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    Bruton Holdings – ATO has no power to garnishee debt after commencement of winding up
    2009-10-07

    Introduction

    By unanimous decision in Bruton Holdings Pty Limited (in liquidation) v Commissioner of Taxation1, five members of the High Court have reversed a controversial decision of the Full Federal Court to confirm that the Commissioner of Taxation (Commissioner) cannot ‘leap-frog’ other creditors in a liquidation.2

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Herbert Smith Freehills LLP, Debt, Liability (financial accounting), Liquidation, Liquidator (law), Corporations Act 2001 (Australia), Australian Taxation Office, High Court of Justice, Federal Court of Australia, High Court of Australia
    Authors:
    Paul Wenk
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Key PPSA decision: NSWSC confirms vesting of unperfected lessor's interest following insolvency of lessee
    2013-07-01

    In the matter of Maiden Civil (P&E) Pty Ltd; Richard Albarran and Blair Alexander Pleash as receivers and managers of Maiden Civil (P&E) Pty Ltd & Ors v Queensland Excavation Services Pty Ltd & Ors [2013] NSWSC 852

    Overview

    Filed under:
    Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Collateral (finance), Interest
    Authors:
    David John
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    General counsel update: 31 May 2012
    2012-05-31

    This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas.

    Filed under:
    Argentina, China, European Union, Hong Kong, Singapore, Spain, United Kingdom, Arbitration & ADR, Aviation, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Copyrights, Employee Benefits & Pensions, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Insurance, Internet & Social Media, Litigation, Media & Entertainment, Projects & Procurement, Real Estate, Trademarks, White Collar Crime, Herbert Smith Freehills LLP
    Location:
    Argentina, China, European Union, Hong Kong, Singapore, Spain, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Arbitrability
    2010-07-13

    In Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) v Larsen Oil and Gas Pte Ltd [2010] SGHC 186 the Singapore High Court considered whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration.

    Filed under:
    Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Fraud, Liquidation, Conveyancing, Companies Act, Singapore High Court
    Location:
    Singapore
    Firm:
    Herbert Smith Freehills LLP
    Court of Appeal determines effect of party's insolvency in one EU jurisdiction on arbitral proceedings in another
    2009-10-05

    Background

    Article 4.1 of Council Regulation (EU) No 1346/2000 of 29 May 2000 on Insolvency Proceedings (the "Regulation") states: "Save as otherwise provided in this Regulation, the law applicable to insolvency proceedings and their effects shall be that of the Member State within the territory of which such proceedings are opened..."

    Article 4.2 of the Regulation sets out a non-exhaustive list of the matters which the law of the state of the opening of insolvency proceedings is to determine, including:

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, Debtor, Breach of contract, Arbitration clause, In rem jurisdiction, Arbitration Act 1996 (UK)
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Supreme Court highlights transitional security interest controversy
    2013-06-28

    There is a recognised ambiguity in the transitional provisions of the Personal Property Securities Act 2009 (Cth) (PPSA),relating to the issue of whether an ‘umbrella agreement’, governing the supply of goods on retention of title (RoT) terms entered into prior to 30 January 2012, will be an effective transitional security interest.

    Filed under:
    Australia, Western Australia, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Title retention clause
    Authors:
    David John
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    Court of Appeal provides clarity on payment obligations owed to insolvent counterparties
    2012-04-03

    In a keenly anticipated judgment, the Court of Appeal today handed down its verdict in four appeals1 concerning the interpretation of various terms of the 1992 ISDA Master Agreement.

    Filed under:
    United Kingdom, Derivatives, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Court of Appeal of England & Wales
    Authors:
    Damien Byrne Hill , Ralph Sellar
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Auditors’ liability in fraud cases: House of Lords rules in Moore Stephens v. Stone & Rolls Limited
    2010-06-03

    In a decision handed down just before the end of term, auditors have won an important House of Lords ruling limiting their liability in cases where a “one man” company is used as a vehicle for fraud. The Law Lords dismissed by a majority of three to two a negligence claim brought against an audit firm for failing to detect a massive fraud at Stone & Rolls, a trading company that fell in the late 1990s – holding that the liquidators could not bring a claim for damages when the company itself was responsible for the fraud.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, Letter of credit, Fraud, Audit, Negligence, Liquidator (law), Commodity market, House of Lords, Court of Appeal of England & Wales, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Court of Appeal determines effect of party's insolvency in one EU jurisdiction on arbitral proceedings in another
    2009-10-05

    Background

    Article 4.1 of Council Regulation (EU) No 1346/2000 of 29 May 2000 on Insolvency Proceedings (the "Regulation") states: "Save as otherwise provided in this Regulation, the law applicable to insolvency proceedings and their effects shall be that of the Member State within the territory of which such proceedings are opened..."

    Article 4.2 of the Regulation sets out a non-exhaustive list of the matters which the law of the state of the opening of insolvency proceedings is to determine, including:

    Filed under:
    United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, Debtor, Breach of contract, Arbitration clause, In rem jurisdiction, Arbitration Act 1996 (UK), London Court of International Arbitration
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    General Counsel Update - June 2013 - A summary of major developments in key areas
    2013-06-21

     

    The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 (Regulations) to amend the structure of UK annual reports have been published and laid before Parliament.

    Filed under:
    Australia, European Union, Singapore, United Kingdom, USA, Arbitration & ADR, Capital Markets, Company & Commercial, Competition & Antitrust, Construction, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Intellectual Property, Internet & Social Media, Litigation, Public, Real Estate, Telecoms, Herbert Smith Freehills LLP
    Location:
    Australia, European Union, Singapore, United Kingdom, USA
    Firm:
    Herbert Smith Freehills LLP

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