Insights

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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The Liquidator’s Toolbox: A reminder of the power to search and seize

A recent Federal Court decision serves as a helpful reminder to liquidators about the potential availability of warrants under section 530C of the Corporations Act 2001 (Cth).

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Angas Securities scheme of arrangement approved

On 17 May 2019, the Federal Court approved the scheme of arrangement between Angas and its Debenture Holders.

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Guidance for receivers on post-appointment tax liabilities

Dealing with the important question of a receiver’s obligation to retain money for post-appointment tax liabilities.

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Time limits on claims under insurance policies: the latest guidance from the NSW Court of Appeal

The New South Wales Court of Appeal in a close 3-2 decision has decided that the time limit in which to sue an insurer for a failure to indemnify for property damage starts when the property damage...

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Receiver distribution of assets permitted despite objections

The latest decision in the external administration of Mirabela is a reminder of the utility of the section 424 directions process for receivers, and an example of the steps to be taken in the face...

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Devil in the detail – proposed exclusions from the Ipso Facto Stay

Regarding the introduction of legislation creating a stay on enforcement of ipso facto clauses: the devil was always going to be in the detail.

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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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The new safe harbour insolvency laws – basics for directors and commercial contracting

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.

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Insolvency law reform – stay on enforcement of ipso facto clauses

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...

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Liquidators’ remuneration – Court of Appeal puts ad valorem in its place

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.

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Liquidator disclaims - High Court proclaims

The High Court of Australia recently considered two issues relating to a liquidator's power to disclaim a lease granted by the company in liquidation. The first issue was whether a lease is a...

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Insolvency practitioners take note - proposed amendments to regulation of the insolvency profession

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...

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Third party payments as unfair preferences

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...

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Directors take note: penalty notices to cover more company debts

On 5 July 2011, the Federal Government released the Tax Laws Amendment (2011 Measures No. 7) Bill 2011: companies' non-compliance with PAYG withholding and superannuation guarantee obligations (the

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Going above and beyond: s 439A report leads to removal of liquidators

In Independent Cement and Lime Pty Ltd v Brick and Block Company Ltd (in liquidation) (receivers & managers appointed) [2010] FCA 352, Justice Finkelstein considered the duty of voluntary...

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