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    High Court allows grace period for directors in breach of Companies Act duties
    2013-09-30

    Syntax Holdings (Auckland) Ltd (in liquidation) v Bishop involved a claim by the liquidators of Syntax Holdings (Auckland) Ltd that Mr and Mrs Bishop (as directors) had breached certain duties to the company (and its creditors) under the Companies Act 1993.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Double take – are expenses of liquidator reviewable by shareholders?
    2013-06-27

    In Bunting v Buchanan, the applicant shareholders sought discovery ahead of a hearing of their substantive application which involved the level of costs charged by two liquidators as a consequence of a drawn-out liquidation.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Shareholder, Discovery
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidators fail in application for pooling of assets
    2013-04-03

    In Grant v Independent Livestock 2010 Limited [2012] NZHC 3458, the liquidators of ILA sought to hold the sole director of ILA and IL2010 (a company to which ILA's assets had been transferred) liable for debts incurred by ILA.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidator (law)
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Time-zone liquidation issues - exchange rate and resolution date issues clarified
    2012-12-20

    The recent Singapore case of Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) determined that the debts of a company in foreign currency, which had been admitted in proof by the liquidators, were to be converted at the exchange rate prevailing at the "resolution date". In this context, resolution date means the day the resolution was passed placing the company into liquidation.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Liquidator (law), Lehman Brothers
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Singapore
    Firm:
    Buddle Findlay
    A bumper harvest - setting off post liquidation debts
    2012-06-29

    In Grapecorp Management Pty Ltd (in liq) v Grape Exchange Management Euston Pty Ltd [2012] VSC 112, Grape Exchange Management Euston Pty Ltd (Grape Exchange) managed a vineyard for Grapecorp Management Pty Ltd (Grapecorp). 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    Australia
    Firm:
    Buddle Findlay
    First ranking chargeholder retains its interest upon property vestment
    2011-12-19

    In Fenland District Council v Sheppard and others, FDC had spent £72,000 making a derelict property safe, which by the hearing date was worth less than half that amount. FDC registered the property improvements as an interest in the property, (indisputably) in priority to the prior mortgagee.

    When the property's owner was adjudicated bankrupt, the bankrupt's trustee disclaimed the property (under a provision similar to section 117 of the NZ Insolvency Act). FDC sought to have the property vested in it, on the condition that the mortgagee's charge be removed.

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Trustees' right to indemnification from trust property (Australia)
    2011-10-04

    In Saker, in the matter of Great Southern Managers Australia Ltd (Receivers and Managers Appointed) (in liquidation), the plaintiffs were the liquidators of Great Southern Managers of Australia Limited (GSMAL).

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Buddle Findlay, Liquidation, Investment funds, Liquidator (law), Federal Court of Australia, Trustee
    Location:
    Australia
    Firm:
    Buddle Findlay
    Power to appoint receiver - the terms of your contract are important
    2011-04-15

    In Taylor & Ors v Bank of New Zealand (HC, 14/12/2010, Panckhurst J, Christchurch, CIV 2008-409-964), the High Court held that a bank's appointment of a receiver without any prior written notice to the debtor was in accordance with the terms of the security agreement and was therefore valid.

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Debtor
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Assignment by liquidators - when is consent necessary?
    2010-12-17

    A liquidator may assign to a third party funder, among other things:

    1. the rights that are conferred on the liquidator under statute to bring a claim on behalf of the company. For example, rights accruing to the liquidator under the voidable transaction provisions of the Companies Act 1993
    2. a company's rights that exist at the time of liquidation.
    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Consent, Liquidation, Liquidator (law)
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Joint Court hearing in Halifax liquidation a first for New Zealand
    2021-05-31

    The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.

    Filed under:
    Australia, New Zealand, Capital Markets, Insolvency & Restructuring, Litigation, Buddle Findlay, Corporations Act 2001 (Australia)
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne , Luke Sizer , Annie Cao
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay

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