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

A sign for unfunded liquidators: what you need to know about assigning a cause of action

20 May 2016

This week’s TGIF examines the NSW Supreme Court decision In the Matter of Kevin Jacobsen Pty Limited (in liq) [2016] NSWSC 538 which considered a challenge to an application under s 477(2B) to assign a cause of action.

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Administrators use general power under s 447A to stay a commercial arbitration

13 May 2016

This week’s TGIF considers the decision of In the matter of THO Services Limited [2016] NSWSC 509 in which the Court exercised its general power to extend the voluntary administration moratorium period to a commercial arbitration.

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Commissioner of Taxation circumvents the abolition of taxation priority in liquidations

6 May 2016

A recent NSW Court of Appeal decision has considered the validity of the Commissioner of Taxation’s treatment of debits and credits in an insolvency context.

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The Supreme Court of NSW weighs in on market-based causation

29 April 2016

The proponents of indirect or “market-based” causation in securities actions are vindicated by a decision of the Supreme Court of NSW in Re HIH Insurance Limited (In liquidation) [2016] NSWSC 482

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Special purpose receivers – Court’s broad power to override trust deed

22 April 2016

This week’s TGIF considers In the matter of Banksia Securities Limited (in liquidation) (receivers and managers appointed) [2016] NSWSC 357 in which the Court uses its broad remedial powers to appoint special purpose receivers.

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Improper Motives - Court invalidates appointment of administrator

15 April 2016

Victorian Supreme Court rules that the appointment of an administrator was invalid, void and of no effect because the directors did not genuinely believe the company was insolvent and appointed the administrator for an improper purpose.

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Trusted to distribute – Court provides guidance for liquidator on character of sale proceeds

8 April 2016

This week’s TGIF considers the recent decision of the Federal Court which concerned the proper distribution of sale proceeds and whether those proceeds comprised part of the “property of the company”.

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Unreasonable director-related transactions – liquidators bear the onus of proof

1 April 2016

This week’s TGIF considers the decision of Crowe-Maxwell v Frost [2016] NSWCA 46 in which the Court held that a liquidator did not discharge his onus of proving relevant transactions were unreasonable director-related transactions

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WA Court of Appeal finds guarantor’s liability rescinded by subsequent credit contract

18 March 2016

This week’s TGIF considers the decision in ANZ v Manasseh [2016] WASCA 41, where the court considered the enforceability of a guarantee when a subsequent credit contract is entered into without the guarantor’s consent.

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Guaranteed certainty: Creditors not required to exhaust remedies against a debtor before seeking to enforce a guarantee

11 March 2016

Victorian Supreme Court confirms that, unless there is an express provision for the benefit of a guarantor, a creditor will not be required to exhaust its remedies against a debtor before having recourse to the guarantee.

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