On 12 December 2022, ASIC commenced civil penalty proceedings in the Federal Court against 11 current and former directors and officers of Star Entertainment Group Ltd (Star) for alleged breaches of their duties under s 180...more
In a rare example, the Federal Court recently refused to approve a creditors’ scheme of arrangement after concluding that the scheme company, Twinza Oil, had failed to discharge its onus of proving that ordinary and...more
The Federal Government has recently announced it has abandoned its initial proposal to require unlisted entities to maintain a public register of their beneficial owners and will instead move directly to develop a centralised...more
The North Carolina General Assembly recently passed House Bill 388 (the “Act”), which was subsequently signed into law by Governor Josh Stein on June 30, 2025. Originally published on the NCBA's Bar Blog, Business Law...more
Background - On 19 September 2024, the Parliament of Western Australia introduced the Associations and Co-operatives Legislation Amendment Bill 2024 (Bill). The Bill makes amendments to the Associations Incorporation Act...more
The Federal Court of Australia has granted relief to a company under section 1317S of the Corporations Act 2001 (Cth) ("Act") following declarations that it contravened two civil penalty provisions in relation to one of its...more
In 2023, we saw an increase in both voluntary administration and receivership appointments in Australia. In the context of Australia's economic climate this was unsurprising — debtor companies were grappling with volatile...more
A creditors' scheme of arrangement ("Scheme") can be a powerful restructuring tool implemented to achieve a variety of outcomes for a business, ranging from deleveraging or a debt-to-equity conversion to a merger and/or issue...more
In today's globalised economy, local recognition of foreign insolvency proceedings can be essential for the successful implementation of cross-border restructurings. This is particularly relevant in Australia — a popular host...more
In Bolwell & Anor v NWC Finance Pty Ltd & Ors [2024] VSC 30, the Supreme Court of Victoria clarified that a lawyer will not be a "controller" of property within the meaning of section 9 of the Corporations Act 2001 (Cth) (the...more
On March 28, 2023, the Alberta Government's Bill 10: Financial Statutes Amendment Act, 2023 (Bill 10) received Royal Assent. Bill 10 amends a number of key corporate statutes, including Alberta's Business Corporation Act, RSA...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
A new report from the Australian Securities and Investments Commission (ASIC) should prompt companies to consider whether any changes need to be made to align their whistleblower program with ASIC’s proposed “good practices”....more
The High Court of Australia in Metal Manufactures Pty Limited v Morton [2023] HCA 1 has confirmed the view of the Full Court of the Federal Court of Australia that the "set off" defence under section 553C of the Corporations...more
There are a number of directors that will have until the deadline of 30 November 2022 to submit their applications to obtain a DIN. The deadline for submitting a DIN application differs according to the date on which the...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
More Detail: Regulation of Litigation Funding in Class Actions In 2009, the Full Court of the Federal Court of Australia, in Brookfield Multiplex Ltd v International Litigation Funding Partners Pty Ltd [2009] FCAFC 147,...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
For some time, the reliance on section 553C of the Corporations Act 2001 (Cth) (Act) as a "set-off" defence to an unfair preference claim, under section 588FA of the Act, has caused much controversy in the insolvency...more
On 4 November 2021, the Federal Court of Australia made orders by consent which require the Commonwealth Bank of Australia ("CBA") to permit the plaintiff shareholders to inspect and make copies of books and records that...more
Proposed Reforms - The Draft Bill makes clear that 'a class action litigation funding scheme' is an MIS, in line with an earlier ruling of the Federal Court of Australia in Brookfield Multiplex Limited v International...more
New breach reporting obligations for Australian financial services and credit licensees come into effect on 1 October 2021. This post considers ASIC’s draft guidance on some of the key features of these reporting obligations....more
In Ethiopian Orthodox Tewahedo Church of Canada St. Mary Cathedral v Aga, 2021 SCC 22 [Ethiopian Orthodox] the Supreme Court of Canada elaborated on the circumstances in which courts will intervene in the affairs of voluntary...more
The ‘reasonable person’ test is used to interpret much of our statutory law and concepts in equity. It is the required standard to determine the extent of directors’ duties under the Corporations Act, which imposes their...more
REST and Statewide Superannuation become the first industry superannuation funds to be caught in the crosshairs of ASIC's "why not litigate" approach to enforcement. The Australian Securities and Investments Commission...more