http://www.corrs.com.au/publications/tgif/ Publications from www.corrs.com.au http://www.corrs.com.au/publications/tgif/asic-national-insolvent-trading-program-report-and-asic-duty-to-prevent-insolvent-trading-guide-for-directors/ In the last six months ASIC has released the National insolvent trading program report and the Duty to prevent insolvent trading: Guide for directors. Fri, 12 Nov 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/asic-national-insolvent-trading-program-report-and-asic-duty-to-prevent-insolvent-trading-guide-for-directors/ http://www.corrs.com.au/publications/tgif/administrators-application-to-the-court-for-directions/ In the Matter of North Coast Panels Pty Ltd, administrators successfully sought directions from the Court pursuant to s 447D of the Corporations Act, confirming their decision to enter into a contract for the sale of North Coast Panels Pty Ltd. Fri, 22 Jul 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/administrators-application-to-the-court-for-directions/ http://www.corrs.com.au/publications/tgif/an-automatic-right-to-an-adjournment-for-new-lawyers/ The courts will often grant adjournments where a litigant has engaged new lawyers. Nonetheless, the NSW Supreme Court recently refused an application to adjourn a hearing made by a litigant who had briefed their barrister only the day before. Fri, 22 May 2009 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/an-automatic-right-to-an-adjournment-for-new-lawyers/ http://www.corrs.com.au/publications/tgif/application-for-declarations-recognising-a-foreign-courts-orders-/ In the recent case of Re Chow Cho Poon (Private) Ltd, the Supreme Court of NSW made ex parte declarations recognising the orders of the High Court of the Republic of Singapore. Fri, 06 May 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/application-for-declarations-recognising-a-foreign-courts-orders-/ http://www.corrs.com.au/publications/tgif/appointment-of-administrators-by-secured-creditors-and-directors-and-the-subsequent-application-of-s-447a/ Re Australian Property Custodian Holdings Ltd provides clarification as to the appointment of administrators by secured creditors under the Corporations Act and the application of the Act to validate a defective appointment of an administrator. Fri, 15 Apr 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/appointment-of-administrators-by-secured-creditors-and-directors-and-the-subsequent-application-of-s-447a/ http://www.corrs.com.au/publications/tgif/bare-trustees-entitlement-indemnified-trust-property/ Report on Bruton Holdings Pty Ltd (In Liq) v Commissioner of Tax in which the Court considered if a bare trustee was entitled to indemnification out of trust property for the costs of undertaking litigation in order to protect the trust property. Fri, 05 Aug 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/bare-trustees-entitlement-indemnified-trust-property/ http://www.corrs.com.au/publications/tgif/can-liquidators-enter-into-funding-agreements/ In the decision of Fortress Credit Corporation v Fletcher, the Federal Court of Australia considered the powers of liquidators under the Corporations Act to enter into and perform their obligations under funding agreements. Fri, 26 Aug 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/can-liquidators-enter-into-funding-agreements/ http://www.corrs.com.au/publications/tgif/claims-by-shareholders-in-an-insolvency-statutory-reversal-of-sons-of-gwalia/ Insolvency practitioners and litigators should note the recent amendments to section 563A of the Corporations Act. Fri, 11 Mar 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/claims-by-shareholders-in-an-insolvency-statutory-reversal-of-sons-of-gwalia/ http://www.corrs.com.au/publications/tgif/default-notices-substantive-rather-than-formal-compliance/ The recent case of Perpetual Trustees VIC Ltd v Monas confirms that a default notice served by a creditor of the then applicable Consumer Credit Code is valid as long as the notice substantively complies with the requirements of section 80. Fri, 01 Apr 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/default-notices-substantive-rather-than-formal-compliance/ http://www.corrs.com.au/publications/tgif/directions-sought-by-a-controller-under-section-424/ Last month, the Federal Court published its reasons in Re Primebroker Securities Ltd (Receivers and Managers) (In Liquidation). Fri, 04 Mar 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/directions-sought-by-a-controller-under-section-424/ http://www.corrs.com.au/publications/tgif/director-denied-access-to-documents-of-company-in-receivership/ In Oswal v Burrup Holdings Ltd, a director of a company in receivership was denied access to documents relating to the potential or actual sale of assets or shares of the company, some of which were available to the director by other means. Fri, 01 Jul 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/director-denied-access-to-documents-of-company-in-receivership/ http://www.corrs.com.au/publications/tgif/extensions-of-time-limits-for-scheduling-creditors-meetings/ In the recent Federal Court case of Duncan, in the matter of Megafert Pty Ltd [2011] FCA 785 the administrators sought to extend the time within which to hold a second meeting of creditors. Fri, 12 Aug 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/extensions-of-time-limits-for-scheduling-creditors-meetings/ http://www.corrs.com.au/publications/tgif/limited-powers-of-a-bare-trustee-to-deal-with-trust-assets/ In the recent case of Caterpillar Financial Australia Ltd v Ovens Nominees Pty Ltd, the Federal Court of Australia considered the law relating to the duties, powers and rights of a bare trustee in a winding up. Fri, 29 Jul 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/limited-powers-of-a-bare-trustee-to-deal-with-trust-assets/ http://www.corrs.com.au/publications/tgif/nolan-revisited-the-mortgagees-power-of-sale-against-the-mortgagors-home-clarified/ In 2010, we reported on Perpetual Trustee Ltd v Baranov, which was distinguished both at first instance and on appeal from Nolan v MBF Investments Pty Ltd. In Nolan, MBF Investments appealed the decision of Vickery J. Fri, 29 Apr 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/nolan-revisited-the-mortgagees-power-of-sale-against-the-mortgagors-home-clarified/ http://www.corrs.com.au/publications/tgif/octaviar-the-queensland-court-of-appeals-decision-affirmed-in-the-high-court/ Earlier this week, the Court handed down its decision in Public Trustee of Queensland v Fortis Credit Corporation Pty Ltd. Fri, 03 Sep 2010 