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
In the case of Bosi Security Services Ltd v Wright [2013] WASC 431, in which the court granted an interlocutory injunction preventing the sale of land by receivers despite acknowledging that the applicants’ case under the Trade Practices Act and Australian Consumer Law was not a strong one and had obvious deficiencies.
Facts
This is the third of a series of four e-bulletins in relation to administrations and company voluntary arrangements (CVAs).
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.
Although only a few weeks old, 2013 has already seen HMV, Jessops and Blockbuster enter administration, joining last year's failures, which included Comet, Clinton Cards and Peacocks. Given the number of premises these companies occupy across the UK, landlords of retail premises will inevitably be affected.
2013 will herald some significant changes to the UK legal arena, notably in the corporate area in relation to executive remuneration and narrative reporting, in dispute resolution as the Government's reforms to the civil litigation costs and funding regime are due to be implemented and in the energy, real estate and construction areas where there are major changes to the carbon reduction commitment energy efficiency scheme, further amendments to the Community Infrastructure Levy Regulations, the introduction of the Growth and Infrastructure Bill and various amendments to the Building Regula
This is the twenty-ninth in our series of General Counsel Updates which aim to summarise major developments in key areas.
The transition from 2009 to 2010 sees some significant legislative chapters closing, notably the Companies Act 2006, Rome I and II, the Banking Act 2009 and the Lisbon Treaty.
The High Court has ruled in the case of Goldacre (Offices) Limited v Nortel Networks UK Limited (in administration) [2009] that rent for premises that continue to be used for the beneficial outcome of an administration must be paid as an expense of the administration. This decision confirms that the court has no discretion in these circumstances and that it does not matter if only part of the premises are being used. This contrasts with the position where a landlord wishes to take action against a tenant in administration such as bringing forfeiture or injunction proceedings.
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