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

When can a guarantor rely on a right of subrogation?

30 October 2015

This week’s TGIF considers the case of Bowesco Pty Ltd v Westpoint Management Ltd [2015] WASCA 184, which considered whether a guarantor had a right of subrogation enabling it to be repaid in advance of the second ranking creditor.

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Interpreting commercial contracts using surrounding circumstances: Do you need ambiguity?

23 October 2015

Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd [2015] HCA 37 emphasises that parties need to be aware when negotiating contracts that circumstances surrounding the contract may be used to interpret it later.

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Liquidator seeks court direction where risk of legal controversy

16 October 2015

This week’s TGIF reinforces that the Court’s reluctance to give directions to a liquidator in respect of commercial matters is qualified in respect of matters which are capable of giving rise to a legal controversy.

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A Deed of Company Arrangement cannot force creditors to give releases to third parties

9 October 2015

NSW Supreme Court confirms that a Deed of Company Arrangement cannot bind a creditor to give up third party claims, but it upholds the rest of the DOCA.

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Federal Court confirms that leave of the Court is not required under the Bankruptcy Act to sue a former bankrupt after an annulment of bankruptcy by way of composition

2 October 2015

Hudson v Signalla [2015] FCAFC 140 confirms that leave of the court is not required under s58(3) Bankruptcy Act 1966 (Cth) to sue a former bankrupt in respect of what was a provable debt in the bankruptcy.

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ATE Insurance and security for costs – Will a deed of indemnity suffice?

25 September 2015

A recent Victorian Supreme Court decision has considered whether security for costs may be provided by way of a deed of indemnity from an After-The-Event insurer.

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Challenge to a DOCA - Position of the secured creditor key in determining prejudice to creditors as a whole

18 September 2015

This week’s TGIF considers the circumstances in which a resolution passed at a creditor’s meeting will be set aside on the basis that it is contrary to the interests of creditors as a whole.

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Not all legal advice is equal - Guarantee unenforceable due to deficiencies in legal advice

11 September 2015

This week’s TGIF considers a New South Wales decision which considered the quality of the legal advice provided to a guarantor and the enforceability of the guarantee provided by that guarantor.

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DOCAs, material omissions and the spectre of bias

4 September 2015

This week’s TGIF article considers a case in which the NSW Supreme Court provides guidance for administrators as to the law regarding material omission or misstatement in administrators’ section 439A reports.

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An imperfect approach - The need for timely registration of security interests

28 August 2015

This week’s TGIF considers a Federal Court decision regarding registration and perfection of a security interest, in circumstances where the grantor later became insolvent.

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