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/octaviar-the-queensland-court-of-appeals-decision-affirmed-in-the-high-court/ http://www.corrs.com.au/publications/tgif/pitfalls-for-lenders-when-taking-personal-guarantees-from-spouses/ The recent decision in Agripay Pty Ltd v Byrne is a timely reminder to lenders when taking a personal guarantee from a borrower’s spouse to ensure that the nature and effect of the guarantee are explained to the guarantor. Fri, 15 Jul 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/pitfalls-for-lenders-when-taking-personal-guarantees-from-spouses/ http://www.corrs.com.au/publications/tgif/preappointment-advice-and-the-independence-of-administrators-when-is-too-close-for-comfort/ The case of Huxtable outlines the issues surrounding the appointment of an insolvency practitioner as an administrator of a company where the practitioner previously provided advice to the company. Fri, 10 Dec 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/preappointment-advice-and-the-independence-of-administrators-when-is-too-close-for-comfort/ http://www.corrs.com.au/publications/tgif/problematic-to-presume-issues-with-reliance-on-the-statutory-presumption-of-insolvency/ In the recent case of Fisher v Divine Homes Pty Ltd; Allen v Harb, a liquidator was unable to rely on the presumption of insolvency in 588E(4) of the Corporations Act and ultimately fail to make out a voidable transaction claim. Fri, 25 Mar 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/problematic-to-presume-issues-with-reliance-on-the-statutory-presumption-of-insolvency/ http://www.corrs.com.au/publications/tgif/recommendations-of-the-senate-inquiry-into-the-insolvency-industry/ This week the Australian Senate’s Economic References Committee (the Committee) has tabled a report on its inquiry into the regulation, registration and remuneration of insolvency practitioners in Australia. Fri, 17 Sep 2010 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/recommendations-of-the-senate-inquiry-into-the-insolvency-industry/ http://www.corrs.com.au/publications/tgif/relief-against-forfeiture-when-is-it-available/ On 17 December 2009, Justice McDougall in the Supreme Court of NSW handed down judgment in the case of RHG Mortgage Securities v BNY Trust Company. Fri, 26 Feb 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/relief-against-forfeiture-when-is-it-available/ http://www.corrs.com.au/publications/tgif/removal-of-caveat-lodged-by-registered-proprietor-to-prevent-exercise-of-mortgagees-power-of-sale-/ Capital Finance Aus Ltd v Bayblu Holding Pty Ltd & JNW Investments Pty Ltd discusses the discretionary considerations relevant to removing a caveat lodged by the land owner in an attempt to prevent a mortgagee from exercising its power of sale. Thu, 21 Apr 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/removal-of-caveat-lodged-by-registered-proprietor-to-prevent-exercise-of-mortgagees-power-of-sale-/ http://www.corrs.com.au/publications/tgif/restrictions-on-enforcing-guarantees-provided-by-directors-of-companies-in-administration/ The case of Bank of WA Ltd v Clift indicates that the protection provided by the Corporations Act to company directors from claims during a company administration in relation to guarantees, may not be as absolute as previously thought. Fri, 25 Feb 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/restrictions-on-enforcing-guarantees-provided-by-directors-of-companies-in-administration/ http://www.corrs.com.au/publications/tgif/sons-of-gwalia/ The Sons of Gwalia case has received much publicity. Here is our brief summary of the essential issues. Fri, 16 Mar 2007 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/sons-of-gwalia/ http://www.corrs.com.au/publications/tgif/statutory-demands-and-defects-in-affidavits/ The Court considered whether the presumption of insolvency due to non-compliance with a statutory demand arose where the affidavit accompanying the statutory demand in question was witnessed by a person who was not a registered JP. Fri, 09 Sep 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/statutory-demands-and-defects-in-affidavits/ http://www.corrs.com.au/publications/tgif/statutory-demands-the-difficulty-in-rebutting-the-presumption-of-insolvency/ The recent case of Turco & Co Pty Ltd v Pendella Holdings Pty Ltd illustrates the practical difficulties faced by a debtor company which, in order to avoid being wound up, attempts to rebut a presumption of insolvency. Fri, 30 Apr 2010 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/statutory-demands-the-difficulty-in-rebutting-the-presumption-of-insolvency/ http://www.corrs.com.au/publications/tgif/statutory-demands-and-offsetting-claims/ In the recent decision of Australian Cinemas Pty Ltd v Australian Executor Trustees Ltd the Federal Court considered whether a statutory demand could be varied due to an offsetting claim against the creditor. Fri, 02 Sep 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/statutory-demands-and-offsetting-claims/ http://www.corrs.com.au/publications/tgif/stronger-super-a-new-dawn-for-trustee-governance/ Michael Chaaya, Partner and member of the Corrs Financial Services Industry Division Leadership Team, was invited to submit a paper to the Australian Institute of Superannuation Trustee’s inaugural Research Hub. Tue, 29 Mar 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/stronger-super-a-new-dawn-for-trustee-governance/ http://www.corrs.com.au/publications/tgif/the-camac-report-on-the-sons-of-gwalia-decision/ The High Court’s judgment in the Sons of Gwalia case has raised significant debate amongst secured lenders, creditors and shareholders. Fri, 13 Feb 2009 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/the-camac-report-on-the-sons-of-gwalia-decision/ http://www.corrs.com.au/publications/tgif/the-centro-properties-decision-and-directors-duties-in-relation-to-accounts/ The facts – mistakes in the accounts Wed, 13 Jul 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/the-centro-properties-decision-and-directors-duties-in-relation-to-accounts/ http://www.corrs.com.au/publications/tgif/the-high-court-warns-against-lastditch-amendments-in-litigation/ Earlier this month, the Court in Aon Risk Services Australia Ltd v ANU held that a party may not be permitted to amend its case at a late stage in litigation if that would unduly compromise the administration of justice in the case. Fri, 28 Aug 2009 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/the-high-court-warns-against-lastditch-amendments-in-litigation/ http://www.corrs.com.au/publications/tgif/the-octaviar-decision-overturned-for-now/ Last week, in Re Octaviar Ltd (No 7) [2009] QCA 282, the Queensland Court of Appeal overturned the Octaviar trial decision. Fri, 25 Sep 2009 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/the-octaviar-decision-overturned-for-now/ http://www.corrs.com.au/publications/tgif/the-erosion-of-autonomy-of-commercial-letters-of-credit/ Commercial letters of credit are a useful tool in facilitating international trade. Their usefulness lies in the autonomy and the certainty which they provide to parties to international sale of goods contracts. Fri, 03 Dec 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/the-erosion-of-autonomy-of-commercial-letters-of-credit/ http://www.corrs.com.au/publications/tgif/the-future-of-financial-advice-beyond-ripoll/ An article written by Corrs partner Michael Chaaya titled
