Recent legal and regulatory developments, including the joint release of APRA and ASIC guidance concerning the new Financial Accountability Regime, APRA's announcement that it will publish superannuation expense data to...more
This edition of the Update covers:
Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and Optus, the release of the inaugural Climate...more
In Short -
The Situation: When winding up a company, liquidators must distribute any surplus funds following the satisfaction of any secured debts. The Corporations Act 2001 (Cth) contains a regime which provides that...more
This edition of the Update covers: -
Recent legal and regulatory developments, including the commencement of cyber security incident notification obligations for critical financial market infrastructure assets, AUSTRAC's...more
Background -
In February 2020, the Corporations Act 2001 (Cth) ("Act") was amended to add a new class of voidable transactions for companies that are being would up known as "creditor-defeating dispositions". This change was...more
This edition of the Update covers:
Recent legal and regulatory developments, including the release of regulatory guidance on crypto asset-related investment products, the imposition of additional licence conditions on the...more
Background -
During a winding up, the statutory duty of a liquidator is to gather in the estate of the company, which includes recovering any amounts owing to the company. Creditors then submit proofs of debt and receive...more
The Situation: A liquidator can reject a "double proof" for what is, in substance, the same debt as another accepted proof of debt.
The Question: When are liquidators justified in rejecting what could arguably be a double...more
The Federal Court of Australia rules that receivers appointed to a company in liquidation are entitled to pay employee entitlements and fees.
In Kirman v RWE Robinson & Sons Pty Ltd (in liq), in the matter of RWE Robinson...more
The Situation: Section 553C of the Corporations Act 2001 (WA) ("Act") provides that if a creditor and a company in liquidation have mutual dealings, the creditor must offset any sum the creditor owes to the company in...more
The Situation: The statutory moratorium period for voluntary administrators to restructure an insolvent company often is too short to find a solution. Administrators frequently utilise "holding" deeds of company arrangement...more
The Background: The administrators of an Australian auction house and gallery business applied to the Federal Court of Australia for directions to recover in excess of $1 million in fees and costs incurred with respect to...more
Background: In Western Australia, a procedural rule called the "Eshelby principle" prevents the pursuit of causes of action grounded upon events arising only after the commencement of litigation. Other jurisdictions have...more
The Federal Court of Australia has provided judicial guidance about what constitutes taking possession by seizure under the Personal Property Securities Act 2009 (Cth) ("PPSA"). Knauf Plasterboard Pty Ltd v Plasterboard West...more
In Mighty River International Ltd v Hughes [2017] WASCA 152, the Western Australian Court of Appeal delivered a landmark decision approving the use of a "holding" deed of company arrangement ("DOCA")....more