TGIF

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

Section 560 of the Corporations Act: When a loan is not a loan

25 October 2013

This week’s TGIF considers a recent New South Wales Supreme Court decision regarding subrogation of rights under section 560 of the Corporations Act and in equity.

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Lehman Brothers - Schemes of arrangement offer a viable compromise

18 October 2013

This week’s TGIF considers the Federal Court decision that approved the scheme of arrangement proposal that was adopted at a meeting of creditors of Lehman Brothers held yesterday.

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Why full disclosure is required in Personal Insolvency Agreements

11 October 2013

This week’s TGIF considers an application to set aside a personal insolvency agreement in circumstances where the debtor had been less than transparent about the state of her affairs.

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Priority payment to creditors of insurance proceeds obtained during a liquidation is subject to a liquidator’s remuneration for obtaining those proceeds

4 October 2013

This week’s TGIF considers a recent Federal Court decision confirming that a liquidator is entitled to his or her remuneration before making a priority distribution to third parties from the proceeds of insurance.

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Commercial decisions of liquidators - When will the Court interfere?

27 September 2013

This week’s TGIF considers two recent cases confirming that the Court will not interfere with commercial decisions made by liquidators unless extraordinary circumstances exist.

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Protect the tax man: Modifying orders made under the UNCITRAL Model Law to enable distribution outside of the ‘foreign main proceeding'

20 September 2013

This week’s TGIF considers the Federal Court decision of Ackers v Saad Investments Company Limited [2013] FCA 738 and the distribution of the Australian assets of an insolvent Cayman Islands company.

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Setting aside a resolution of creditors

6 September 2013

This week’s TGIF highlights the Court’s power to set aside a DOCA where related party creditors use their voting power to pass a resolution that is contrary to the creditors as a whole.

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Challenging the sale by a liquidator

30 August 2013

This week’s TGIF considers the duties of a liquidator in the sale of assets of a company and the circumstances in which a court will interfere with the decisions of a liquidator.

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Mortgagee sales: Section 420A means that bargain hunters should look elsewhere

23 August 2013

This week’s TGIF considers the duty imposed on controllers by section 420A of the Corporations Act in light of the recent decision Commonwealth Bank of Australia v Geoffrey Anthony Shannon confirms what steps should be taken to avoid a breach.

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Revisiting Westfield Holdings and the mortgagor’s equity of redemption

16 August 2013

This week’s TGIF considers the decision in Sun North Investments Pty Ltd as trustee v Dale & Anor [2013] QSC 44 which confirms that unconscionable conduct is not a determinative factor in assessing clogs on a mortgagor’s right of redemption.

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