"The future of financial advice - beyond Ripoll" is featured
in the May edition of the Australian Superannuation Law
Bulletin. Fri, 18 Jun 2010 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/the-future-of-financial-advice-beyond-ripoll/ http://www.corrs.com.au/publications/tgif/the-importance-of-directors-informing-themselves-as-to-their-companys-financial-position/ The case of Cooper v Commissioner of Taxation, is a useful illustration of the importance of directors ensuring that their company maintains proper financial records and that they inform themselves as to their company’s financial position. Fri, 12 Feb 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/the-importance-of-directors-informing-themselves-as-to-their-companys-financial-position/ http://www.corrs.com.au/publications/tgif/the-power-of-a-liquidator-to-assign-rights-of-a-company/ In the case of Owners of Strata Plan 5290 v CGS & Co Pty Ltd, the Court considered whether the Corporations Act empowers liquidators to assign a right of a company to a third party in circumstances where that right would otherwise be unassignable. Fri, 08 Jul 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/the-power-of-a-liquidator-to-assign-rights-of-a-company/ http://www.corrs.com.au/publications/tgif/the-priority-of-leave-and-superannuation-entitlements-falling-due-after-commencement-of-receivership-/ Last month, the Federal Court published its reasons in Vickers, in the matter of Challenge Australian Dairy Pty Ltd (Administrators Appointed) (Receivers & Managers Appointed). Fri, 18 Feb 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/the-priority-of-leave-and-superannuation-entitlements-falling-due-after-commencement-of-receivership-/ http://www.corrs.com.au/publications/tgif/the-ramifications-of-a-defect-in-a-statutory-demand/ In the recent case of Sustainable Organics (Wooshaway) Pty Ltd v Ranger Loaders Pty Ltd, the Court confirmed that a defect in a statutory demand does not necessarily prevent the a creditor from relying on the demand to issue a winding up application. Fri, 08 Apr 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/the-ramifications-of-a-defect-in-a-statutory-demand/ http://www.corrs.com.au/publications/tgif/uncommercial-transactions-not-all-about-undervaluation/ In the recent case of The Old Kiama Wharf Company Pty Ltd (in liq) v Betohuwisa Investments Pty Ltd & Anor, the liquidator of The Old Kiama Wharf Company Pty Ltd sought to set aside a transaction between OKW and Betohuwisa Investments Pty Ltd. Fri, 19 Aug 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/uncommercial-transactions-not-all-about-undervaluation/ http://www.corrs.com.au/publications/tgif/unsuccessful-application-by-independent-creditors-to-set-aside-doca-passed-by-related-creditors/ On 4 March 2011, the Federal Court gave judgement in the case of Mediterranean Olives Financial Pty Ltd v Loaders Traders Pty Ltd. Fri, 18 Mar 2011 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/unsuccessful-application-by-independent-creditors-to-set-aside-doca-passed-by-related-creditors/ http://www.corrs.com.au/publications/tgif/update-on-octaviar/ Previously, we have commented on the proceedings surrounding the insolvency of Octaviar Limited (Octaviar). Fri, 19 Mar 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/update-on-octaviar/ http://www.corrs.com.au/publications/tgif/variation-of-a-secured-liability-can-require-registration-if-contemplated-by-the-original-instrument/ In Re Octaviar Ltd; Re Octaviar Administration Pty Ltd, the Queensland Supreme Court considered the circumstances in which a variation to a registered charge must be notified to ASIC. Fri, 13 Mar 2009 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/variation-of-a-secured-liability-can-require-registration-if-contemplated-by-the-original-instrument/ http://www.corrs.com.au/publications/tgif/voidable-transactions-importance-evidence/ The recent case of Roufeil v Gliderol International Pty Ltd addresses voidable transactions within the meaning of s 588FE(2) of the Corporations Act and considers the element of insolvency and defences available. Fri, 16 Sep 2011 00:00:00 +1000 http://www.corrs.com.au/publications/tgif/voidable-transactions-importance-evidence/ http://www.corrs.com.au/publications/tgif/winding-up-corporate-trustees-liquidators-entitlement-to-remuneration-and-expenses-from-multiple-trusts/ The recent case of Re Dalewon Pty Ltd has served as a useful reminder of the circumstances in which a liquidator of a corporate trustee can recover their remuneration and expenses from trust assets. Fri, 15 Oct 2010 00:00:00 +1100 http://www.corrs.com.au/publications/tgif/winding-up-corporate-trustees-liquidators-entitlement-to-remuneration-and-expenses-from-multiple-trusts/ http://www.corrs.com.au/publications/tgif/mortgagees-failure-register-charge-within-time-guarantors-obligations/ In the decision of Commonwealth Bank of Australia v Anand, the Court considered whether a mortgagee’s failure to register a charge within time, thereby rendering the charge void, would impact on a guarantor’s liability under a guarantee. Fri, 23 Sep 2011 12:19:13 +1000 http://www.corrs.com.au/publications/tgif/mortgagees-failure-register-charge-within-time-guarantors-obligations/ http://www.corrs.com.au/publications/tgif/receivers-and-legal-professional-privilege/ In the recent decision of Carey v Korda & Winterbottom the Court considered whether receivers were entitled to assert legal professional privilege over documents as against a director of the companies to which they were appointed. Fri, 30 Sep 2011 14:36:51 +1000 http://www.corrs.com.au/publications/tgif/receivers-and-legal-professional-privilege/ http://www.corrs.com.au/publications/tgif/winding-up-application-valid-despite-defects-in-service/ The recent