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    Direct agreements can protect builders from insolvent developers
    2017-06-29

    Ebert Construction Limited v Sanson concerned the question of whether payments made by a third party under a 'direct agreement' to finance construction are payments made by the company in liquidation for the purposes of the insolvent transaction regime. Direct agreements are an agreement between the developer, builder and financier of a construction project. The agreement in this case obliged the financier to make progress payments directly to the builder throughout the duration of the project.

    Filed under:
    New Zealand, Construction, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidator (law)
    Authors:
    David Perry , Jan Etwell , Scott Abel , Scott Barker , Susan Rowe , Bridie McKinnon , Kelly Paterson , Matthew Triggs , Myles O'Brien , Peter Niven , David Broadmore , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Complex logistics - the Court's power to amend a creditor's petition
    2016-12-13

    In Re Hin-Pro International Logistics Ltd the Hong Kong Court of Appeal had to consider whether it had jurisdiction to grant leave to amend a creditor's petition, and if so, whether it should do so.

    Filed under:
    Hong Kong, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Writ
    Authors:
    Bridie McKinnon , Peter Niven , Myles O'Brien , David Perry , Kelly Paterson , Scott Abel , Susan Rowe , Scott Barker , Jan Etwell , Willie Palmer
    Location:
    Hong Kong, New Zealand
    Firm:
    Buddle Findlay
    Limitation period extended due to fraud
    2016-06-30

    James Developments Limited (JDL) went into liquidation on 6 July 2009.

    In November 2012, the liquidator issued proceedings against a trust for repayment of a loan, six years and one month after the loan was made.  The trustees argued the claim was time-barred.  The liquidator argued there had been a fraudulent cover-up of the loan and that the High Court should postpone the limitation period under section 28 of the Limitation Act 1950 (Act).

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, White Collar Crime, Buddle Findlay, Fraud, Liquidator (law)
    Authors:
    David Perry , Jan Etwell , Scott Abel , Scott Barker
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Late investors allowed to trace their funds
    2016-03-31

    The decision of Graham & Jackson v Arena Capital Limited (In Liquidation) concerned an application under the Companies Act 1993 by liquidators seeking direction on the application of liquidation funds.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation
    Authors:
    David Perry , Scott Barker , Willie Palmer , Jan Etwell , Scott Abel
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Setting aside transactions: the good faith defence
    2013-12-13

    In Madsen-Ries v Rapid Construction Ltd [2013] NZCA 489, the Court of Appeal considered an appeal concerning a liquidator's attempt to have a payment set aside. 

    Filed under:
    Australia, New Zealand, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Good faith, High Court of Australia
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    Australia, New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Court will not easily side with debtors who are slow to defend bankruptcy proceedings
    2013-04-03

    In Hutchins v Edwards [2013] NZHC 336, the High Court declined an application for an adjournment by a debtor who sought further time to liquidate property in order to pay a judgment debt.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Debtor, Debt, Liquidation
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidators fail to cash in Bartercard credit
    2012-09-28

    In Aditude Advertising Limited (in liq.) v Techday Limited [2012] NZHC 1884, Aditude Advertising Limited (in liquidation) (Aditude) and Techday Limited (Techday), were members of the Bartercard system, a credit trading system.  Under this system members could exchange goods and services without exchanging cash or other legal tender.  Aditude went into liquidation with a significant credit in its Bartercard account for services rendered to Techday.  The liquidators issued a statutory demand against Techday seeking to recover the actual cash value of the invoices issue

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Ex-director's loss of standing and the absolute right to appeal
    2012-03-30

    In Aotearoa Kiwifruit Export Limited v ANZ National Bank Limited, the High Court was required to examine the difficulties that arise when a director of a company ordered into liquidation disputes that order.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidator's power to enter funding arrangements (Australia)
    2011-10-04

    Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2011] FACFC 89 concerned the powers of liquidators in Australia.  In 2009, joint liquidators were appointed to Octaviar Limited (Octaviar) and Octaviar Administration (Funder).  Fortress claimed to be a secured creditor of Octaviar under a charge, and was owed approximately $71 million.  The liquidators arranged for Octaviar and the Funder to enter into funding agreements that provided for the Funder to fund an investigation into the actions of Fortress and to commence litigation against Fortress.

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Credit (finance), Liquidation, Secured creditor, Liquidator (law), High Court of Justice
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Multiple event of default and a reasonable price obtained will absolve receivers and secured creditor of personal liability
    2011-04-04

    The case of Taylor and Ors v B concerned a company that imported and distributed hair care products, Cabellos Holdings Limited.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Default (finance), Secured creditor
    Location:
    New Zealand
    Firm:
    Buddle Findlay

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