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    Defending a Statutory Demand – what should you look for?
    2011-01-27

    Statutory Demands pursuant to the Corporations Act are a mechanism available to creditors for the payment of debt. Upon the expiry of a Statutory Demand, the Corporations Act presumes that the company is insolvent and allows the entity making the demand to apply to the court for their winding up on grounds of insolvency.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, McInnes Wilson Lawyers, Debtor, Interest, Solicitor, Debt, Liquidation, Debt collection, Corporations Act 2001 (Australia)
    Authors:
    Jordan Bennie
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Sometimes you do have to sweat the small stuff
    2010-08-02

    Key Points: The fact that you're a very big company doesn't mean you needn't follow the legal rules for the execution of documents.

    Background

    A large insurance company claimed to be a creditor of Ungul, a property developer. Ungul was in voluntary administration.

    A meeting of Ungul's creditors was called for 11 June. The insurance company's solicitors contacted the administrator and said that:

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Solicitor, Capital punishment, Power of attorney, Corporations Act 2001 (Australia)
    Authors:
    John Elliott , Jonathan Algar
    Location:
    Australia
    Firm:
    Clayton Utz
    Solicitors and advisors to face liability for directors’ breach
    2009-11-13

    Introduction

    The New South Wales Supreme Court has found a solicitor liable for facilitating unlawful ‘phoenix’ activity.1 Phoenix activity consists of transferring business assets out of an old debt-laden company (which subsequently goes into liquidation) to a new debt free company. The new company carries on the business of the old company; but the assets are put beyond the reach of the creditors of the old company.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Share (finance), Breach of contract, Dividends, Solicitor, Debt, Liability (financial accounting), Liquidation, Good faith, Unsecured creditor, Causality, Australian Taxation Office, Corporations Act 2001 (Australia)
    Authors:
    Paul Wenk
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP
    High Court decision on subrogation and a first mortgagee’s obligations to guarantors
    2009-11-30

    The High Court’s recent decision in Bofinger v Kingsway involves the law respecting sureties, their obligation to indemnify the creditor and right to indemnity by the principal debtor, and the operation of the doctrine of equity associated with the term “subrogation”.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Piper Alderman, Surety, Debtor, Solicitor, Debt, Mortgage loan, Liquidation, Default (finance), High Court of Justice (England & Wales)
    Authors:
    Tom Griffith
    Location:
    Australia
    Firm:
    Piper Alderman
    Statutory Demands - Why Acting Fast is Important for the Client & Solicitor
    2016-04-01

    Failure to comply with a statutory demand can have serious consequences for a company. Failure to properly advise on a statutory demand can also have serious consequences for a solicitor. Dixon J, in Dual Homes Pty Ltd v Moores Legal Pty Ltd and Anor, provides a timely reminder of the consequences that can flow from a failure to take proper action in response to a statutory demand.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, William Roberts Lawyers, Solicitor
    Authors:
    Bill Petrovski , Sebastian Brodowski
    Location:
    Australia
    Firm:
    William Roberts Lawyers
    Are communications between receivers and liquidators privileged?
    2016-04-18

    The decision in Re Forge Group Construction Pty Ltd (in liq) (Receivers and Managers appointed); ex parte Jones [No 2] [2016] WASC 87 confirms that while some communications between liquidators, receivers and their respective solicitors can be privileged, it is not necessarily always the case. Critical factors include the purpose of the communication in question and whether there is a sufficient commonality of interest between liquidators and receivers in relation to the communication’s subject matter.

    Facts

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Legal Practice, Litigation, Hall & Wilcox, Solicitor, Legal professional privilege
    Authors:
    Katherine Payne , Jacob Uljans
    Location:
    Australia
    Firm:
    Hall & Wilcox
    Accounts receivable - much more than just book debts
    2011-08-16

    Just what is an account receivable has been the subject of much debate, because it determines what assets are used to satisfy preferential claims, i.e. who gets paid first in a receivership or liquidation.  In 2008, the High Court judgment in Commissioner of Inland Revenue v Northshore Taverns (in liq) confined “accounts receivable” to “book debts”.  Although since criticised, that judgment was the only judicial authority on the point.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Tax, Chapman Tripp, Bond (finance), Security (finance), Accounts receivable, Solicitor, Debt, Personal property, Liquidation, Law Society of England and Wales, Companies Act
    Authors:
    Janko Marcetic
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Voidable transactions – a broad interpretation
    2011-10-04

    Managh v Morrison and Ors involved an application by a liquidator to set aside a transaction pursuant to section 292 of the Companies Act 1993.  Approximately one year before liquidation the company assigned causes of action against a firm of solicitors and a real estate agent to a trust associated with the company's director.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Solicitor, Debt, Liquidation, Liquidator (law)
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Lien vs security interest - who wins?
    2011-11-07

    A lien is the right to hold on to goods, and in some cases sell them, in order to ensure payment.  Often the debt will be connected with services related to the goods.

    A lien can be obtained by contract, or in certain specific situations the law creates it automatically.  The difference can be significant.

    Under the Personal Property Securities Act (PPSA), the holder of a common law or statutory lien may in some cases have special priority over a company’s secured creditors.

    Types of lien

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Chapman Tripp, Debtor, Security (finance), Solicitor, Debt, Personal property, Common law, Securities Act 1933 (USA), Court of Appeal of England & Wales
    Authors:
    Michael Arthur , Michael Harper , Matthew Yarnell , Fiona Bennett
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Priorities outside the Alberta Personal Property Security Act (PPSA)
    2014-03-17
    1.  INTRODUCTION

    S4 of the PPSA, provides that "except as otherwise provided" in the PPSA, the PPSA does not apply to a number of enumerated liens, charges or other interests, including as set out in s4(a) "a lien, charge or other interest given by an Act or rule of law in force in Alberta".

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Real Estate, DLA Piper, Solicitor, Personal property, Common law, Personal Property Security Act 1990 (Canada)
    Location:
    Canada
    Firm:
    DLA Piper

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