decision of the Court in the matter of Industrial Installation and Access Systems Pty Ltd held that there was a valid winding up application under the Corporations Act despite there being no effective service of the originating process. Fri, 07 Oct 2011 15:32:01 +1100 http://www.corrs.com.au/publications/tgif/winding-up-application-valid-despite-defects-in-service/ http://www.corrs.com.au/publications/tgif/when-should-receivership-terminated/ In the decision of Goldana Investments Pty Ltd (Receivers & Managers appointed) v National Mutual Life Nominees Ltd & Ors, the Supreme Court of New South Wales considered when a receivership should be terminated. Fri, 14 Oct 2011 23:32:26 +1100 http://www.corrs.com.au/publications/tgif/when-should-receivership-terminated/ http://www.corrs.com.au/publications/tgif/preference-payments-considering-the-surrounding-circumstances/ In the case of Chicago Boot Co Pty Ltd v Davis & McIntosh as Joint & Several Liquidators of Harris Scarfe Ltd, the liquidator of the Harris Scarfe Group sought to set aside a series of payments made by the company to Chicago Boot Co Pty Ltd. Fri, 21 Oct 2011 15:30:42 +1100 http://www.corrs.com.au/publications/tgif/preference-payments-considering-the-surrounding-circumstances/ http://www.corrs.com.au/publications/tgif/commencing-proceedings-against-liquidator/ In the recent decision of Armitage v Gainsborough Properties Pty Ltd & Anor the Supreme Court of Victoria considered whether leave from the Court was required to bring a claim against a liquidator. Fri, 28 Oct 2011 15:33:23 +1100 http://www.corrs.com.au/publications/tgif/commencing-proceedings-against-liquidator/ http://www.corrs.com.au/publications/tgif/statutory-demands-set-aside-for-some-other-reason/ In the recent decision of Radiomio Pty Ltd v Kendell; SISS Business Systems Limited v Kendell the Victorian Supreme Court considered when a statutory demand will be set aside for ‘some other reason’. Fri, 04 Nov 2011 15:26:24 +1100 http://www.corrs.com.au/publications/tgif/statutory-demands-set-aside-for-some-other-reason/ http://www.corrs.com.au/publications/tgif/d-and-o-policies-and-litigation-defence-costs-under-threat/ The Court held that an insured person could be prevented from accessing funds pursuant to an insurance policy to conduct their defence, because of the operation of a “statutory charge” over the proceeds of the policy Fri, 11 Nov 2011 12:26:59 +1100 http://www.corrs.com.au/publications/tgif/d-and-o-policies-and-litigation-defence-costs-under-threat/ http://www.corrs.com.au/publications/tgif/landlord-s-right-to-recover-property-from-a-company/ In the decision of Re Colorado Group Limited, the Court considered the circumstances in which a landlord might be granted leave under section 440C of the Corporations Act to recover possession of a property from a company in administration. Fri, 18 Nov 2011 15:43:17 +1100 http://www.corrs.com.au/publications/tgif/landlord-s-right-to-recover-property-from-a-company/ http://www.corrs.com.au/publications/tgif/substituted-service-creditors-demand-foreign-company/ In a recent decision of TPG Newbridge Myer Ltd v The Deputy Commissioner of Taxation, the Federal Court of Australia considered the process of serving demands on foreign debtors under Part 5.7 of the Corporations Act. Fri, 25 Nov 2011 14:46:37 +1100 http://www.corrs.com.au/publications/tgif/substituted-service-creditors-demand-foreign-company/ http://www.corrs.com.au/publications/tgif/bankrupt-here-and-bankrupt-there-cross-border-insolvency/ For the first time in Australia the Court considers whether a sequestration order should be made against a debtor already under insolvency administration in another jurisdiction. Fri, 02 Dec 2011 15:05:04 +1100 http://www.corrs.com.au/publications/tgif/bankrupt-here-and-bankrupt-there-cross-border-insolvency/ http://www.corrs.com.au/publications/tgif/liquidation-when-to-terminate/ In the case of Stolar Joinery (Aust) Pty Ltd v Charterarm Investments Pty Ltd [2011] the Supreme Court of Victoria considered the issue of when a liquidation may be terminated. Fri, 09 Dec 2011 14:34:26 +1100 http://www.corrs.com.au/publications/tgif/liquidation-when-to-terminate/ http://www.corrs.com.au/publications/tgif/unfair-contracts/ In the recent unreported decision of Fast Fix Loans Pty Ltd v Samardzic [2011], the Court upheld a determination made under the Contracts Review Act 1980 (NSW), that a deed of loan and mortgage were unjust and unenforceable. Fri, 16 Dec 2011 14:48:43 +1100 http://www.corrs.com.au/publications/tgif/unfair-contracts/ http://www.corrs.com.au/publications/tgif/priority-of-floating-charge-over-a-third-party-guarantee/ In the recent decision of Bank of WA v National Australia Bank Ltd, the Court considered whether a fixed and floating charge over assets took priority when those assets had been used to guarantee a third party loan from a different lender. Fri, 17 Feb 2012 14:14:18 +1100 http://www.corrs.com.au/publications/tgif/priority-of-floating-charge-over-a-third-party-guarantee/ http://www.corrs.com.au/publications/tgif/liquidators-power-to-disclaim-onerous-property/ For the first time in Australia, the Court determines whether a liquidator is able to disclaim a contract, where the subject of that contract is the conferral of an interest in land. Fri, 24 Feb 2012 14:46:39 +1100 http://www.corrs.com.au/publications/tgif/liquidators-power-to-disclaim-onerous-property/ http://www.corrs.com.au/publications/tgif/the-european-court-of-justice-adds-to-the-global-debate-on-isp-liability-for-illegal-downloading/ Late last year the European Court of Justice (ECJ) delivered its eagerly awaited decision in Scarlet Extended SA v SABAM. Fri, 02 Mar 2012 15:05:09 +1100 http://www.corrs.com.au/publications/tgif/the-european-court-of-justice-adds-to-the-global-debate-on-isp-liability-for-illegal-downloading/ http://www.corrs.com.au/publications/tgif/the-high-court-cautions-against-refinancing-a-farm-debt-following-a-farm-debt-mediation/ Last week, the High Court shed some useful light on the meaning of “farm mortgage” under the Farm Debt Mediation Act 1994 (NSW) in its decision of Waller v Hargraves Secured Investments Ltd. Fri, 09 Mar 2012 14:06:37 +1100 http://www.corrs.com.au/publications/tgif/the-high-court-cautions-against-refinancing-a-farm-debt-following-a-farm-debt-mediation/ http://www.corrs.com.au/publications/tgif/the-impact-of-bankruptcy-on-proceedings-commenced-by-a-person-in-his-or-her-capacity-as-trustee/ On 2 February 2012, the Western Australian Supreme Court gave its decision in Duckworth (as trustee for the Ocean Farm Trust) v Water Corporation. Fri, 16 