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Insolvency Update - Jun 2014

Welcome to this edition of Insolvency Update, looking at topical and important issues in relation to insolvency and bankruptcy law.

In the June 2014 edition:

  • Freezing orders - do they apply to all jurisdictions? - Partner, Warren Jiear
  • Liquidators wanting court approval for commercial decisions - when is it appropriate? - Associate, Sarah Drinkwater and Lawyer, Tim Logan
  • Victorian Court of Appeal broadens scope of "benefit" under section 588FDA - Senior Associate, Elisabeth Pickthall and Associate, Stefano Calabretta
  • Can sharing documents waive privilege? - Lawyer, Lucinda Carter

Insolvency Update - Can sharing documents waive privilege? - Jun 2014

Lawyer, Lucinda Carter looks at the recent decision in Asahi Holdings (Australia) Pty Ltd v Pacific Equity Partners Pty Limited (No 2) [2014] FCA 481 that reinforces the need to ensure that an express relationship of confidentiality exists when sharing or disseminating documents subject to legal professional privilege.

Insolvency Newsflash - May 2014

In February 2014 we published an Insolvency Update discussing the matter of Re Walton Constructions Pty Ltd (in liq); ASIC v Franklin [2014] FCA 68, in relation to an unsuccessful application by ASIC to remove the liquidators of the relevant companies for a perceived lack of independence and impartiality (also seeking further declarations that the DIRRI they completed was deficient).

Insolvency Update - Apr 2014

Welcome to the latest edition of Piper Alderman's Insolvency Update, looking at topical and important issues in relation to insolvency and bankruptcy law.

In this edition:

  • Extensions of time for voidable transactions - Senior Associate, James Nunn
  • It's all about timing - Senior Associate, Elisabeth Pickthall and Associate, Stefano Calabretta

Insolvency Update - It is all about timing - Apr 2014

In the recent matter of JP Morgan Chase Bank, National Association v Fletcher; Grant Samuel Corporate Finance Pty Ltd v Fletcher [2014] NSWCA 31, the NSW Court of Appeal handed down a decision with important consequences for liquidators and the time they have to commence proceedings for voidable transactions. The decision also illustrates the frequently inconsistent operation of the Corporations Act 2001 (Cth) and Court procedure rules. Senior Associate, Elisabeth Pickthall and Associate, Stefano Calabretta discuss the decision.

Insolvency Update - Extension of time for voidable transactions - Apr 2014

The recent case of Clout v Andi-Co Australia Pty Ltd [2013] QSC 278 concerned a liquidators’ application for an extension of the period within which to bring a number of voidable transaction proceedings. In the case the court had to consider whether the lack of funding in a liquidation was an adequate reason to explain the delay in investigating and instituting proposed proceedings or rather whether the liquidator had not been diligent enough in his duties. Senior Associate, James Nunn, discussed the case in an article published in ARITA Journal Jan-Mar 2014 - below is an abridged version of his article.

Insolvency Update: Proposed Amendments to Personal Property Securities Act 2010 regarding deeming of leases for serial numbered goods as PPS leases - Mar 2014

On 19 March 2014, the Personal Property Securities Amendment (Deregulation Measures) Bill 2014 was introduced to the Federal Parliament to amend provisions of the Personal Property Securities Act 2010 (Cth) with a view to reducing the costs of complying with the PPSA for small and medium vehicle and equipment hiring businesses. Senior Associate, Nathan Brunt, discusses this development.

Insolvency Update - Referral relationships with Liquidator: when is this a conflict? - Feb 2014

It is common for liquidators (and all of us working in the insolvency industry) to work with a few firms or individuals and for referrals to predominately be distributed amongst those. In the recent decision in Re Walton Construction Pty Ltd (In Liq); ASIC V Franklin [2014] FCA 68, the Federal Court considered when that relationship might amount to a conflict. Associate, Sarah Drinkwater and Lawyer, Tim Logan discuss the Court's decision.

Insolvency Update - Victorian Courts taking active steps to review compliance with the Civil Procedure Act 2010 (Vic) - Feb 2014

A recent decision by the Court of Appeal in the Victorian Supreme Court indicates that the courts are increasingly prepared to take steps on their own motion to investigate and deal with breaches of the Civil Procedure Act 2010 (Vic). Senior Associate, Nathan Brunt, discusses the decision.

Insolvency Update - Virtual worldwide creditors meeting is now a reality - Dec 2013

With the continuing growth in companies trading in an online environment, it is increasingly common for liquidators to deal with creditors in numerous countries around the world. It is also becoming more and more common for liquidators to deal with creditors who have only ever traded with a company in an online manner. Piper Alderman's Brisbane Insolvency Team headed by Warren Jiear, teamed up with Blair Pleash of Hall Chadwick recently and appeared in the Supreme Court of Queensland seeking the Court's directions regarding the convening and conducting of an online meeting of creditors in circumstances where creditors are located in at least 35 different countries.

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