TGIF

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

‘Phoenixing’ rising: corporate misuse of FEG sparks crackdown

2 June 2017

This week’s TGIF considers the recent proposals to crackdown on rogue directors and reduce the burden on FEG to pay unpaid workers.

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Scheming to protect creditors

26 May 2017

This week’s TGIF considers the case of In the matter of Boart Longyear Limited [2017] NSWSC 537 in which the NSW Supreme Court made orders to assist with the restructuring of a group of companies to the ultimate benefit of creditors

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Rethink again, when will a court adjust the liability of a co-guarantor?

19 May 2017

This week’s TGIF considers the recent decision of AMP Bank Limited v Brown and Kavanagh [2017] NSWSC 313, where the court found that unless a limited exception applies, it does not have the power to adjust the liability of a co-guarantor.

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Liquidators’ disclaimer power not fail-safe

12 May 2017

This week’s TGIF considers Linc Energy Ltd (in Liq) v Chief Executive Dept of Environment & Heritage Protection [2017] QSC 53, in which the Queensland Supreme Court directed that the liquidators of Linc Energy were not justified in causing it to fail

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Taste of bias: Court rejects assertion of lack of independence

5 May 2017

This week’s TGIF considers an objection by directors and related-party creditors to a liquidator retaining solicitors who had previously acted for a substantial creditor in proceedings against the company.

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To err is human – New South Wales Supreme Court lets financier fix 200 plus flawed PPSA registrations

28 April 2017

This week’s TGIF considers In the matter of 4 in 1 Wyoming Pty Ltd & the companies listed in Schedule A to the Originating Process [2017] NSWSC 407, where the New South Wales Supreme Court granted a financier an extension of time to register new and

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No pressure! A borrower’s financial difficulties alone will not establish duress

21 April 2017

This week’s TGIF considers Australia and New Zealand Banking Group Ltd v Bragg (No. 3) [2017] NSWSC 208, in which the Court rejected a borrower’s claims that it entered into a loan contract under duress and that the bank prevented its attempted sale

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Not so perfect solution – Court relief sought to avoid automatic vesting

7 April 2017

This week’s TGIF considers a recent Federal Court decision in which relief was sought under section 588FM of the Corporations Act to ensure a security interest perfected after the ‘critical time’ did not automatically vest.

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I’ll Be Back – New South Wales Supreme Court terminates a liquidation

31 March 2017

This week’s TGIF considers the case of In the matter of CNL Transport Pty Ltd (in liq) [2017] NSWSC 291, where the New South Wales Supreme Court terminated a liquidation where the company was solvent and its debts had been paid.

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Does a bankrupt beneficiary’s effective control of a discretionary trust transform their interest into property?

24 March 2017

This week’s TGIF considers Fordyce v Ryan & Anor; Fordyce v Quinn & Anor [2016] QSC 307, where the Court considered whether a beneficiary’s interest in a discretionary trust amounted to ‘property’ for the purposes of the Bankruptcy Act 1966 (Cth).

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