Legal update on insolvency law - December 2013

IN THIS ISSUE:CASE LAW · Statutory trust over PAYE deductions continues to operate upon and during liquidation · Setting aside transactions: The good faith defence · Personal liability to liquidators for failure to account for GST refund after default on property purchase · Creditor's resolution to appoint alternative liquidator set aside for prejudice · Liquidators obtain summary judgment for breach of director's duty · Liquidator's disclaimer of lease upheld by Australian High Court · Australian Court holds priority insurance payments obtained during liquidation subject to the liquidator's remuneration · The equitable remedy of marshalling · Validity of administrator's appointment questioned · Conversion claim may be brought against administrators and liquidators · Shareholder silence may constitute fully informed consent · English High Court imposes greater accountability upon shadow directors · Interim injunction preventing bank from terminating services · Letter of tender must be unconditional to release and transfer security to third party lender · Ability of foreign liquidators to require production of documents considered by Bermuda CA · Court finds City of Detroit eligible for bankruptcy in US history's largest municipal bankruptcy ARTICLES · "A profession without shame": Struggling UK firms reach a new low http://buddlefindlay.createsend4.com/t/ViewEmail/t/986C70AA030A58A1/C31E14203EB6BE03C67FD2F38AC4859C