Welcome to the latest edition of our National Insolvency & Reconstruction Quarterly Review for the period 1 October 2017 to 31 December 2017.
A significant amount of activity has occurred over the last quarter and we outline a few of those matters in this edition. In particular, our team:
- Examines the decision in Ten Network Holdings Limited (Subject to deed of company arrangement) (receivers and managers appointed) [2017] NSWSC 1529 that provides clarification in relation to: (a) the considerations taken into account by the Court when considering an application pursuant to section 444GA of the Corporations Act 2001 (Cth) to allow the transfer of shares in a company by administrators; and (b) the Court’s interpretation of the phrase “unfair prejudice” in the context of shareholder interests. Click here;
- Reviews the decision in Ziziphus Pty Ltd v Pluton Resources Ltd (Receivers and Managers appointed) (in liq) [2017] WASCA 193 regarding the independence of insolvency practitioners in the course of successful appointments and the impact this decision has on practitioners. Click here;
- Discusses a recent Supreme Court of Queensland decision that, in the context of a shareholder dispute found that; (i) a shareholder cannot seek to invalidate company decisions by certain conduct; (ii) section 1322(2) of the Corporations Act 2001(Cth) is concerned only with whether the procedural irregularity causes injustice; and (iii) the misconduct of a shareholder has serious consequences for an application by that shareholder to wind up the company on just and equitable grounds. Click here; and
- Provides a detailed review of the decision in Simpson & Anor v Tropical Hire Pty Ltd (in liq) [2017] QCA 274 in which the Court provides an analysis of section 468 (1) of the Corporations Act (Cth) concerning the disposition of trust assets in the case of an insolvent corporate trustee. Click here.
Finally, we welcome the team from TressCox that have recently joined HWL Ebsworth as this, among other things, will continue to add to the firm’s national footprint and to grow our depth and breadth of expertise.
We trust that you will enjoy this edition.