TGIF

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

Court cuts short Commissioner’s Cross City challenge

14 March 2014

This week’s TGIF confirms that when it comes to pursuing actions against companies in administration, sometimes even the Tax Commissioners must wait.

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Unreasonable director-related transactions - When is a transaction for the benefit of a director?

7 March 2014

This week’s TGIF considers the requirements of the unreasonable director-related transactions provision of the Corporations Act 2001 (Cth) and the circumstances in which a transaction is made “for the benefit” of a director.

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Federal Court cautions insolvency practitioners against quick-fire distributions despite ruling that they are not liable for unassessed income tax liability

28 February 2014

This week’s TGIF considers a decision in which the Federal Court found that, in the absence of an assessment, a liquidator is not obliged under the Income Tax Assessment Act to retain sufficient funds to meet a tax liability in the liquidation.

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The importance of independence and the role of the DIRRI

21 February 2014

This week’s TGIF considers the obligations of insolvency practitioners when completing the declaration of independence, relevant relationships and indemnities, especially in the context of referrals.

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The buck stops where? When will a liquidator be personally liable for costs?

14 February 2014

A recent decision is a reminder that liquidators who commence proceedings may be personally liable for costs of the proceeding where they are unsuccessful in their claim.

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Bank fees and penalties - Some guidance from the Federal Court

7 February 2014

On 5 February 2014, in Paciocco v Australia and New Zealand Banking Group Limited [2014] FCA 35, the Federal Court of Australia determined that credit card late fees charged by a bank were penalties.

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Restraining the sale of land by receivers - When will courts grant an injunction?

31 January 2014

This week’s TGIF considers the case of Bosi Security Services Ltd v Wright [2013] WASC 431, in which the court granted an interlocutory injunction preventing the sale of land by receivers.

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Waive your privilege goodbye: The consequences of not claiming privilege during a public examination

13 December 2013

This week’s TGIF considers the Victorian Supreme Court decision of Le Roi Homestyle Cookies Pty Ltd (in liquidation) v Gemmell [2013] VSC 452.

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High Court upholds Victorian Court of Appeal’s Willmott decision on disclaimer by Liquidators

6 December 2013

This week’s TGIF considers the recent High Court decision in the Willmott liquidation which confirms that liquidators of landlord companies have the power to disclaim leases and extinguish any proprietary rights the tenant may have.

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Court approval of Bell settlement

29 November 2013

This week’s TGIF considers the approval decision for the settlement of the long running Bell Group litigation.

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