The factors which an administrator can cite in support of any extension application will necessarily depend upon the unique factual circumstances involved.
Insolvency practitioners will need to consider whether a lease is entered into before or after the commencement of the Amending Act, as this will determine which set of rules apply.
"Justice Black in In the matter of Boart Longyear Limited [2017] NSWSC 537 has confirmed that section 411(16) of the Corporations Act 2011 (Cth) (the Act), can be used to provide companies...
The New South Wales Supreme Court has found that a secured party can't rely on its own mistake when registering on the PPSR to claim that the defective registration “temporarily perfects” its...
The decision of Jackson J has wide-ranging consequences for the insolvency industry, as the outcome effectively relegates (at least in QLD) liquidator remuneration, employee entitlements and all...
Section 433 of the Corporations Act 2001 (Cth) (the Act) concerns the payment to employees as priority creditors by a receiver from the assets subject to a circulating security interest. This...
There are a number of reasons why liquidators might want to slow things down when it comes to commencing or prosecuting proceedings. A liquidator might want more time to fully investigate certain...
Legal issues from March 2017.
The PNW Project aims to test all registered liquidators’ compliance with the requirement to publish certain notices on ASIC’s “published notices website” and to lodge forms with ASIC.
A spate of recent decisions approving liquidators’ remuneration on an ad valorem basis had caused some trepidation amongst insolvency practitioners facing the prospect of court fee approval.
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...
A recent decision in the Supreme Court of New South Wales has clarified the circumstances in which a registration on the PPSR will be ineffective and the consequences that can flow from this.
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...
Insolvency sales have their own unique issues, but the agenda is always clear - maximise return to creditors.
Companies in distress often undertake a sale of assets to alleviate cash flow or debt repayment issues when other lines of credit or sources of funds have been exhausted. Such decisions are not...
The Takeovers Panel has updated its guidance on preparing bidder's statements and target's statements, and this guidance is less prescriptive than the approach the Panel put forward in an earlier...
The Federal Government recently released the draft Insolvency Law Reform Bill 2013 (Reform Bill) for public comment. The Reform Bill contains a number of changes to the way that insolvency...
Recent amendments to the Competition and Consumer Act 2010 (CCA) are intended to ensure that section 50 of the CCA applies to "creeping acquisitions", and will provide legislative support to the...
In Crescent Gold [2011] ATP 14, the Takeovers Panel has dealt with a thorny takeovers issue, that has has been troubling market participants for over a decade. This decision should be persuasive...
From 28 June 2010, the law relating to the payment of dividends by companies has changed, including the replacement of the traditional "profits test" for determining whether a company can pay a
In circumstances where the number of retrospective applications made by liquidators under section 477(2B) of the Corporations Act for Court approval to enter into agreements of more than 3 months...
Stewart v Atco Controls Pty Ltd (In Liquidation) [2014] HCA 15 ("Atco") -- In a good outcome for Liquidators and litigation funders, Atco has overturned a unanimous decision of the Victorian Court
Owen, in the Matter of RiverCity Motorway Pty Ltd (Administrators Appointed) (Receivers and Managers Appointed) ("RiverCity") [2014] FCA 1008 -- It has been"accepted practice" in company
Following the 1997 decision in Re Emanuel (No 14) Pty Ltd, it became clear that payment by a third party (C) of an unsecured debt due by A to B could be classified as an unfair preference in...