TGIF

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

Queensland Supreme Court considers the relationship between a disputed debt and a company’s solvency pursuant to section 459S of the Corporations Act 2001

29 May 2015

Re Bulwinkel Enterprises Pty Ltd [2015] QSC 112 confirms that a court will consider the validity of a disputed debt in connection with a company’s solvency where the company is put to proof of solvency in winding up proceedings.

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Contingent claims maturing after termination of DOCA extinguished

22 May 2015

Contingent claims maturing into a presently payable obligation after termination of a DOCA were held to be released under the DOCA in the decision of Australian Gypsum Industries Pty Ltd v Dalesun Holdings Pty Ltd [2015] WASCA 95.

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High Court resolves uncertainty on the operation of the proportionate liability regime

15 May 2015

The High Court has resolved uncertainty on the operation of the proportionate liability regime prescribed by the Corporations Act, confirming that the regime will not apply universally to all claims made under that Act.

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When the best interests of a marriage are not equal to the company’s best interests: Court holds the purchase of a boat for a director’s spouse to be an unreasonable director-related transaction

8 May 2015

Court finds that payments by a company to purchase a boat for its director’s wife constituted unreasonable director-related transactions, despite the director owning all the shares in the company and it being “comfortably solvent”.

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Money for nothing but no dire straits for the bank: NSW Supreme Court finds money advanced by mistake secured under an “all moneys” mortgage

1 May 2015

This week’s TGIF considers a recent NSW Supreme Court decision in which it was held that a mortgagor’s restitutionary obligation to repay money mistakenly advanced by the bank was secured by the bank’s “all moneys” mortgage.

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Federal Court of Australia assists in the administration of a cross-border insolvency

24 April 2015

The Federal Court assists in the administration of a UK administration under the Cross-Border Insolvency Act 2008 (Cth).

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A liquidator’s power of sale under s 477(2)(c) of the Corporations Act does not extend to trust assets

17 April 2015

This week’s TGIF confirms that a liquidators’ power of sale under s 477(2)(c) of the Corporations Act does not extend to assets held by the company on trust.

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Shadow director caught under insolvent trading provisions

10 April 2015

Featherstone v Hambleton as Liquidator of Ashala Pty Ltd (in liquidation) [2015] QCA 43, provides an example of the Court identifying someone as a shadow director where that person is no longer a shareholder or director of the company.

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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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