facto” clauses during certain restructuring procedures (Ipso Facto).

    Filed under:
    Australia, Insolvency & Restructuring, King & Wood Mallesons
    Authors:
    Emma Costello , David Cowling , Samantha Kinsey , Tim Klineberg , Tony Troiani , Philip Pan
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Innovation and Australia’s corporate insolvency laws - The journey to real reform continues
    2015-12-09

    The Turnbull Government’s much-heralded ‘Innovation Statement’ was released yesterday. It contained wide-ranging statements on reforms aimed at fostering innovation across a number of sectors in the Australian economy.

    One important reform area is in Australian corporate insolvency law.

    Corporate insolvency law reform timetable

    The Innovation Statement includes important content for the reform of Australia’s corporate insolvency laws. It is part of an ongoing reform exercise which has followed this timetable to date:

    Filed under:
    Australia, Insolvency & Restructuring, King & Wood Mallesons
    Authors:
    Tim Klineberg , David Cowling
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    High Court to decide on liquidators’ ability to extinguish lease hold interests
    2013-05-28

    Later this year the High Court will hear an appeal from the decision of the Victorian Court of Appeal in Re Willmott Forests Limited (Receivers and Managers appointed) (in liquidation) [2012] VSCA 202.

    The decisions of the Court of Appeal and the trial judge were considered in our earlier alert that can be accessed by clicking here.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, King & Wood Mallesons, Landlord, Leasehold estate, Victoria Supreme Court
    Authors:
    Joanne Cameron , Patricia Matthews
    Location:
    Australia
    Firm:
    King & Wood Mallesons

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