Insights

Set it off! The West Australian Court of Appeal breathes new life into section 553C

The Court of Appeal - Supreme Court of Western Australia has delivered a decision confirming that a statutory set-off under s 553C of the Corporations Act can still be available to a creditor...

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Lo and behold: High Court dismisses 'holding DOCA' appeal

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...

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May the Stay be with you…

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.

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The latest word on dealing with trust assets in the liquidation of trustee companies

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.

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Getting things in proportion: liquidator remuneration

The courts’ close scrutiny of the work for which liquidators seek to be remunerated highlights that the appropriateness of applying the ‘proportionality’ principle will depend on the circumstances...

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Providing Safe Harbour Advice – Issues for Insolvency Practitioners to Consider

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.

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Reform of Part 5.8A and the Fair Entitlements Guarantee Scheme

New draft legislation will potentially reform the Corporations Act to curb misuse of the Fair Entitlements Guarantee (FEG), which often leads to the cost of employee entitlements being shifted to...

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Still holding on: the validity of ‘holding’ deeds of company arrangement

A recent appeal judgment has confirmed the validity of ‘holding’ deeds of company arrangement, or ‘Holding DOCAs’ under the Corporations Act .

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Two steps forward, one step back: director appointments & members’ rights

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.

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To Have and to Hold

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...

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The perils of disregarding due process

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.

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In the matter of Boart Longyear Limited

"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...

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Pari Passu now the norm in trust distributions

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...

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Lack of likely recovery leads to refusal of leave to proceed against company in liquidation

A recent decision by the Federal Court of Australia may be useful for liquidators faced with an application to commence or continue civil proceedings against a company in liquidation.

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