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

Trustee’s right of indemnity unaffected by bankruptcy

6 March 2015

A bankrupt trustee’s right of indemnity and the corresponding lien over the trust assets securing that right will vest in the trustee in bankruptcy and take priority over the interests of the beneficiaries of the trust.

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Victorian Supreme Court considers whether the granting of security to avoid threatened litigation against a third party constitutes an “uncommercial transaction”

27 February 2015

This week’s TGIF finds the grant of security by one company to avoid litigation against a related company is not necessarily voidable.

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In the matter of Anglican Development Fund Diocese of Bathurst Board (recs and mgrs apptd)

20 February 2015

This week’s TGIF considers a recent decision of the Supreme Court of NSW which confirms that a board of directors’ residual powers in receivership include consenting to judgment in favour of a creditor.

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High Court confirms that a covenant not to sue will not extinguish a guarantor’s right of contribution

13 February 2015

The High Court's decision of Lavin v Toppi [2015] HCA 4 confirms that covenants not to sue will not prejudice the right of a guarantor to seek contribution.

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The power of receivers to administer trust property under a debenture

12 December 2014

This week we look at the power of receivers to administer trust property under a debenture.

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Secured creditor’s enforcement action restrained while a decision of FOS appealed

27 November 2014

The decision of Goldie Marketing Pty Ltd and others v Financial Ombudsman Services Limited and anor [2014] shows the Court’s willingness to restrain enforcement action by a secured creditor where a debtor appeals against a decision of FOS.

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Avoid a slip up - The applicability of the slip rule to the time limits imposed on a winding up application

21 November 2014

This week’s TGIF considers the availability of the slip rule to extend the time limit within which a winding up application must be determined.

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Creditor’s pumped up priority brings down DOCA

14 November 2014

The decision of In the matter of Connections Total Fitness for the Family Pty Limited (admin apptd) is a cautionary tale against preferring certain creditors in a DOCA unless there is a clear benefit to the body of creditors as a whole.

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Wherever you lay your hat is not your home - At least, not necessarily, according to the courts

7 November 2014

This week’s TGIF considers the practical issues around effecting service of a bankruptcy notice at a “last known address”, together with the court’s obligations when dealing with unrepresented litigants.

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Insolvency practitioners reminded of their obligations to exercise care and closely monitor any third party fees incurred

31 October 2014

NSW Supreme Court examines the obligations of insolvency practitioners and whether expenses had been reasonably incurred and invoices properly reviewed.

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