TGIF

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

Court allows Deed Administrator to transfer shares in a company’s restructure without the consent of the shareholders

27 March 2015

Court allows Deed Administrator to transfer shares in a company’s restructure without the consent of the shareholders.

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The High Court closes the back door option for liquidators to obtain a further extension of time to bring voidable transaction proceedings

20 March 2015

The High Court has unanimously held that liquidators cannot rely on procedural court rules of a State or Territory to apply, outside the initial 3 year limit, for extensions of time to bring voidable transaction proceedings.

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Know thy shelf: The High Court confirms the power of the court to make shelf orders under s 588FF(3)(b) of the Corporations Act

13 March 2015

The High Court has confirmed the power of a court to extend the time for the commencement of voidable transaction proceedings, without identifying the particular transaction to which the extension would apply.

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Trustee’s right of indemnity unaffected by bankruptcy

6 March 2015

A bankrupt trustee’s right of indemnity and the corresponding lien over the trust assets securing that right will vest in the trustee in bankruptcy and take priority over the interests of the beneficiaries of the trust.

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Victorian Supreme Court considers whether the granting of security to avoid threatened litigation against a third party constitutes an “uncommercial transaction”

27 February 2015

This week’s TGIF finds the grant of security by one company to avoid litigation against a related company is not necessarily voidable.

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In the matter of Anglican Development Fund Diocese of Bathurst Board (recs and mgrs apptd)

20 February 2015

This week’s TGIF considers a recent decision of the Supreme Court of NSW which confirms that a board of directors’ residual powers in receivership include consenting to judgment in favour of a creditor.

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High Court confirms that a covenant not to sue will not extinguish a guarantor’s right of contribution

13 February 2015

The High Court's decision of Lavin v Toppi [2015] HCA 4 confirms that covenants not to sue will not prejudice the right of a guarantor to seek contribution.

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The power of receivers to administer trust property under a debenture

12 December 2014

This week we look at the power of receivers to administer trust property under a debenture.

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Secured creditor’s enforcement action restrained while a decision of FOS appealed

27 November 2014

The decision of Goldie Marketing Pty Ltd and others v Financial Ombudsman Services Limited and anor [2014] shows the Court’s willingness to restrain enforcement action by a secured creditor where a debtor appeals against a decision of FOS.

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Avoid a slip up - The applicability of the slip rule to the time limits imposed on a winding up application

21 November 2014

This week’s TGIF considers the availability of the slip rule to extend the time limit within which a winding up application must be determined.

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