TGIF

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

Court approves additional remuneration for liquidator

3 July 2015

NSW Supreme Court provides directions under section 511 of the Corporations Act for increasing a liquidator’s agreed remuneration.

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O brother, where art thou?

26 June 2015

This week we look at the liability of a guarantor in the event that a co-guarantor’s signature on the guarantee is found to be a forgery.

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Court finds unregistered security interest enforceable

19 June 2015

This week’s TGIF considers a Victorian Court of Appeal decision regarding application of the PPSA transitional provisions to retention of title clauses, where goods were supplied after the commencement of the PPSA.

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“Double trouble” - Court rejects lender's attempts to charge ‘double interest’ under finance and security documents

12 June 2015

The Supreme Court of New South Wales has rejected a lender’s claim to ‘double interest’ under a secured note issuance.

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No ‘duty to speak’ on secured creditors

5 June 2015

The Court has found that a secured creditor will not be acting unconscionably, or in a misleading or deceptive manner, by simply reserving its rights in respect of transactions that may impact upon their securities without saying anything more.

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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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