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    Commercial Law Update - High Court pronounces on what “property of the bankrupt” vests in the trustee in bankruptcy where property had been held on trust
    2019-12-13

    In a last Amerind-tinged gift before Christmas, the High Court has today handed down another judgment on an issue which lies at the intersection between insolvency law and trust law, although this time in the bankruptcy context. It is the latest in a string of unfolding legal developments at this intersection, including the High Court’s decision in June in Amerind and the Full Federal Court’s decision last year in Killarnee.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, List G Barristers, Trust law
    Authors:
    Carrie Rome-Sievers
    Location:
    Australia
    Firm:
    List G Barristers
    Commercial Law Update - Latest decision of interest in this post-Amerind world dropped today
    2019-08-29

    Just a note to alert readers that the latest decision of interest in this post-Amerind world dropped today in the Federal Court in Queensland. The liquidators of an insolvent corporate trustee successfully obtained orders appointing them receivers of the assets of two trusts to enforce the rights of exoneration and liens of the former trustee. The application was contested by the new trustee of the property trust, who sought to sell the key asset itself (a hotel – freehold title to the land).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, List G Barristers
    Authors:
    Carrie Rome-Sievers
    Location:
    Australia
    Firm:
    List G Barristers
    Insolvency Law Update - Vic Court of Appeal denies liquidators approval of proposed settlement agreement
    2019-03-04

    Recently the Victorian Court of Appeal upheld a decision to deny liquidators approval of a proposed settlement in McDermott and Potts as liquidators of Lonnex Pty Ltd (in liquidation) [2019] VSCA 23. The creditors had been opposed to the settlement.

    Background

    Filed under:
    Australia, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, List G Barristers, Medicare, Consent, Liquidation, Liquidator (law), Financial Conduct Authority (UK), Corporations Act 2001 (Australia), Victoria Supreme Court, Court of Appeal of Singapore
    Authors:
    Carrie Rome-Sievers
    Location:
    Australia
    Firm:
    List G Barristers
    Insolvency Law Update - Monday will be big - not just the banking Royal Commission report, but day 1 of the High Court Amerind appeal
    2019-02-01

    This Monday 5 February 2019 is shaping up to be a pretty big day. As has been well covered in the press, the final report by of the Banking Royal Commission has now been handed to the Governor-General and will be publicly released on Monday afternoon at 4.10pm, coinciding with the sharemarket close. Reportedly Commissioner Kenneth Hayne’s final report stretches to more than 1000 pages.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, List G Barristers
    Authors:
    Carrie Rome-Sievers
    Location:
    Australia
    Firm:
    List G Barristers
    Commercial Law Update - Banksia: Court of Appeal overturns approval of distributions to litigation funder
    2018-12-05

    Introduction

    In Botsman v Bolitho [2018] VSCA 278, the Court of Appeal unanimously allowed an appeal from the decision of Croft J to approve the settlement of two related proceedings arising from the failed merger of Banksia Securities Limited (Banksia) and Statewide Secured Investments Limited (Statewide).

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, List G Barristers, New South Wales Supreme Court
    Authors:
    James Claridge
    Location:
    Australia
    Firm:
    List G Barristers
    Commercial Law Update - When a payment of trust money is recovered as an unfair preference, does it become trust money once again?
    2018-10-25

    Last Friday Derrington J in the Federal Court in Queensland tackled this question which remains unresolved in Australia, in Lane (Trustee), in the matter of Lee (Bankrupt) v Commissioner of Taxation (No 3) [2018] FCA 1572.

    Filed under:
    Australia, Queensland, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, List G Barristers, Beneficial interest, Trustee
    Authors:
    Carrie Rome-Sievers
    Location:
    Australia
    Firm:
    List G Barristers
    Insolvency Law Update - Disclaiming an insolvent company's environmental obligations: the case of Linc Energy Ltd
    2018-06-08

    InLongley v Chief Executive, Department of Environment and Heritage Protection [2018] QCA 32, the Queensland Court of Appeal has clarified the ability of liquidators to disclaim onerous property, including obligations that arise in respect of that property under State environmental legislation.

    Filed under:
    Australia, Queensland, Insolvency & Restructuring, Litigation, List G Barristers, Queensland Supreme Court
    Authors:
    Matthew Peckham
    Location:
    Australia
    Firm:
    List G Barristers
    Commercial Law Update - A Breach of Trust
    2018-05-01

    The proliferation of the trust as a vehicle for commercial activity presents issues in litigation – principally, whether a beneficiary can step around an impecunious or assetless trustee and recover against other beneficiaries or third parties.

    Snapshot

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, List G Barristers
    Authors:
    Michael Wise KC
    Location:
    Australia
    Firm:
    List G Barristers
    Commercial Law Update - The decision in Killarnee - trading trusts, statutory priorities on the liquidation of trustee companies, lack of power to sell trust assets
    2018-03-26

    In the recent decision of Jones (liquidator) v Matrix Partners Pty Ltd, re Killarnee Civil & Concrete Contractors Pty Ltd (in liq) [2018] FCAFC 40 (Killarnee), the three member bench comprised Allsop CJ, and Siopis and Farrell JJ. Their Honours of the Full Court wrote three separate judgments, with the Chief Justice writing the lead.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, List G Barristers, Liquidation, Liquidator (law), Trustee
    Location:
    Australia
    Firm:
    List G Barristers
    The Amerind appeal - trading trusts, statutory regime of priority applies on receivership of the trustee, employee entitlements protected
    2018-03-01

    The Victorian Court of Appeal has handed down it’s decision on appeal from Re Amerind (receivers and managers apptd)(in liq) [2017] VSC 127; (2017) 320 FLR 118. The appeal judgment is now up on Austlii and can be read here: Commonwealth of Australia v Byrnes and Hewitt as receivers and managers of Amerind Pty Ltd (receivers and managers apptd)(in liq) [2018] VSCA 41.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, List G Barristers
    Authors:
    Carrie Rome-Sievers
    Location:
    Australia
    Firm:
    List G Barristers
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