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Australian High Court: No Statutory Set-Off Against Unfair Preference Claims

In Short - The Situation: Historically, creditors pursued by liquidators under the unfair preference regime could rely on a statutory set-off as a defence to the claim, reducing or eliminating their liability to repay...more

First in Line in Australia: Resolving Competing Priorities Regimes When Winding up Companies in a Partnership

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

Stopping the Phoenix From Rising: Australian Court Provides First Guidance on Creditor-Defeating Dispositions

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

After a Peak Comes the Fall: Australian Federal Court Rejects "Peak Indebtedness Rule"

A Refresher: Running Account Defence and Peak Indebtedness Rule - The Full Court's decision was an appeal from a first instance judgment, in which the liquidators for Gunns Limited ("Gunns") successfully argued that 11...more

Back on Top: Australian Court Affirms the "Peak Indebtedness Rule" in Unfair Preference Claims

The Situation: When determining and quantifying unfair preference claims in Australia, does the Corporations Act permit liquidators to value transactions forming part of a single "continuous business relationship" (such as a...more

To Appeal or Not to Appeal? Liquidators Could Face Personal Costs Orders

The Situation: Should liquidators be personally liable for the costs of unsuccessful appeals, without an entitlement to reimbursement by the company or its creditors in relation to those costs? The Conclusion: The general...more

Double Trouble: Court Advises Liquidators to Reject $905 Million Proofs of Debt

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

Australian Court Directs Receivers to Pay Priority Creditors of Company in Liquidation

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

(Mighty) River Runs Dry: Australian High Court Rules "Holding" DOCAs Are Valid

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

Ask and You May Receive: Equitable Liens, Administrators and Court Directions in Australia

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

Judicial Guidance about "Perfection by Possession" under Australia's Personal Property Securities Act

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

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