Corrs Chambers Westgarth
The case considered the registration and perfection of a security interest when the grantor later became insolvent.
A section 439A report must contain all material information which is known or reasonably ascertainable by administrators.
Cross-collateralisation benefits available to a seller pre-Personal Property Securities Act may soon be available again.
These cases were when a creditor sought a copy of the company's insurance policy, in existence and relevant to the claim.
Corrs Chambers Westgarth
The DOCA had extinguished the secured creditor's debt, even though the secured creditor had abstained from voting.
A DOCA can extinguish claims under a guarantee, even where those claims arise following the termination of the DOCA.
In response to the turbulent economic times seen of late, there has been a significant growth in the use of schemes of arrangement to compromise creditors' claims where the company in question is facing financial difficulty.
Mayer Brown JSM
We have previously reported that the Official Receiver retains its entitlement to ad valorem fees on the conversion of a compulsory liquidation to a creditors' voluntary winding-up (CVL).
Nishith Desai Associates
Bombay High Court holds that oppression and mis-management claims fall outside the purview of an arbitration proceeding.
The Law of the Republic of Kazakhstan No. 176-V "On Rehabilitation and Bankruptcy" dated 7 March 2014was amended as follows:
This is a assessment of our previous review and our best guess of insolvency issues to dominate the next 12 months.
Receivers should be wary of section 32(5) of the Receiverships Act, with personal liability for rent and other payments.
The court rejected the controversial "peak indebtedness" approach to calculating voidable transactions in a liquidation.
This Court of Appeal decision dismissed two appeals on an issue that is significant for both liquidators and creditors.
The case raises issues about the appropriate balance between promoting retirement savings and protecting creditor rights.
Liquidation meetings are for unsecured creditors. A secured creditor has no vote, except in respect of debt that is unsecured.
The decision settles an issue which has caused considerable uncertainty for many businesses and insolvency practitioners.
Wynn Williams Lawyers
New value is not needed by creditors to rely on the section 296 defence to voidable transactions under the Companies Act.
The Supreme Court has considerably expanded the "good faith" defence for voidable transactions in favour of creditors..
Directors must be careful to ensure that a subsidiarys' interests are kept distinct from those of the parent company.