TGIF

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

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.

Read More

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).

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More