TGIF

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

Liquidator’s fees and expenses - Universal Distributing considered by the High Court

9 May 2014

This week’s TGIF considers Stewart v Atco Controls Pty Limited (in liquidation), a recent High Court decision examining the Universal Distributing principle on a liquidator’s equitable lien for his or her costs and expenses.

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Effect of a company’s insolvency on an unperfected security interest

2 May 2014

This week’s TGIF considers the recent WA Supreme Court decision White v Spiers Earthworks Pty Ltd, highlights the consequences of not registering a security interest under the Personal Property Securities Act when a company becomes insolvent.

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Setting aside creditors’ resolutions and the meaning of “interest of creditors as a whole”

11 April 2014

This week’s TGIF considers an application under section 600A of the Corporations Act to set aside a creditors’ resolution that has been passed as a result of the votes of related creditors.

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An example of the difficulties faced by mortgagors seeking injunctions to restrain a mortgagee sale

4 April 2014

This week’s TGIF considers a recent Victorian Supreme Court decision involving an application to restrain a mortgagee from exercising its power of sale.

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Approval of a commercial decision - When will the Court provide directions to insolvency practitioners under s 447D?

28 March 2014

This week’s TGIF consider a recent New South Wales Supreme Court decision on whether it is appropriate for the Court to make a direction authorising an administrator to enter into a loan agreement to pay out a secured creditor.

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Court of Appeal confirms a back door option to obtain a further extension on the time to bring voidable transaction proceedings

21 March 2014

This week’s TGIF considers a recent decision which confirmed that liquidators may apply under rule 36.16(2)(b) of the Uniform Civil Procedure Rules 2005 to further extend the time within which they may bring voidable transaction proceedings.

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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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