In a ruling issued on 3 March 2022 (IX ZR 78/20) the German Federal Court (BGH) has again raised the requirements for proving that a debtor, when making a payment, intended to disadvantage their creditors.
Background
The first week of July has brought with it a flurry of activity in the digital asset markets – but not the type of activity that investors in the space likely hoped for.
As a parent of three young children, Disney’s excellent new movie, Encanto, has been on heavy rotation in my household. It’s a story of an extended family whose members possess unique magical gifts. Through several humorous songs, the film reveals that the family has ostracized one member, Bruno, whose mystical visions of future calamities upset the rest of the family. Rather than confront the unpleasant aspects of the future, the family finds it easier to simply “not talk about” them, or Bruno.
Summary
Almost a year to the day since the High Court rejected the Amigo loans group's previous proposal for a scheme of arrangement, on 23 May 2022, Mr Justice Trower sanctioned the group's latest scheme proposal which would create the conditions for the group to resume lending and resolve the claims of thousands of the group's customers arising from its lending practices.
In This Issue:
Contents
In the year 2018, Videocon, an Indian multinational business, ceased operations and declared corporate bankruptcy. The NCLT (National Company Law Tribunal) authorized Vedanta Groups, the parent company of Twin Star, to buy Videocon for Rs. 2,962 Crores in June 2021.
This matter involved the former director and former accountant of CGS Constructions (QLD) Pty Ltd filing proceedings seeking an injunction to restrain the Liquidators from engaging Cornwalls Lawyers to act on the basis that:
- Cornwalls also acted for a substantial creditor, Union Share Pty Ltd; and
- the Liquidators, by engaging Cornwalls, had manifested a tendency to favour certain interests at the expense of others.
Background
In the matter of Squirrel Limited (In Liquidation), the Court considered an application for summary judgement against a director for insolvent trading. In doing so, the Court considered the principles underpinning a director’s duty to prevent insolvent trading and the compensation payable as a result.
Background
In Re Intellicomms Pty Ltd (in liq) [2022] VSC 228, it was determined that a sale agreement was a creditor-defeating disposition within the meaning of section 588FDB of the Corporations Act 2001 (Cth) (Act) and voidable pursuant to section 588FE(6B) of the Act.