The NSW Supreme Court considered the application of the ‘Universal principle’ in Volkswagen Financial Services Australia Pty Ltd v Atlas CTL Pty Ltd (Receivers and Managers Appointed) (In Liquidation) [2022] NSWSC 573, dismissing a claim for an equitable lien made by administrators and liquidators for trading costs and remuneration.

Key takeaways

This week’s TGIF considers the recent High Court decision in Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (in liquidation) [2022] HCA 3, which provides guidance on the range of potential purposes for which an examination of company officers may be legitimately pursued by ‘eligible applicants’.

Key Takeaways

The recent Victorian Supreme Court of Appeal case of Quin v Vlahos [2021] VCSA 205 has clarified when third party funds, such as a sole director’s personal bank account, can be taken into account in determining a company’s solvency.

Key Takeaways

This week’s TGIF considers a recent decision of the NSW Supreme Court which determined an application to extend the time to bring voidable transaction claims, where the potential defendants were themselves insolvent, deregistered or bankrupt and the prospect of returns from the proceedings unclear.

Key takeaways

This week’s TGIF considers the recent decision of the NSW Court of Appeal in the Arrium liquidation, where the Court set aside examination orders sought for the purpose of a possible shareholder class action.

Key takeaways

This week’s TGIF article considers the case of Re Watch Works Australia Pty Ltd (in liq) & Anor; Ex Parte Francis & Ors [2020] WASC 6, in which the Supreme Court of Western Australia determined two linked companies were to be a ‘pooled group’ in order to satisfy the external debts payable by both companies.

What happened?

This week’s TGIF considers the circumstances in which a special purpose liquidator will be appointed to investigate claims the liquidator has already determined are ‘not viable’ in the decision in Williams & Kersten Pty Ltd v Walton Constructions (Qld) Pty Ltd (in liq), in the matter of Walton Constructions (Qld) Pty Ltd (in liq)

In this week’s TGIF, we consider the dangers of being the last one standing in ‘mothership’ preference claims. In the recent decision of In the matter of Bias Boating Pty Limited (receivers and managers appointed) (in liquidation) [2019] NSWSC 47, Black J ordered costs against a number of defendants to a preliminary question of insolvency even though they did not participate in the hearing of that question.

This week’s TGIF considers Swiss Re International v Simpson [2018] NSWSC 233, where the court found that three former executives of Forge Group had not engaged in misleading or deceptive conduct when trying to address a cash flow crisis.

What Happened?

In February 2014, Forge Group Limited collapsed. Up to that point, it was a publicly listed engineering, procurement and construction company operating across mining and other sectors

This week’s TGIF considers the case of Official Assignee in Bankruptcy of the Property of Cooksley, in the matter of Cooksley v Cooksley, in which the Federal Court granted assistance to the High Court of NZ in administering a bankruptcy.

BACKGROUND