In a recent decision, the Supreme Court of Victoria consider the set off provisions in the Corporations Act 2001 (Cth) in an insolvency context. In Grapecorp Management Pty Ltd (in liq) v Grape Exchange Management Euston Pty, the Court allowed the insolvent company to set off mutual credits, mutual debts or other mutual dealings with the other party. [...]
In a recent decision, the Supreme Court of Victoria shed light on the concept of the “Leave Principle”. This principle applies to the need to seek leave of the Court before filing suits against Court appointed liquidators. In Armitage v Gainsborough Properties Pty Ltd & Anor, Justice Almond discussed the scope and ambit of “Leave [...]
In a recent case the NSW Court of Appeal shed light on certain limitations on the powers of a liquidator under s477(2) of the Corporations Act 2001. In Owners of Strata Plan 5290 v CGS & Co Pty Ltd the question was whether a liquidator could assign the debts of a company under s477(2)(c), where [...]
In Bruton Holdings Pty Ltd (Bruton) and Commission for Taxation (Commissioner), the Federal Court gave detailed consideration of the current law relating to the protection of bare trustee against trust property expenses. The Full Bench of the Federal Court shed light on the bare trustee’s right to be indemnified for costs that arise from suits [...]
RE DALEWON PTY LTD [2010] QSC 311 The recent case in Re Dalewon highlights the conditions in which a liquidator of a corporate trustee is allowed to turn to trust assets to reclaim their fee and other expenses. In such a situation, the liquidator must produce clear proof which states that work carried out by [...]
In Queensland alone last year, according to the Insolvency Trustee Service Australia, there were around 1350 bankruptcies which were business related. That does not include personal insolvency arrangements, which are arrangements with creditors designed to avoid bankruptcy. Statistics provided by a recent report commissioned by the Universityof Melbourne indicate an increase of over 12% in [...]