Key Points: The discretion of the Bankruptcy Court to ‘go behind’ a judgment debt is not limited to only where there has been suggestion of fraud, collusion or a miscarriage of justice. Merger of a … Continued
Throughout 2016 a series of judgments were delivered that gave conflicting guidance to practitioners about what they should consider when accepting a voluntary administration appointment. In particular, the decisions in Condor Blanco Mines and Planet … Continued
Performance bonds (referred to in this article by their common name ‘bank guarantees’) are a tool commonly used in the construction industry to protect principals against the insolvency of a contractor or non-performance of a … Continued
In 2014 the liquidators of Walton Constructions were removed by the Federal Court due to a perceived lack of independence arising from a referral relationship. ASIC v Franklin1 (Walton) was commented on by the media, ASIC and ARITA and brought about changes … Continued
A liquidator has many competing duties and pressures in the performance of their role. Can the failure to make a simple phone call be a breach of those duties? In Asden Developments Pty Ltd (in … Continued
In Commonwealth Bank of Australia v Wood1 the Supreme Court of Victoria has confirmed that not all breaches of the Code of Banking Practice (Code) will be fatal for lenders. Importantly, in the Wood decision … Continued
Under the Corporations Act 2001, directors have a duty to prevent insolvent trading. They can be ordered to pay compensation, and can even be convicted of an offence, where their company trades while insolvent. The … Continued
In Goldie Marketing Pty Ltd v Financial Ombudsman Service1 the Supreme Court of Victoria has confirmed that the Financial Ombudsman Service (FOS) has a broad discretion to exclude disputes under its Terms of Reference and that challenges … Continued
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