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    Power of the Court to act in aid of courts in other countries that have jurisdiction in bankruptcy
    2014-12-02

    The Federal Court of Australia recently considered the Court’s discretionary power to provide assistance to a foreign trustee (Hong Kong) in bankruptcy, by way of appointing a receiver over divisible property located in Australia in the case of Lees v O’Dea (No 2) [2014] FCA 1082.  It also continued the ongoing focus on practitioner’s remuneration, an issue which has attracted some attention in various state courts.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Piper Alderman, Federal Court of Australia
    Location:
    Australia
    Firm:
    Piper Alderman
    In need of direction - who can I trust?
    2014-12-02

    An often complicated and at times mysterious issue that arises for practitioners and their lawyers in the insolvency space is how one should approach trusts and trust assets. This year, there have been at least three Supreme Court of New South Wales decisions (all, incidentally, delivered by Justice Brereton) that may provide some much needed judicial guidance on the matter.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Piper Alderman
    Location:
    Australia
    Firm:
    Piper Alderman
    Who owns this? What do I do with it? Receivers and unclaimed goods
    2014-12-04

    Receivers are often faced with the dilemma of goods in their possession which are not readily identifiable as “property of the corporation” pursuant to section 420 of the Corporations Act 2001 (Cth) (CA). Selling or disposing of assets that are not property of the company may make receivers liable for the loss or conversion of such goods. Therefore, it is important that receivers identify the property of the company correctly.

    Filed under:
    Australia, Western Australia, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers
    Authors:
    Alicia Hill , Caitlin Connole
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Liquidators of corporate trustees: rights and duties
    2014-12-04

    Liquidators are subject to rights and duties under common law and the Corporations Act 2001 (Cth) (CA).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Secured creditor, Corporations Act 2001 (Australia)
    Authors:
    Alicia Hill , Jessica Patrick
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    The power of receivers to administer trust property under a debenture
    2014-12-05

    The Federal Court has recently handed down a decision that clarifies the power of receivers to administer trust property under a debenture. In Benton, in the matter of Mackay Rural Pty Ltd (Receivers and Managers Appointed) [2014] FCA 1285, the Federal Court confirmed that section 420 of the Corporations Act 2001 (“the Act”) confers upon receivers a power to dispose of trust property, provided that this is necessary for the purpose for which they have been appointed.

    FACTS

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Corrs Chambers Westgarth, Debenture
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Michael Kimmins
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Liquidators to disclose referral relationships: DIRRI implications from Walton
    2014-12-05

    It is well-known that liquidators must be independent. If there is a reasonable apprehension that Liquidators lack independence, a Court may remove and replace them pursuant to the Corporations Act 2001 (Cth) (CA).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Corporations Act 2001 (Australia)
    Authors:
    Alicia Hill , Jessica Patrick
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Creditor’s pumped up priority brings down DOCA
    2014-11-14

    Connections Total Fitness for the Family Pty Limited (Connections) operated a gym on premises owned by Selkirk Pastoral Co Pty Limited (Selkirk). The gym business ultimately failed and ceased trading when administrators were appointed on 4 October 2013. Connections’ assets were limited to some cash at bank and a $1.1m claim against Selkirk.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia)
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Michael Kimmins
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Extensions of time for liquidator's recovery actions - "shelf orders" to be scrutinised by the High Court
    2014-10-20

    Since BP Australia Pty Ltd v Brown, there has been a practice of Courts across Australia granting "shelf orders", whereby time for voidable transaction recovery actions by a Liquidator under section 588FF is extended "at large".  The Court's power to grant these "shelf orders", however, is to be scrutinised by the High Court in December 2014, in the course of the Octaviar group liquidation.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Baker McKenzie
    Authors:
    David Walter , Peter Lucarelli , Jahan Navidi
    Location:
    Australia
    Firm:
    Baker McKenzie
    Focus: Federal Court rules liquidator needn't account for tax on sale of assets
    2014-10-21

    In brief: The Full Federal Court has held that a liquidator has no obligation to retain monies on account of tax until a notice of assessment has been issued. While the decision is a win for taxpayers (and creditors of insolvent entities), it remains to be seen how the Commissioner of Taxation will respond. Partner Katrina Parkyn (view CV), Senior Associate Joanne Langford and Associate Jay Prasad report on the decision.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Allens, Liquidator (law), Federal Court of Australia
    Authors:
    Katrina Parkyn , Charles Armitage , Martin Fry
    Location:
    Australia
    Firm:
    Allens
    Liquidators' remuneration and expenses - value-based remuneration and closer scrutiny of expenses
    2014-10-23

    On 25 July 2014 and 17 September 2014 respectively, Justice Brereton of the Supreme Court of NSW delivered two related judgments in Re AAA Financial Intelligence Ltd (in liquidation) andRe AAA Financial Intelligence Ltd (in liquidation) (No 2). The decisions deal with the evergreen topic of Liquidator remuneration and expenses.

    Importantly, in fixing the Liquidators' remuneration, Justice Brereton adopted a "value" focussed approach, and discussed the relevance of considering matters beyond simply time spent multiplied by fixed hourly rates. 

    Filed under:
    Australia, United Kingdom, New South Wales, Insolvency & Restructuring, Litigation, Baker McKenzie, New South Wales Supreme Court
    Authors:
    Peter Lucarelli , David Walter , John Anderson , Jahan Navidi
    Location:
    Australia, United Kingdom
    Firm:
    Baker McKenzie

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