When refinancing inventory, gaining 'super priority' for a purchase money security interest (PMSI) over existing general security interests is paramount to protecting the investment made by the...
The High Court recently handed down its much anticipated judgment in Mighty River International Limited v Hughes, confirming that ‘holding’ deeds of company arrangement can be valid under the...
The High Court has refused to grant the Queensland State Government (Qld Government) special leave to appeal the Queensland Court of Appeal’s March 2018 decision in favour of the liquidators of...
From Monday next week the much hyped stay on ipso facto rights in certain contracts will be law. The relevant Legislation, Regulations and Declarations commence this Sunday, 1 July 2018.
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...
The entitlement to recover remuneration and costs for work performed in conducting an external administration is an ever-present fundamental concern for insolvency practitioners.
Regarding the introduction of legislation creating a stay on enforcement of ipso facto clauses: the devil was always going to be in the detail.
The Full Federal Court's decision in Killarnee provides further clarification as to how the assets of an insolvent corporate trustee are to be dealt with.
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...
JWS has achieved a significant win on the Linc Energy appeal, in which we acted for Linc’s liquidators, PPB, against the Queensland State Government. The matter relates to the obligation of the...
The recent Hughes decision illustrates the significance of PPSA security interests despite the existence and subsequent termination of a DOCA.
A discussion of some issues which may be relevant to a practitioner’s decision as to whether to act as an advisor in the safe harbour period.
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...
The amendments to the Corporations Act1 to broaden the ‘safe harbours’ for directors on an insolvency were passed by Parliament on 12 September 20172 and are awaiting a date for commencement.
On 12 September 2017, some of the most significant reforms of Australia’s corporate insolvency laws in recent years were passed by both Houses of the Australian Federal Parliament. These reforms...
A recent appeal judgment has confirmed the validity of ‘holding’ deeds of company arrangement, or ‘Holding DOCAs’ under the Corporations Act .
Members of the Senate have temporarily put aside considerations of postal votes, plebiscites and dual citizens to approve the safe harbour and related laws.
JWS has successfully encouraged a Court decision to strike a balance between a legislative intention and an overall objective to maximise the return for creditors and any return to shareholders.
As DOCAs and deed administrators cannot otherwise amend the constitution of a company, there is potential for overreach when it comes to the power and utility of DOCAs.
A recent court decision is a timely reminder of the limitations that can affect a person’s ability to rely on set-off rights when a debtor or contract counterparty becomes insolvent.
A new law will permit liquidators to more confidently make decisions about whether or not to pursue insurers directly without the worry of speculating as to whether there are other competing claims...
The recent decision of the Supreme Court of Western Australia in Mighty River International Ltd v Hughes & Bredenkamp [2017] WASC 69 (Mighty River v Hughes) has confirmed the legality and the...
Receivers may breach their duty of care if they sell property over which they are appointed without first conducting a marketing campaign or running a public auction.
It is not uncommon for administrators to be appointed in the period between a company being served with a creditor’s winding up application and the date on which that application is to be heard...