Insights

A tip for liquidators of insolvent corporate trustees: appoint a receiver

How should the liquidator of an insolvent trustee company ensure payment out of trust assets of the entirety of his or her remuneration and expenses? According to the Federal Court , from the...

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Rising from the ashes - reintroduction of the Illegal Phoenixing Bill

Australia’s insolvency laws are changing, yet again.

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A matter of trust: High Court rules on distribution of assets of an insolvent corporate trustee

In its much anticipated decision, the High Court has unanimously dismissed the Amerind appeal.

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“Adding fuel to the fire”: Administrators fail in bid to adjourn winding-up of Paltar Petroleum Ltd

On 3 May 2019, the Federal Court of Australia dismissed an application brought by the administrators of an oil and gas exploration company, Paltar Petroleum Limited (Paltar) to adjourn proceedings...

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Distribution of trust assets under a DOCA: the latest guidance from the Federal Court

The Federal Court has confirmed that there is no difference between liquidation and deed administration of a corporate trustee in relation to dealings with trust assets and the distribution of...

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Set-off in unfair preference claims: In the matter of Cardinal Project Services Pty Ltd

The ability of creditors to rely upon the statutory set-off provision in section 553C of the Corporations Act to reduce or eliminate their exposure to unfair preference claims has been a matter of...

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The limits of an insolvency practitioner’s equitable lien: intermeddlers beware

The entitlement to recover remuneration and costs for work performed in conducting an external administration is an ever-present fundamental concern for insolvency practitioners.

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Green light for Gunns Group liquidators (and liquidators everywhere)

JWS has achieved an excellent result for the liquidators of the Gunns Group, with success in the Federal Court’s judgment in Bryant (Liquidator) v L.V. Dohnt & Co Pty Ltd, In the Matter of Gunns...

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Secured creditor claims to funds remaining after termination of DOCA – the latest word from the West

The recent Hughes decision illustrates the significance of PPSA security interests despite the existence and subsequent termination of a DOCA.

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The status of the trustee’s right of indemnity in the winding up of insolvent trustees – the latest

There is increasing importance for insolvency practitioners of pragmatic judicial application of equitable principles (rather than statutory priority rules) in seeking priority payment of their...

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Procedural fundamentals: extension of convening period for second creditors’ meetings

The factors which an administrator can cite in support of any extension application will necessarily depend upon the unique factual circumstances involved.

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Examination of liquidator – legitimate or abuse of process?

Liquidators can rest assured that courts are reluctant to interfere in their commercial judgments or permit liquidators to be personally exposed to mandatory examinations under s596A Corporations...

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High Court upholds constitutionality of s596A mandatory examinations

The High Court of Australia recently dismissed an application brought by former Queensland Nickel Pty Ltd (QN) directors Mr Clive Palmer and Mr Ian Ferguson for a declaration that section 596A of...

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High Court expands operation of the doctrine of penalties

In Andrews v ANZ, the High Court found that certain bank fees charged to the bank's customers were not prevented from being characterised as penalties by reason of liability to pay those fees being

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