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

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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Does collective knowledge of a company’s officers equate to company knowledge?

17 March 2017

This week’s TGIF considers Commonwealth Bank of Australia v Kojic [2016] FCAFC 186, in which the Court questioned whether the knowledge of a company is in fact the collective knowledge of its officers

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“All for one and one for all” : creditor successfully appoints SPLs to undertake tasks only it is willing to fund

10 March 2017

This week’s TGIF considers a decision of the Victorian Supreme Court which examined the merits of appointing special purpose liquidators in circumstances where a creditor was only willing to fund investigations if the appointment was made.

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ABN but no ACN? Your PPSA registration may be defective

3 March 2017

This week’s TGIF considers In the matter of OneSteel Manufacturing Pty Limited (admin appt) [2017] NSWSC 21, where it was held that a PPSR registration was defective as the grantor’s ACN was not included in the registration.

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A liquidator’s equitable lien: because justice requires it

24 February 2017

A recent Court of Appeal decision has affirmed that liquidators may claim an equitable lien to recover their costs and expenses, even if no assets are realised and no fund exists.

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Liquidators vindicated in refusing to conduct public examinations using a creditor’s law firm

17 February 2017

This week’s TGIF considers In the matter of ACN 151 726 224 Pty Ltd (in liq) [2016] NSWSC 1801, where the Court dismissed a creditor’s application to remove liquidators who had refused to conduct public examinations of a director.

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Making an example of wrongdoing: penalty orders against ASX listed company and its director

10 February 2017

This week’s TGIF considers a decision in which ASIC sought significant penalty orders against a listed public company and its director for misleading and deceptive statements in a prospectus, non-disclosure to the ASX and breach of directors duties

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