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Insolvency Carve-Out

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Corporations Amendment (Litigation Funding) Regulations 2020 – Insolvency Carve-Out Yesterday Treasury registered the Corporations Amendment (Litigation Funding) Regulations 2020 which can be accessed here. The Regulations provides a specific carve-out for the litigation funding of insolvency matters, exempting these claims from…

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Out Of The Shadows And Into The Light

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A recent High Court Decision in Australian Securities and Investments Commission v King [2020] HCA 4 provides further clarity to the contentious issue of Shadow and De Facto Directorships. The key issue in the case was the construction of the…

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Getting on the Mothership

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I have recently been asked by several liquidators for my views on Mothership Proceedings. A growing trend in litigation is the use of Mothership Proceedings by Liquidators in the recovery process of multiple Insolvent Trading claims.  The process entails Liquidators…

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Illegal Phoenixing Bill receives Royal Assent

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The Treasury Law Amendment (Combating Illegal Phoenixing) Bill 2019 has finally passed through the Parliament on 5 February 2020, and received Royal Assent on 17 February 2020. The new legislation: Prevents directors from improperly backdating resignations, or ceasing to be…

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Good Faith Defence Overturned

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A recent matter before the Supreme Court of Queensland Court of Appeal has provided clarity on the establishment of a s588FG(2) Corporations Act 2001 (Cth) defence to an unfair preference claims. In Queensland Quarry Group Pty Ltd (In Liquidation) &…

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Not all that Glitters is Gold

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Not all that Glitters is Gold – Creditor Defeats Unfair Preference Claim   In the matter of Heavy Plant Leasing Pty Ltd (In Liquidation) (“HPL”) [2018] NSWSC 707 Brereton J has upheld the s 588FG(2)‘Good Faith’ defence run by defendant…

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S553 Liquidators be aware

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s553C Set-Offs – Liquidators Be Aware In a recent case funded by Pretium Funding, the Federal Court has re-affirmed its view that set-offs under s553C of the Corporations Act 2001 (Cth) (Act) can be used in certain circumstances to minimise unfair…

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Show me the money

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SHOW ME THE MONEY   In Hodgkinson, in the matter of Kupang Resources Ltd (Subject to Deed of Company Arrangement) [2017] FCA 1342, Markovic J recently dismissed an application to grant security for costs in a Public Examination.   The Facts…

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