This week's TGIF considers Kirk (in his capacity as liquidator of ARG Workforce Pty Ltd (in liq)) v Commissioner of State Revenue, in the matter of ARG Workforce Pty Ltd[2026] FCA 192(Kirk). In this case, the Federal Court (the Court) held that amounts paid to the Queensland Revenue Office (QRO) were unfair preferences.

With 2025 behind us, we are taking time at the start of 2026 to reflect on significant developments in the restructuring and insolvency space from both New Zealand and around the world and look ahead to what's coming in 2026.

28 May 2025 - High Court provides guidance on insolvency practitioner independence and behaviour

In Roseland Buildtech Private Limited vs.

On 13 March 2026, the Supreme Court handed down judgments in two important cases concerning a bank's right of set-off (netting) after the reference date of Art. 54 of the Dutch Bankruptcy Act (Fw). Both cases concern to the question whether a bank may set off incoming payments against outgoing payments in the phase preceding the account holder’s bankruptcy or suspension of payments.

Under the Insolvency and Bankruptcy Code, 2016 (“IBC”),the approval of a resolution plan under Section 31 of the IBC is statutorily binding on the corporate debtor, its creditors, and other stakeholders to the restructured arrangement embodied in the plan.

In M&A transactions, the focus is often on getting to the finish line—negotiating terms, securing financing, and closing the deal. But experienced dealmakers know that signing on the dotted line is just the beginning. The true test of a transaction lies in what happens after the champagne corks have popped: Can the combined entity sustain operations? Will vendors and customers remain confident? Is there sufficient liquidity to weather integration challenges?

In a recent decision, the Hong Kong Court ordered the winding up of Jingrui Holdings Limited (the "Company"), a Hong Kong-listed Chinese property developer incorporated in the Cayman Islands.

The Southern District of Texas Bankruptcy Court recently underscored the importance of carefully implementing Chapter 15 eligibility. In its Geden and Siu-Fung decisions, the court reasserted its independent duty to scrutinize foreign recognition requests, providing constructive guidance on the steps foreign representatives should take to strengthen their Chapter 15 filings. The rulings offer practical lessons for ensuring compliance with U.S. bankruptcy law requirements and navigating potential recognition challenges.

Key Takeaways

When can a managing director be held personally liable in Hungarian liquidation proceedings—and when does the law allow the burden of proof to flip, making a creditor’s case dramatically easier to prove? This case shows that the answer depends not only on the director’s conduct, but on choosing the right legal basis in the statement of claim.

1. Facts

The defendant was the manager of the debtor (who has gone into liquidation) with independent representation rights and its sole member.