Happy New Year and welcome to our 14th edition of Insolvency Quarterly, spanning the period October 2015 – December 2015. We hope you all had a relaxing break and we look forward to bringing you the latest updates concerning insolvency related matters throughout 2016.
This edition covers a broad range of topics along with revisiting and providing updated comment on some topics explored in recent editions. Most importantly, we provide summary and comment on the Insolvency Law Reform Bill, and what it means for Insolvency Practitioners.
This quarter, we review the following:
- The recent Supreme Court of New South Wales decision in Re Avenue Investment Capital Pty Ltd which outlines the matters a party must establish when seeking to obtain an order staying or terminating a winding up;
- The High Court decision that there is no requirement for a liquidator to retain funds to pay tax until a notice of assessment has been issued, as seen in Commissioner of Taxation v Australian Building Systems Pty Ltd;
- The cross-border insolvency implications derived from three key cases handed down in this quarter.;
- An exploration into the adjudication of proofs of debt that arise out of agreements which may contravene certain provisions of the Corporations Act 2001;
- The implications for Insolvency Practitioners arising out of the Insolvency Law Reform Bill;
- A review of relevant cases from 2015 that provides a useful guide as to how the Court will approach an application to terminate a winding up pursuant to the Corporations Act 2001;
- MOU’s in the restructuring context; and
- A reminder of the difficulties faced by mortgagors seeking to obtain an injunction to restrain the exercise of power of sale, as seen in Smith & Smith Investments Pty Ltd & Ors v Westpac Banking Corporation & Ors.
We hope you enjoy this edition.