Insolvency Archives - Vincent Young

Commercial Insolvency

31 January, 2025

Time to change the appointment process of insolvency practitioners?

The case of Australian Securities and Investments Commission v A One Multi Services Pty Ltd (No 3) FCA 1209 External administrators are often appointed through existing professional relationships between them and the applicants for appointment, or more accurately their solicitors. Does this practice put the duties of independence at risk?…

Victoria Caldwell

Insolvency

29 August, 2024

An uncomfortable letter of comfort

In Forex Capital Trading Pty Ltd (in liquidation) v Invesus Group Limited NSWSC 867, the Court considered two issues. The first issue is whether a liquidator, by admitting a proof of debt, creates a liability of the company in liquidation. The second is whether the determination of a liquidator is…

Victoria Caldwell

Insolvency

8 August, 2024

Liquidator failing to Syfon back third-party payments

In the case of In the matter of Pacific Plumbing Group Pty Limited (in liquidation) NSWSC 525, the Supreme Court of New South Wales provided helpful insight into what constitutes an unfair preference payment in the context of third party payments. This case serves as a reminder that, in the…

Victoria Caldwell

Insolvency

10 July, 2024

The limits of the Court’s approval for administrator fees

In Australian Securities and Investments Commission v Marco (No 15) FCA 347, the Court addressed the factors to be considered when approving the fees of administrators. Cameron Shaw, Richard Albarran and Marcus Watters from Hall Chadwick sought a determination of their remuneration disbursements and costs for work performed over a…

Victoria Caldwell

Commercial Insolvency

13 June, 2024

Disclaimer of property by a liquidator

Section 568 of the Corporations Act 2001 (Cth) (Act) allows a liquidator to disclaim certain property owned by a company to which the liquidator is appointed. The disclaimer has the effect of extinguishing the company’s interest in the property but does not otherwise affect any interests attaching to the property.…

Victoria Caldwell

Commercial Insolvency Property & Projects

12 June, 2024

PPSA Series: Beneficial Purchasers Without Notice

Foreword This is Part One in Vincent Young’s new PPSA Series. If you supply or purchase goods on credit or are involved in hiring goods, it is critical that you understand the PPSA regime. These kinds of transactions are very commonly utilised in the construction industry. If you don’t fully…

Victoria Caldwell

Commercial Insolvency

14 May, 2024

When does a company “incur” a tax debt for the purposes of a claim under section 588G?

Section 588G of the Corporations Act 2001 (Cth) imposes a positive duty on company directors to stop a company they control from incurring a debt once it has become insolvent. Insolvent trading claims often constitute one of the easiest recoveries available in liquidation. Complexities however can arise when considering when…

Victoria Caldwell

Commercial Insolvency Property & Projects

9 April, 2024

Duties of a liquidator when selling company property

Section 420A of the Corporations Act 2001 (Cth) (Act) obliges a receiver exercising a power of sale to take all reasonable care to sell the property for market value or the best price reasonably obtainable. This is typically a heavy duty. Liquidators are not subject to section 420A of the…

Victoria Caldwell

Commercial Construction Insolvency Security of Payments

5 April, 2024

Enforcing SOPA judgments: An overview of Garnishee Orders and Statutory Demands

Congratulations! You have just obtained an adjudication certificate. What comes next if the respondent refuses to pay the adjudicated amount? Knowing how to enforce SOPA debts is essential for construction industry participants who want to exercise their right to receive progress payment. Two potentially powerful options available to claimants are…

Victoria Caldwell

Commercial Insolvency Property & Projects

15 March, 2024

Taking Security from Related Entities of a Borrower – Unreasonable Director-Related Transactions

Case note - Cooper as Liquidator of Runtong Investment and Development Pty Ltd (In Liq) v CEG Direct Securities Pty Ltd FCA 6 The recent case of Cooper as Liquidator of Runtong Investment and Development Pty Ltd (In Liq) v CEG Direct Securities Pty Ltd FCA 6 (Cooper), shed light…

Victoria Caldwell

Insolvency

Categories

Archives