TGIF

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

Supreme Court finds that a bank does not owe a duty of care to investigate the financial circumstances of its debtor

27 June 2014

This week’s TGIF considers the decision of Westpac v Diagne in which the NSW Supreme Court held that a bank did not owe a duty of care to investigate the financial circumstances of a borrower to determine if a loan was appropriate for them.

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Court confirms the relevance of unsecured creditors’ interests when granting extensions under Personal Property Securities Register regime

20 June 2014

This week’s TGIF considers a Supreme Court of New South Wales decision on the factors the Court will take into account in deciding whether to extend the time for registration of a security interest.

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When will an informal source of funds be sufficient to prove a company’s solvency?

13 June 2014

This week’s TGIF focuses on a recent Supreme Court of Queensland decision considering the solvency of a Company whose only source of funds was an under an informal agreement.

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Supreme Court of NSW varies part 5.3A of the Corporations Act so as to limit the personal liability of deed administrators

6 June 2014

This week’s TGIF considers a recent decision in which the Supreme Court of NSW made directions and orders allowing deed administrators to sell property in their possession in circumstances where it was not clear who owned that property.

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Universalism or territorialism in cross border insolvency

30 May 2014

This week’s TGIF considers a recent decision in which the Court demonstrated a preparedness to depart from the philosophical basis for cross border insolvency in order to protect the interests of Australian based creditors.

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Extending the shelf life: Orders extending the time to commence voidable transaction proceedings

23 May 2014

This week's TGIF considers the decision Fortress Credit Corporation (Australia) Pty Ltd v Fletcher [2014] NSWCA 148 confirming the power of the court to make orders extending the time for the commencement of voidable transaction proceedings.

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Court of Appeal denies claim of unconscionability in circumstances where a bank followed its usual practices

16 May 2014

This week’s TGIF considers Donnelly v Australia and New Zealand Banking Group, in which the Court of Appeal confirmed that unconscionable conduct on the part of banks will only occur when it entered into a facility agreement with Ms Donnelly.

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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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