TGIF

TGIF is a weekly publication focusing on current issues in insolvency law and banking and finance litigation.

No pressure! A borrower’s financial difficulties alone will not establish duress

21 April 2017

This week’s TGIF considers Australia and New Zealand Banking Group Ltd v Bragg (No. 3) [2017] NSWSC 208, in which the Court rejected a borrower’s claims that it entered into a loan contract under duress and that the bank prevented its attempted sale

Read More

Not so perfect solution – Court relief sought to avoid automatic vesting

7 April 2017

This week’s TGIF considers a recent Federal Court decision in which relief was sought under section 588FM of the Corporations Act to ensure a security interest perfected after the ‘critical time’ did not automatically vest.

Read More

I’ll Be Back – New South Wales Supreme Court terminates a liquidation

31 March 2017

This week’s TGIF considers the case of In the matter of CNL Transport Pty Ltd (in liq) [2017] NSWSC 291, where the New South Wales Supreme Court terminated a liquidation where the company was solvent and its debts had been paid.

Read More

Does a bankrupt beneficiary’s effective control of a discretionary trust transform their interest into property?

24 March 2017

This week’s TGIF considers Fordyce v Ryan & Anor; Fordyce v Quinn & Anor [2016] QSC 307, where the Court considered whether a beneficiary’s interest in a discretionary trust amounted to ‘property’ for the purposes of the Bankruptcy Act 1966 (Cth).

Read More

Does collective knowledge of a company’s officers equate to company knowledge?

17 March 2017

This week’s TGIF considers Commonwealth Bank of Australia v Kojic [2016] FCAFC 186, in which the Court questioned whether the knowledge of a company is in fact the collective knowledge of its officers

Read More

“All for one and one for all” : creditor successfully appoints SPLs to undertake tasks only it is willing to fund

10 March 2017

This week’s TGIF considers a decision of the Victorian Supreme Court which examined the merits of appointing special purpose liquidators in circumstances where a creditor was only willing to fund investigations if the appointment was made.

Read More

ABN but no ACN? Your PPSA registration may be defective

3 March 2017

This week’s TGIF considers In the matter of OneSteel Manufacturing Pty Limited (admin appt) [2017] NSWSC 21, where it was held that a PPSR registration was defective as the grantor’s ACN was not included in the registration.

Read More

A liquidator’s equitable lien: because justice requires it

24 February 2017

A recent Court of Appeal decision has affirmed that liquidators may claim an equitable lien to recover their costs and expenses, even if no assets are realised and no fund exists.

Read More

Liquidators vindicated in refusing to conduct public examinations using a creditor’s law firm

17 February 2017

This week’s TGIF considers In the matter of ACN 151 726 224 Pty Ltd (in liq) [2016] NSWSC 1801, where the Court dismissed a creditor’s application to remove liquidators who had refused to conduct public examinations of a director.

Read More

Making an example of wrongdoing: penalty orders against ASX listed company and its director

10 February 2017

This week’s TGIF considers a decision in which ASIC sought significant penalty orders against a listed public company and its director for misleading and deceptive statements in a prospectus, non-disclosure to the ASX and breach of directors duties

Read More