17th Edition – National Insolvency & Reconstruction Quarterly Review

13 October 2016

Welcome to the latest edition of our National Insolvency & Reconstruction Quarterly Review for the period 1 July 2016 – 30 September 2016.

In this edition, our team:

  • Review the recent Federal Court decision of Treasury Wine Estates Vintners Ltd v Garrett, where the Court considered whether a contractual promise can give rise to a security interest capable of registration under the Personal Property Securities Act 2009 (Cth);
  • Provide a reminder as to the position concerning fines and penalties when a company enters voluntary administration or liquidation and the importance for DOCA proponents looking to restore the company’s solvency;
  • Consider the decision of Donnelly and Others (in their capacities as joint and several administrators of Carpenter International Pty Ltd) that serves as a reminder for secured creditors to perfect security interests in a timely manner in order to avoid the vesting of the security interest upon a voluntary administration or liquidation;
  • Continue with its review concerning the validity of appointment of voluntary administrators and considers the decision of Condor Blanco Mines Ltd; and
  • Review and comment upon the judgment in Asden Developments in which a liquidator was held to be in breach of his statutory duty as an officer of the company for failing to make adequate inquiries into a pre-liquidation transaction of a director.

We trust that you will enjoy this edition.

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