Insights

Launching our 2023 Insolvency & Restructuring Case Summaries publication

We are delighted to share with you the next edition of our Insolvency & Restructuring Case Summaries. With over 45 case summaries highlighting the key takeaways and the practical implications for...

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National airline granted foreign state immunity against a winding up application

The New South Wales Court of Appeal has confirmed that foreign state immunity extends to a national airline subject to a winding up application.

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Gunns: peak indebtedness is shot

On 8 February 2023, the High Court of Australia delivered judgment in Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2. JWS acted for PwC, the appellant liquidators of the Gunns group, and...

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Launching our Insolvency & Restructuring Case Summaries for 2021-2022

We are delighted to launch the first edition of our Insolvency & Restructuring Case Summaries for 2021-2022, with over 45 case summaries highlighting the key takeaways and the practical...

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Gunning for it: Peak Indebtedness in the spotlight

In significant news for the insolvency industry, the High Court will hear the long-awaited Gunns Group preference claim appeal in Bryant & Ors v Badenoch Integrated Logging (A10/2022) on 18 October...

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Court Rejects Proposed Appointment of Special Purpose Liquidators

In its recent judgment in Re Jabiru , the Supreme Court of New South Wales applied principles governing the appointment of Special Purpose Liquidators (SPL) in rejecting the Plaintiffs’ application...

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To the Brink and Back: In the matter of Merchant Overseas Logistics Pty Ltd [2022] VSC 154

In a recent Supreme Court of Victoria decision in which we acted for the successful liquidators, the Court made various orders to enable the company to complete an ultra-efficient, streamlined...

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Gunns Reloaded: High Court grants special leave

The Full Court of the High Court (Keane and Gleeson JJ) has today granted Daniel Bryant and Craig Crosbie of PwC, in their capacity as the Liquidators of the Gunns Group, special leave to appeal...

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High Court significantly expands the use of examination summonses

In a significant decision delivered on 16 February 2022, the High Court in Walton [1] overturned the NSW Court of Appeal’s decision to set aside an examination summons issued by Arrium’s...

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A controversial boost for restructuring promoters: Court limits security interest vesting rule

In his recent decision in Antqip Hire, Brereton JA of the Supreme Court of New South Wales concluded that section 588FL of the Corporations Act 2001 (Cth) does not operate to result in the vesting...

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Section 553C set-off of unfair preference claims - Full Federal Court says no!

In a resounding judgment delivered last week, the Full Federal Court has confirmed that a statutory set-off under section 533C is not available to a defendant in unfair preference proceedings.

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Disclaimer Denied: liquidators personally liable for clean up costs

The Victorian Court of Appeal’s decision in The Australian Sawmilling Co Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 casts significant doubt on liquidators’ capacity to rely...

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Arrium court finds significant non-current liabilities not sufficient to prove insolvency

In a substantial recent decision arising from the Arrium liquidation , the Supreme Court of New South Wales considered the materiality of significant future liabilities in assessing the company’s...

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Peak Indebtedness Peaking Again? Special leave sought for High Court appeal

On 10 May and 24 June 2021, the Full Court of the Federal Court delivered unanimous judgments in Badenoch Integrated Logging Pty Ltd v Bryant, in which the Full Court held that the peak...

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Peak Indebtedness: In the Gunn

In a significant decision delivered on 10 May 2021, in which JWS acts for the plaintiff liquidators of the Gunns Group, the Full Federal Court in Badenoch v Bryant has declined to follow some six...

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“From the Company” after all: Liquidators claw back third party payments made during a DOCA

In the wake of the Victorian Court of Appeal’s decision in Cant v Mad Brothers Earthmoving [2020] VSCA 198 (‘Cant’), the Supreme Court of New South Wales’ recent decision in Re Western Port...

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Restructuring reforms – will the proposed two tier system avert the zombie apocalypse?

The Treasurer has announced major proposed reforms to Australia’s insolvency framework aimed at facilitating the restructuring of small to medium businesses (MSMEs) and streamlining their...

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Extension of temporary COVID-19 relief from insolvent trading liability and statutory demands

The operation of temporary COVID-19 relief measures for businesses in the hope of aiding distressed companies and preventing further economic breakdown will be extended until 31 December 2020.

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Lessors’ Priority Preserved: Implications for Post-Appointment Trading and DOCAs

In its recent judgment involving the PAS Group of companies , the Federal Court held that rent payable by the PAS Group during an extension of the period in which an administrator had been excused...

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COVID-19 and adjournment applications: balancing due process with flexibility and customisation

Recent decisions show that the courts will go to significant lengths to adapt procedures to continue with trial and appellate hearings despite COVID-19 related disruptions.

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Gunns liquidators prevail on peak indebtedness, set-off and the Court’s discretion

This week, the Federal Court published judgments in three unfair preference claims brought by the liquidators of the Gunns Group. We acted for the liquidators in each proceeding.

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Containing the COVID-19 contagion: temporary relief for financially distressed companies

The Coronavirus Response Bill provides, amongst other legislative amendments, for temporary changes of 6 months’ duration to Australian insolvency and corporations laws to assist in managing the...

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Fruit of the poisoned tree – examination summonses fatally tainted by improper purposes

This decision is an important reminder to liquidators to exercise their independent and professional judgment.

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A warning and opportunity for liquidators pursuing unfair preference claims

In its recent decision in the ongoing Solar Shop litigation, the Full Federal Court established two key principles which will have significant ongoing implications for the conduct of unfair...

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“Just and equitable” winding up: a viable cure for creditor distress and shareholder oppression

The Supreme Court of Victoria’s recent decision in Pacific Dairies Limited v Orican Pty Ltd illustrates judicial unwillingness to interfere in shareholder disputes, even in cases involving...

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