The Situation: The Australian Securities Exchange ("ASX") has published new data breach examples in an update to its continuous disclosure Guidance Note, effective from 27 May 2024 ("Data Breach Examples")....more
The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That...more
3/28/2024
/ Airlines ,
Aviation Industry ,
Bankruptcy Code ,
Bankruptcy Court ,
Commercial Bankruptcy ,
Cross-Border ,
Indonesia ,
Insolvency ,
Restructuring ,
Singapore ,
Singapore International Commercial Court ,
Transportation Industry ,
UNCITRAL
The Situation: On January 12, 2024, the United Kingdom signed up to the Hague Convention of July 2, 2019, on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters ("Hague 2019")....more
In Short -
The Situation: Security of payment ("SOP") legislation across Australia provides a "pay now, argue later" regime for payment claims by contractors in the construction industry. The legislation expressly...more
In Short -
The Situation: The High Court of Australia has confirmed in Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2 that the "peak indebtedness rule" is no longer available to liquidators when assessing the...more
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
In Short -
The Situation: Following a number of high-profile cyber incidents resulting in significant data breaches, the Australian Government has doubled down on its efforts to strengthen privacy laws and cybersecurity...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
The construction sector in Australia has long been affected by insolvency and broader liquidity issues. In the last year, construction companies accounted for 26% of businesses that entered into insolvency, and insolvencies...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
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
Background -
Fairfax Media Publications Pty Ltd, Nationwide News Pty Ltd and Australian News Channel Pty Ltd all maintain public Facebook pages allowing comments from members of the public. Dylan Voller commenced...more
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
There are showers, there are squalls, and there are storms. The growth in cybersecurity attacks in Australia, as in much of the world, is a storm and Australian companies need to batten down the hatches. In the period from 1...more
12/16/2020
/ ASIC ,
Australia ,
Class Action ,
Cyber Attacks ,
Cyber Insurance ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Popular ,
Risk Management
During the better part of 2020, the federal government has injected an unprecedented level of stimulus into the Australian economy in an attempt to mitigate the economic impact of COVID-19. As a result, despite a significant...more
10/15/2020
/ Australia ,
Bankruptcy Reform ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Creditors ,
Debt Restructuring ,
Insolvency ,
Landlords ,
New Rules ,
Relief Measures ,
Small Business
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
The Situation: The Australian Federal Government announced a mandatory code of conduct ("Code") to regulate the complex arrangements that have arisen between commercial landlords and small to medium-sized enterprise (SMEs)...more
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
The Situation: Should liquidators be removed under section 90-15 of the Insolvency Practice Schedule (Corporations) in circumstances where they engaged in preappointment discussions with a secured creditor, allegedly failed...more