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    How much Am I Owed? Rights of a Contingent Creditor to Wind Up a Company
    2017-02-27

    Everything or Nothing! That is what the Queensland Court of Appeal has told us recently when it comes to assessing what a creditor is really owed for the purposes of standing to wind up a company

    Background

    A dispute arose between two parties involved in the management of Treadtel International Pty Ltd (Treadtel) whereby a Mr Cocco asserted that one of the two issued shares in Treadtel was held on trust for his benefit by the sole director’s wife, Mrs Crosher, because of an alleged share sale agreement.

    Filed under:
    Australia, Queensland, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Liquidation, Queensland Supreme Court
    Authors:
    Jordan Bennie
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Federal Court clarifies the scope of stays under the Model Law on Cross-Border Insolvency
    2017-02-27

    In Suk v Hanjin Shipping Co Ltd [2016] FCA 1404, the Federal Court (a) provided guidance on how courts are to determine what stay arises upon recognition of foreign main proceedings under the Cross-Border Insolvency Act 2008; and (2) demonstrated that such recognition can cause maritime lien actions to be stayed.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Corporations Act 2001 (Australia), Federal Court of Australia
    Authors:
    Stewart J Maiden
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria
    Missing directors and company registers: winding up a company as trustee of a shareholder
    2017-02-27

    Winding up a company when you are the trustee in bankruptcy of the sole director and shareholder can be more complicated than you think.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, Bankruptcy, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria
    New Australian liquidator and trustee claim assignment provisions commence today
    2017-03-01

    Today, certain provisions of the Insolvency Law Reform Act 2016 will take effect. Amongst these is s100-5 of the new Insolvency Practice Schedule (Corporations), which will be included as a schedule to the Corporations Act 2001. The same provision (with identical numbering) is contained in the Insolvency Practice Schedule (Bankruptcy), which is a schedule to the Bankruptcy Act 1966.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Vannin Capital PCC, Consideration, Corporations Act 2001 (Australia)
    Authors:
    Tom McDonald
    Location:
    Australia
    Firm:
    Vannin Capital PCC
    Forge and the $44m fail
    2017-03-01

    A recent decision of the New South Wales Court of Appeal serves as a timely reminder of the costly consequences of failing to register a PPSR security interest in leased goods.

    Power Rental Op Co Australia, LLC v Forge Group Power Pty Ltd (in liq) (receivers and managers appointed) [2017] NSWCA 8

    In March 2013 General Electric International Inc (GE), the appellant’s predecessor in title, agreed to lease turbines to Forge Group Power Pty Ltd (Forge Group).

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, The Commercial Bar Association of Victoria, General Electric
    Authors:
    Raini Zambelli
    Location:
    Australia
    Firm:
    The Commercial Bar Association of Victoria
    Oops! Another PPSR disaster - OneSteel Manufacturing Pty Limited (administrators appointed) [2017] NSWSC 21
    2017-02-09

    Introduction

    Filed under:
    Australia, New South Wales, Banking, Insolvency & Restructuring, Litigation, MinterEllison, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    MinterEllison
    High Court rejects Clive Palmer’s constitutional challenge to liquidator’s power: when is a matter a matter?
    2017-02-09

    In November 2016, the High Court of Australia heard a challenge brought by Clive Palmer in respect of the constitutional validity of the power of a liquidator to examine a former director of a company before the court. At the conclusion of that hearing, Kiefel J, as her Honour then was, stated that the Court was unanimously of the view that the challenge had failed and that reasons would be published later. Yesterday the High Court published those reasons.

    The proceedings

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McCabe Curwood, Liquidator (law), High Court of Australia
    Authors:
    Andrew Lacey , Luke Dominish
    Location:
    Australia
    Firm:
    McCabe Curwood
    Liquidators vindicated in refusing to conduct public examinations using a creditor’s law firm
    2017-02-17

    This week’s TGIF considers In the matter of ACN 151 726 224 Pty Ltd (in liq) [2016] NSWSC 1801, where the Court dismissed a creditor’s application to remove liquidators who had refused to conduct public examinations of a director.

    What happened?

    On 18 November 2015, the District Court of New South Wales entered judgment against Ridley Capital Holdings Pty Limited (the Company) in the amount of $660,862.62.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley , Sam Delaney , Estelle Blewett , Michelle Dean
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    PPSA: Lessee’s administrator retains ownership of plant and equipment against lessor of premises
    2017-01-11

    Failing to register a lessor’s security interest on the PPSR over plant and equipment at leased premises can result in the lessor’s unperfected security interest passing to the administrator of the lessee.

    In the recent decision of Flown Pty Ltd v Goldrange Pty Ltd [2016] WASC 419, a lessee’s administrator successfully retained ownership of plant and equipment (which were not fixtures) in the leased premises.

    Background

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Real Estate, Cooper Grace Ward
    Authors:
    Graham Roberts
    Location:
    Australia
    Firm:
    Cooper Grace Ward
    The Road Ahead for 2017 - Restructuring & Insolvency in Australia
    2017-01-12

    It is anticipated that, by the middle of the year, Australia will see the most significant reform to the corporate and personal insolvency environment in two decades. The reforms, which appear likely to be supported by all sides of government, are designed to promote business preservation and allow greater flexibility in order to ‘turnaround’ distressed companies.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Federal Court of Australia
    Authors:
    Amanda Banton
    Location:
    Australia
    Firm:
    Squire Patton Boggs

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