Mar 2012 14:45:29 +1100 http://www.corrs.com.au/publications/tgif/the-impact-of-bankruptcy-on-proceedings-commenced-by-a-person-in-his-or-her-capacity-as-trustee/ http://www.corrs.com.au/publications/tgif/how-are-employee-entitlements-to-be-paid-when-receivers-and-liquidators-are-appointed-concurrently/ On 22 February 2012, the WA Supreme Court handed down its decision in Re Great Southern Ltd (Receivers and Managers Appointed) (in liq); Ex parte Thackray. Fri, 23 Mar 2012 15:00:52 +1100 http://www.corrs.com.au/publications/tgif/how-are-employee-entitlements-to-be-paid-when-receivers-and-liquidators-are-appointed-concurrently/ http://www.corrs.com.au/publications/tgif/unfair-preference-transactions-and-payments-ato/ The Federal Court's decision in Kassem and Secatore v Commissioner of Taxation clarifying when payments made to the Commissioner of Taxation in the six months prior to the winding up of the company will be unfair preferences. Fri, 30 Mar 2012 15:23:58 +1100 http://www.corrs.com.au/publications/tgif/unfair-preference-transactions-and-payments-ato/ http://www.corrs.com.au/publications/tgif/valuing-debts-for-the-purposes-of-creditors-voting-powers/ “I’ve never ever, in my entire business life, seen anything at this rate....My staff have done the calculation and they believe [the interest was] at the rate of 142 percent per annum”. Thu, 05 Apr 2012 14:50:10 +1000 http://www.corrs.com.au/publications/tgif/valuing-debts-for-the-purposes-of-creditors-voting-powers/ http://www.corrs.com.au/publications/tgif/liquidators-and-litigation-funders-the-production-and-confidentiality-of-documents/ On 3 February 2012, the Court delivered its decision in the case of ABC Learning Centres Limited, in relation to the production of documents by a banking syndicate to liquidators and a litigation funder pursuant to public examinations. Fri, 13 Apr 2012 11:51:52 +1000 http://www.corrs.com.au/publications/tgif/liquidators-and-litigation-funders-the-production-and-confidentiality-of-documents/ http://www.corrs.com.au/publications/tgif/public-examinations-conducted-by-receivers-constitutionally-valid/ Saraceni v Jones has examined whether a court has the power to order public examinations pursuant to the Corporations Act where a corporation is in receivership and/or its property is in the possession of a mortgagee. Fri, 20 Apr 2012 14:42:46 +1000 http://www.corrs.com.au/publications/tgif/public-examinations-conducted-by-receivers-constitutionally-valid/ http://www.corrs.com.au/publications/tgif/appointment-of-provisional-liquidators-the-need-for-an-imminent-threat-to-assets/ On 7 December 2011, the Supreme Court of New South Wales delivered its decision in In the matter of Nugisi Pty Ltd, clarifying the circumstances in which courts will allow the appointment of a provisional liquidator. Fri, 27 Apr 2012 14:01:44 +1000 http://www.corrs.com.au/publications/tgif/appointment-of-provisional-liquidators-the-need-for-an-imminent-threat-to-assets/ http://www.corrs.com.au/publications/tgif/asic-secures-high-court-victory-against-james-hardie-directors/ Yesterday the High Court of Australia delivered its decision on an appeal brought by ASIC against 7 former non-executive directors and the company secretary and general counsel of James Hardie. Fri, 04 May 2012 15:12:29 +1000 http://www.corrs.com.au/publications/tgif/asic-secures-high-court-victory-against-james-hardie-directors/ http://www.corrs.com.au/publications/tgif/choice-constructions-pty-ltd-v-janceski-no-3-2011-wasc-358/ Unconscionable conduct – a reminder. Fri, 11 May 2012 15:57:43 +1000 http://www.corrs.com.au/publications/tgif/choice-constructions-pty-ltd-v-janceski-no-3-2011-wasc-358/ http://www.corrs.com.au/publications/tgif/liquidator-s-examinations-gaining-access-to-an-affidavit-in-support/ Under section 596B of the Corporations Act, liquidators and other eligible applicants can apply to the Court for orders to examine certain persons in connection with the affairs of a corporation. Fri, 18 May 2012 15:42:02 +1000 http://www.corrs.com.au/publications/tgif/liquidator-s-examinations-gaining-access-to-an-affidavit-in-support/ http://www.corrs.com.au/publications/tgif/grape-expectations-setting-off-post-liquidation-debts/ The recent Victorian Supreme Court decision of Grapecorp Management Pty Ltd (in liq) v Grape Exchange Management Euston Pty Ltd clarifies the application of set-off provisions for insolvent companies. Fri, 25 May 2012 15:54:07 +1000 http://www.corrs.com.au/publications/tgif/grape-expectations-setting-off-post-liquidation-debts/ http://www.corrs.com.au/publications/tgif/directors-can-sleep-again-no-back-door-to-damages-for-creditors-through-section-1324/ Jarrod McCracken v Phoenix Constructions (Qld) Pty Ltd the Court of Appeal ruled that a Court has no power to award damages to a creditor under the Corporations Act against a director for contravening a civil penalty provision. Fri, 01 Jun 2012 14:06:31 +1000 http://www.corrs.com.au/publications/tgif/directors-can-sleep-again-no-back-door-to-damages-for-creditors-through-section-1324/ http://www.corrs.com.au/publications/tgif/what-s-mine-is-mine-a-bankrupt-s-entitlement-to-maintain-causes-of-action/ The Court delivered its decision in Moss v Eaglestone. This decision clarifies the circumstances in which legal causes of action will be considered property divisible amongst a bankrupt’s creditors. Fri, 08 Jun 2012 14:24:03 +1000 http://www.corrs.com.au/publications/tgif/what-s-mine-is-mine-a-bankrupt-s-entitlement-to-maintain-causes-of-action/ http://www.corrs.com.au/publications/tgif/winding-up-proceedings-reluctance-of-the-courts-to-grant-adjournments-where-recovery-of-ato-revenue-is-prejudiced/ The recent case of Deputy Commissioner of Taxation v Bayconnection Property Developments Pty Limited is a rare example of the Court allowing an adjournment of a winding up application in connection with a tax debt pending an appeal. Fri, 15 Jun 2012 15:26:22 +1000 http://www.corrs.com.au/publications/tgif/winding-up-proceedings-reluctance-of-the-courts-to-grant-adjournments-where-recovery-of-ato-revenue-is-prejudiced/ http://www.corrs.com.au/publications/tgif/all-in-proportion-issuing-statutory-demands-for-part-of-a-debt/ There have been two recent decisions that have questioned the operation of section 459E of the Corporations Act 2001, which sets out the ability of creditors to serve statutory demands on companies. Fri, 22 Jun 2012 12:40:28 +1000 http://www.corrs.com.au/publications/tgif/all-in-proportion-issuing-statutory-demands-for-part-of-a-debt/ http://www.corrs.com.au/publications/tgif/court-draws-a-line-in-the-sand-on-lending-practices-and-finds-lenders-guilty-of-contributory-negligence/ In Valcorp Australia Pty Ltd v Angas Securities Limited, the Court held that 3 non-conventional lenders were guilty of contributory negligence for failing to carry out adequate enquiries as to whether Opies, a borrower, could service a loan. Fri, 29 Jun 2012 15:16:29 +1000 http://www.corrs.com.au/publications/tgif/court-draws-a-line-in-the-sand-on-lending-practices-and-finds-lenders-guilty-of-contributory-negligence/ http://www.corrs.com.au/publications/tgif/gone-without-a-disgrace-removal-of-a-liquidator-where-no-misconduct/ On 15 June 2012, the Federal Court of Australia delivered its judgment in Haulotte Australia Pty Ltd v All Area Rentals Pty Ltd. Fri, 06 Jul 2012 14:34:33 +1000 http://www.corrs.com.au/publications/tgif/gone-without-a-disgrace-removal-of-a-liquidator-where-no-misconduct/ http://www.corrs.com.au/publications/tgif/duty-of-candour-in-ex-parte-applications/ The decision of Williams as liquidator of Willahra (in liq) v Kim Management highlights the importance of making full disclosure where a liquidator seeks an extension of time to file preference claims on an ex-parte basis. Fri, 13 Jul 2012 15:27:57 +1000 http://www.corrs.com.au/publications/tgif/duty-of-candour-in-ex-parte-applications/ http://www.corrs.com.au/publications/tgif/removal-of-liquidators-revisited/ This week’s edition of TGIF considers the recent case of SingTel Optus Pty Limited & Ors v Weston [2012] NSWSC 674 and comments on the grounds in which the Court will remove and replace a liquidator. Fri, 20 Jul 2012 15:20:03 +1000 http://www.corrs.com.au/publications/tgif/removal-of-liquidators-revisited/ http://www.corrs.com.au/publications/tgif/if-you-snooze-you-may-lose-court-examines-the-limitations-of-a-contractual-right-to-request-security/ This week’s edition of TGIF considers whether a contractual right to request security may gave rise to an equitable mortgage or charge. Fri, 27 Jul 2012 14:54:36 +1000 http://www.corrs.com.au/publications/tgif/if-you-snooze-you-may-lose-court-examines-the-limitations-of-a-contractual-right-to-request-security/ http://www.corrs.com.au/publications/tgif/court-assists-the-administrators-of-hastie-overcome-ppsa-problems-to-sell-unclaimed-secured-assets/ This week’s edition of TGIF demonstrates the importance of secured creditors ensuring that their securities are properly detailed in the Personal Property Securities Register and that they are active in protecting their security interests. Fri, 03 Aug 2012 14:07:57 +1000 http://www.corrs.com.au/publications/tgif/court-assists-the-administrators-of-hastie-overcome-ppsa-problems-to-sell-unclaimed-secured-assets/ http://www.corrs.com.au/publications/tgif/keeping-funding-in-the-family-where-funding-is-provided-by-one-creditor-to-pursue-another/ This week’s edition of TGIF considers the factors liquidators will need to take into account when seeking Court approval to enter into litigation funding agreements. Fri, 10 Aug 2012 15:34:14 +1000 http://www.corrs.com.au/publications/tgif/keeping-funding-in-the-family-where-funding-is-provided-by-one-creditor-to-pursue-another/ http://www.corrs.com.au/publications/tgif/wine-not-to-worry-if-you-don-t-register-your-agreements/ This week, TGIF considers a recent High Court of New Zealand decision on the priority of competing security interests. Fri, 17 Aug 2012 17:36:23 +1000 http://www.corrs.com.au/publications/tgif/wine-not-to-worry-if-you-don-t-register-your-agreements/ http://www.corrs.com.au/publications/tgif/court-of-appeal-delivers-judgment-on-australia-s-longest-running-case-involving-the-collapse-of-the-bell-group-ltd/ This week’s edition of TGIF considers the recent decision of the Supreme Court of Western Australia Court of Appeal in Westpac Banking Corporation v The Bell Group Ltd (in liq) [No 3] [2012] WASCA 157. Fri, 24 Aug 2012 13:45:59 +1000 http://www.corrs.com.au/publications/tgif/court-of-appeal-delivers-judgment-on-australia-s-longest-running-case-involving-the-collapse-of-the-bell-group-ltd/ http://www.corrs.com.au/publications/tgif/nowhere-to-run-court-refuses-to-prevent-receivers-applying-for-public-examinations/ This week’s edition of TGIF considers the case of Saraceni v ASIC, which confirms that the Court will only set aside ASIC authorisation for a receiver to conduct a public examination in exceptional circumstances. Fri, 31 Aug 2012 15:12:09 +1000 http://www.corrs.com.au/publications/tgif/nowhere-to-run-court-refuses-to-prevent-receivers-applying-for-public-examinations/ http://www.corrs.com.au/publications/tgif/victorian-court-of-appeal-declares-the-details-of-disclaimer/ This week’s TGIF considers liquidators’ powers to disclaim lease contracts and extinguish the rights of existing lessees. Fri, 07 Sep 2012 15:16:37 +1000 http://www.corrs.com.au/publications/tgif/victorian-court-of-appeal-declares-the-details-of-disclaimer/ http://www.corrs.com.au/publications/tgif/andrews-v-anz-do-all-contracts-need-to-be-rethought/ This week’s TGIF considers the recent High Court decision, which significantly widens the scope of what is considered a ‘penalty’ in contract. Fri, 14 Sep 2012 16:50:07 +1000 http://www.corrs.com.au/publications/tgif/andrews-v-anz-do-all-contracts-need-to-be-rethought/ http://www.corrs.com.au/publications/tgif/court-of-appeal-clarifies-default-notice-requirements-under-the-consumer-credit-code/ This week’s TGIF considers default notice requirements under the Consumer Credit Code in light of a recent Victorian Court of Appeal decision. Fri, 21 Sep 2012 15:44:00 +1000 http://www.corrs.com.au/publications/tgif/court-of-appeal-clarifies-default-notice-requirements-under-the-consumer-credit-code/ http://www.corrs.com.au/publications/tgif/as-certain-as-death-and-taxes-court-orders-winding-up-due-to-disputed-tax-debt/ This week’s TGIF considers a recent Federal Court decision in relation to a winding up application being challenged on the basis of a disputed tax debt. Fri, 28 Sep 2012 15:02:10 +1000 http://www.corrs.com.au/publications/tgif/as-certain-as-death-and-taxes-court-orders-winding-up-due-to-disputed-tax-debt/ http://www.corrs.com.au/publications/tgif/supreme-court-of-western-australia-confirms-commercial-circumstances-aids-construction/ This week’s TGIF confirmed that commercial circumstances will be highly significant in construing or rectifying transaction documents where they are ‘susceptible to more than one meaning’. Fri, 05 Oct 2012 14:54:25 +1000 http://www.corrs.com.au/publications/tgif/supreme-court-of-western-australia-confirms-commercial-circumstances-aids-construction/ http://www.corrs.com.au/publications/tgif/why-professionals-should-never-gamble-with-other-peoples-money/ This week’s TGIF considers the recent Federal Court decision in Wingecarribee Shire Council v Lehman Brothers Australia Ltd (In Liq). Fri, 12 Oct 2012 15:50:23 +1100 http://www.corrs.com.au/publications/tgif/why-professionals-should-never-gamble-with-other-peoples-money/ http://www.corrs.com.au/publications/tgif/a-taxing-decision-with-taxing-consequences/ This week's TGIF considers a recent Full Court of the Federal Court decision confirming that the Commissioner of Taxation is entitled to be paid a tax debt in priority to registered mortgagees. Fri, 19 Oct 2012 14:19:45 +1100 http://www.corrs.com.au/publications/tgif/a-taxing-decision-with-taxing-consequences/ http://www.corrs.com.au/publications/tgif/payback-court-grants-costs-indemnity-to-removed-liquidator/ This week’s TGIF confirms that a liquidator who is removed from their position will be entitled to an indemnity for costs incurred in reasonably defending the removal proceedings. Fri, 26 Oct 2012 15:15:06 +1100 http://www.corrs.com.au/publications/tgif/payback-court-grants-costs-indemnity-to-removed-liquidator/ http://www.corrs.com.au/publications/tgif/lofthouse-v-environmental-consultants-international-pty-ltd-and-ors/ TGIF this week considers a recent Supreme Court decision in relation to when it will be appropriate to make a pooling order in the liquidation of a group of companies. Fri, 02 Nov 2012 14:26:11 +1100 http://www.corrs.com.au/publications/tgif/lofthouse-v-environmental-consultants-international-pty-ltd-and-ors/ http://www.corrs.com.au/publications/tgif/uk-supreme-court-makes-it-harder-to-enforce-australian-insolvency-judgments-in-the-uk/ This week’s TGIF considers the difficulties associated with enforcing Australian insolvency judgments in the UK. Fri, 09 Nov 2012 14:40:32 +1100 http://www.corrs.com.au/publications/tgif/uk-supreme-court-makes-it-harder-to-enforce-australian-insolvency-judgments-in-the-uk/ http://www.corrs.com.au/publications/tgif/federal-court-sets-the-standard-with-standard-and-poors/ This week’s TGIF article considers Bathurst Regional Council v Local Government Financial Services Pty Ltd (No 5) [2012] FCA 1200 in which the Federal Court sets the standard with Standard & Poors. Fri, 16 Nov 2012 16:02:46 +1100 http://www.corrs.com.au/publications/tgif/federal-court-sets-the-standard-with-standard-and-poors/ http://www.corrs.com.au/publications/tgif/court-protects-administrators-from-personal-liability-for-debts/ This week’s TGIF considers a recent decision confirming that an administrator of a company who acts honestly and reasonably may be protected from personal liability for any debts incurred while carrying out an administration. Fri, 23 Nov 2012 15:25:28 +1100 http://www.corrs.com.au/publications/tgif/court-protects-administrators-from-personal-liability-for-debts/ http://www.corrs.com.au/publications/tgif/assisting-the-liquidator-to-identify-the-true-employer/ This week’s TGIF considers the factors the courts will take into account in interpreting the employer/employee relationship when a liquidator has doubt as to the true employer. Fri, 30 Nov 2012 15:05:36 +1100 http://www.corrs.com.au/publications/tgif/assisting-the-liquidator-to-identify-the-true-employer/ http://www.corrs.com.au/publications/tgif/out-of-country-not-necessarily-out-of-jurisdiction/ This week’s TGIF analyses a recent Federal Magistrate’s Court judgment on the meaning of ‘carrying on business in Australia’ in relation to a person resident overseas. Fri, 07 Dec 2012 13:13:37 +1100 http://www.corrs.com.au/publications/tgif/out-of-country-not-necessarily-out-of-jurisdiction/ http://www.corrs.com.au/publications/tgif/court-of-appeal-protects-receivers-right-to-legal-professional-privilege/ This week's TGIF considers a recent Court of Appeal decision confirming the rights of receivers to claim legal professional privilege over legal advice obtained for a receivership. Fri, 14 Dec 2012 10:47:54 +1100 http://www.corrs.com.au/publications/tgif/court-of-appeal-protects-receivers-right-to-legal-professional-privilege/ http://www.corrs.com.au/publications/tgif/the-word-on-winding-up-adjournments-dont-delay/ This week’s TGIF considers a recent decision confirming the Courts’ reluctance to allow an adjournment of winding up proceedings. Fri, 01 Feb 2013 14:53:39 +1100 http://www.corrs.com.au/publications/tgif/the-word-on-winding-up-adjournments-dont-delay/ http://www.corrs.com.au/publications/tgif/full-federal-court-revisits-the-rule-in-hopkinson-v-rolt-to-determine-the-effect-of-priority-arrangements-between-first-and-second-ranking-mortgagees/ This week’s TGIF considers the application of the rule in Hopkinson v Rolt in determining the effect of priority arrangements between first and second ranking mortgagees. Fri, 08 Feb 2013 13:43:08 +1100 http://www.corrs.com.au/publications/tgif/full-federal-court-revisits-the-rule-in-hopkinson-v-rolt-to-determine-the-effect-of-priority-arrangements-between-first-and-second-ranking-mortgagees/ http://www.corrs.com.au/publications/tgif/court-allows-liquidators-to-recover-remuneration-costs-and-expenses-from-funds-held-in-trust-by-insolvent-company/ This week’s TGIF considers whether liquidators who incur costs and expenses in seeking court directions regarding trust property, will be able to recover their relevant remuneration, costs and expenses from that trust property. Fri, 15 Feb 2013 15:38:10 +1100 http://www.corrs.com.au/publications/tgif/court-allows-liquidators-to-recover-remuneration-costs-and-expenses-from-funds-held-in-trust-by-insolvent-company/ http://www.corrs.com.au/publications/tgif/inspection-of-documents-in-receivership-when-is-a-director-s-request-an-undue-interference/ This week’s TGIF sets out the principles that apply where a director seeks access to the books of a company in receivership. Fri, 22 Feb 2013 13:06:24 +1100 http://www.corrs.com.au/publications/tgif/inspection-of-documents-in-receivership-when-is-a-director-s-request-an-undue-interference/ http://www.corrs.com.au/publications/tgif/second-chances-for-lenders-who-inadvertently-delay-in-registering-a-ppsa-security-interest/ This week’s TGIF considers the circumstances in which a court will extend the time for registration of a PPSA security interest that has inadvertently not been registered within 20 business days of the security agreement coming into force. Fri, 01 Mar 2013 13:10:47 +1100 http://www.corrs.com.au/publications/tgif/second-chances-for-lenders-who-inadvertently-delay-in-registering-a-ppsa-security-interest/ http://www.corrs.com.au/publications/tgif/yes-you-can-issue-a-statutory-demand-for-a-portion-of-a-debt/ This week’s TGIF considers a recent Court of Appeal decision from Western Australia confirming that a statutory demand can be made for a portion of a debt. Corrs acted on behalf of the successful appellant. Fri, 08 Mar 2013 14:18:21 +1100 http://www.corrs.com.au/publications/tgif/yes-you-can-issue-a-statutory-demand-for-a-portion-of-a-debt/ http://www.corrs.com.au/publications/tgif/when-will-segregated-bank-accounts-be-considered-trust-moneys/ This week’s TGIF considers who has the onus of proving monies that are held on trust – the liquidator of the trustee or the beneficiaries? Fri, 15 Mar 2013 15:39:47 +1100 http://www.corrs.com.au/publications/tgif/when-will-segregated-bank-accounts-be-considered-trust-moneys/ http://www.corrs.com.au/publications/tgif/removing-insolvency-practitioners-should-there-be-an-easier-way/ This week’s TGIF considers a recent application by creditors to remove administrators due to a perceived lack of independence, and the implications of proposed reforms regarding the removal of administrators and liquidators in similar situations. Fri, 22 Mar 2013 13:54:36 +1100 http://www.corrs.com.au/publications/tgif/removing-insolvency-practitioners-should-there-be-an-easier-way/ http://www.corrs.com.au/publications/tgif/liquidators-disclosure-obligations-when-applying-for-approval-of-a-litigation-funding-agreement/ This week’s TGIF considers the extent of a liquidators duty to disclose material facts to the court, in particular whether the failure to disclose all actions funded by a litigation funder meant that the order granting approval should be set aside. Fri, 05 Apr 2013 15:31:36 +1100 http://www.corrs.com.au/publications/tgif/liquidators-disclosure-obligations-when-applying-for-approval-of-a-litigation-funding-agreement/ http://www.corrs.com.au/publications/tgif/a-warning-on-debtor-s-petitions/ This week’s TGIF considers a Federal Magistrates Court decision confirming why it difficult for a bankrupt to annul a bankruptcy, especially where the bankrupt has presented their own petition in an attempt to frustrate creditors. Fri, 12 Apr 2013 14:10:57 +1000 http://www.corrs.com.au/publications/tgif/a-warning-on-debtor-s-petitions/ http://www.corrs.com.au/publications/tgif/court-of-appeal-confirms-creditors-rights-to-enforce-security-interests-in-circumstances-of-liquidation/ This week’s TGIF considers the recent decision of MSI (Holdings) Pty Ltd v Mainstreet International Group Ltd [2013] QCA 27 which confirms the meaning and application of sections 471B and 471C of the Corporations Act. Fri, 19 Apr 2013 15:24:48 +1000 http://www.corrs.com.au/publications/tgif/court-of-appeal-confirms-creditors-rights-to-enforce-security-interests-in-circumstances-of-liquidation/ http://www.corrs.com.au/publications/tgif/when-will-liquidators-be-personally-liable-to-pay-costs/ This week's TGIF discusses a recent Supreme Court of New South Wales decision which confirms that a liquidator may be personally liable to pay costs where the liquidator initiates proceedings to claim funds for the company in liquidation. Fri, 26 Apr 2013 15:10:21 +1000 http://www.corrs.com.au/publications/tgif/when-will-liquidators-be-personally-liable-to-pay-costs/ http://www.corrs.com.au/publications/tgif/when-is-the-conduct-of-receivers-and-managers-liable-to-attract-disciplinary-sanctions/ This week’s TGIF considers a recent Federal Court decision on the circumstances in which the Court will order an inquiry into the conduct of a receiver. Fri, 03 May 2013 13:29:11 +1000 http://www.corrs.com.au/publications/tgif/when-is-the-conduct-of-receivers-and-managers-liable-to-attract-disciplinary-sanctions/ http://www.corrs.com.au/publications/tgif/extending-the-time-to-bring-voidable-transaction-proceedings-the-difference-between-a-further-extension-and-a-variation-to-an-extension/ This week’s TGIF considers the recent Supreme Court of New South Wales decision of In the matters of Octaviar Limited (receivers and managers appointed) (in liquidation) and Octaviar Administration Pty Limited (in liquidation) [2013] NSWSC. Fri, 10 May 2013 12:07:32 +1000 http://www.corrs.com.au/publications/tgif/extending-the-time-to-bring-voidable-transaction-proceedings-the-difference-between-a-further-extension-and-a-variation-to-an-extension/ http://www.corrs.com.au/publications/tgif/it-isn-t-over-until-it-s-over-termination-of-the-winding-up-of-a-company-subject-to-a-deed-of-company-arrangement/ This week’s TGIF considers an application to terminate the winding up of a company subject to a deed of company arrangement, and the relevant factors in the court’s decision. Fri, 17 May 2013 14:47:22 +1000 http://www.corrs.com.au/publications/tgif/it-isn-t-over-until-it-s-over-termination-of-the-winding-up-of-a-company-subject-to-a-deed-of-company-arrangement/ http://www.corrs.com.au/publications/tgif/one-step-at-a-time-receivers-confirmation-as-eligible-applicants-not-subject-to-duty-to-afford-natural-justice-to-potential-examinees/ This week’s TGIF considers a recent Full Federal Court decision confirming that ASIC may authorise a receiver as an “eligible applicant” without first providing potential examinees with an opportunity to be heard. Fri, 24 May 2013 15:19:40 +1000 http://www.corrs.com.au/publications/tgif/one-step-at-a-time-receivers-confirmation-as-eligible-applicants-not-subject-to-duty-to-afford-natural-justice-to-potential-examinees/ http://www.corrs.com.au/publications/tgif/the-high-court-of-australia-confirms-that-corporate-governance-is-a-matter-of-substance-not-form/ This week we look at Weinstock v Beck [2013] HCA 14, a recent decision confirming Courts retain a supervisory function in relation to corporate governance and possess discretionary power in relation to contraventions of a company’s constitution. Fri, 31 May 2013 14:32:04 +1000 http://www.corrs.com.au/publications/tgif/the-high-court-of-australia-confirms-that-corporate-governance-is-a-matter-of-substance-not-form/ http://www.corrs.com.au/publications/tgif/getting-in-early-provisional-liquidators/ This week’s TGIF considers the principles governing the appointment of provisional liquidators. Fri, 07 Jun 2013 14:36:10 +1000 http://www.corrs.com.au/publications/tgif/getting-in-early-provisional-liquidators/ http://www.corrs.com.au/publications/tgif/when-will-the-court-terminate-a-doca/ This week’s TGIF considers a Supreme Court of New South Wales decision on the factors relevant to the Court’s discretion in determining whether to terminate a deed of company arrangement. Fri, 14 Jun 2013 15:36:31 +1000 http://www.corrs.com.au/publications/tgif/when-will-the-court-terminate-a-doca/