Insights

Launching our 2023 Insolvency & Restructuring Case Summaries publication

We are delighted to share with you the next edition of our Insolvency & Restructuring Case Summaries. With over 45 case summaries highlighting the key takeaways and the practical implications for...

More
Sunset rays over a photovoltaic power plant, solar panels on a roof
Now you own it, now you don’t: retention-of-title supply arrangements

A recent decision of the Supreme Court of New South Wales in Metal Manufacturers Pty Ltd trading as TLE Electrical v WesTrac Pty Ltd [2024] NSWSC 144 (WesTrac decision) has highlighted some of the...

More
photo of mirrored distorted building
Section 588FDA: indirect benefits to directors risk voiding a mortgage transaction

A recent Federal Court decision provides a useful distillation of the key principles that apply to unreasonable director-related transactions under s 588FDA of the Corporations Act.

More
building made of morphed mirrors
Voidable transactions: act within the statutory time limit

A Federal Court decision, handed down on Friday, is a blunt reminder that the statutory limitation period in section 588FF(3) of the Corporations Act 2001 (Cth) needs to be adhered to strictly, and...

More
Blue ocean wave
Liquidator's remuneration vs employee creditors: who gets priority to circulating assets?

In this decision, the Court of Appeal of the Supreme Court of NSW considered the interplay between the priority regimes under ss 556 and 561 of the Corporations Act 2001 (Cth) (Act) in resolving a...

More
glass corporate building
Present solvency and future debt: the relevance of future debt in determining solvency

JWS represented Daniel Walley and Philip Carter of PricewaterhouseCoopers in their capacity as voluntary administrators (Administrators) of IOUpay Limited (Administrators Appointed) (Company) in an...

More
window pane
National airline granted foreign state immunity against a winding up application

The New South Wales Court of Appeal has confirmed that foreign state immunity extends to a national airline subject to a winding up application.

More
Liquid liquid
No more s 588FL vesting for security interests granted post appointment: Cubic Interiors NSW & Ors

A decision which insolvency practitioners will welcome in, Cathro, in the matter of Cubic Interiors NSW Pty Ltd (In Liq) [2023] FCA 694, the Federal Court clarified that s588FL of the Corporations...

More
An abstract view of a building swirlwing in structure
Gunns: peak indebtedness is shot

On 8 February 2023, the High Court of Australia delivered judgment in Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2. JWS acted for PwC, the appellant liquidators of the Gunns group, and...

More
Gunning for it: Peak Indebtedness in the spotlight

In significant news for the insolvency industry, the High Court will hear the long-awaited Gunns Group preference claim appeal in Bryant & Ors v Badenoch Integrated Logging (A10/2022) on 18 October...

More
Dip pen on an angle touching a black surface with a black background
Examinees cannot “fish” in Babcock & Brown’s pond

On 18 August 2022 Justice Markovic of the Federal Court dismissed the application of a litigation funder and its director (the Applicants) for access to the confidential affidavit in support of...

More
Man with glasses looking at multiple lit up computer screens
Court Rejects Proposed Appointment of Special Purpose Liquidators

In its recent judgment in Re Jabiru , the Supreme Court of New South Wales applied principles governing the appointment of Special Purpose Liquidators (SPL) in rejecting the Plaintiffs’ application...

More
Neon connected lines in front of earth, the background is a cityscape
To the Brink and Back: In the matter of Merchant Overseas Logistics Pty Ltd [2022] VSC 154

In a recent Supreme Court of Victoria decision in which we acted for the successful liquidators, the Court made various orders to enable the company to complete an ultra-efficient, streamlined...

More
Ambitious attempts to perfect the imperfectable

The recent Federal Court decision in Diversa Pty Ltd v Taiping Trustees Limited has highlighted some important risks faced by secured parties who don’t pay attention to the details when perfecting...

More
A sun setting over the city.
Gunns Reloaded: High Court grants special leave

The Full Court of the High Court (Keane and Gleeson JJ) has today granted Daniel Bryant and Craig Crosbie of PwC, in their capacity as the Liquidators of the Gunns Group, special leave to appeal...

More
A open book fanned out onto the floor.
A controversial boost for restructuring promoters: Court limits security interest vesting rule

In his recent decision in Antqip Hire, Brereton JA of the Supreme Court of New South Wales concluded that section 588FL of the Corporations Act 2001 (Cth) does not operate to result in the vesting...

More
A gavel
Section 553C set-off of unfair preference claims - Full Federal Court says no!

In a resounding judgment delivered last week, the Full Federal Court has confirmed that a statutory set-off under section 533C is not available to a defendant in unfair preference proceedings.

More
A circular blade on a black background.
Disclaimer Denied: liquidators personally liable for clean up costs

The Victorian Court of Appeal’s decision in The Australian Sawmilling Co Pty Ltd (in liq) v Environment Protection Authority [2021] VSCA 294 casts significant doubt on liquidators’ capacity to rely...

More
Can boards hide their sensitive side?

A sensitivity analysis can be a useful tool for assessing the likelihood of meeting earnings forecasts. But are public companies bound to disclose that analysis to the market? The Full Court of the...

More
Arrium court finds significant non-current liabilities not sufficient to prove insolvency

In a substantial recent decision arising from the Arrium liquidation , the Supreme Court of New South Wales considered the materiality of significant future liabilities in assessing the company’s...

More
Liquidator vindicated by the Federal Court in the Babcock & Brown liquidation

A hotly anticipated decision in the ongoing saga of the Babcock & Brown liquidation was handed down last week, resulting in another win for the liquidator (represented by Johnson Winter & Slattery)...

More
The role of a Special Purpose Liquidator is not to investigate conduct of external administrators

Today, the Federal Court dismissed a novel application brought by a disgruntled shareholder and minor creditor seeking to have a Special Purpose Liquidator appointed to investigate the general...

More
Peak Indebtedness Peaking Again? Special leave sought for High Court appeal

On 10 May and 24 June 2021, the Full Court of the Federal Court delivered unanimous judgments in Badenoch Integrated Logging Pty Ltd v Bryant, in which the Full Court held that the peak...

More
Peak Indebtedness: In the Gunn

In a significant decision delivered on 10 May 2021, in which JWS acts for the plaintiff liquidators of the Gunns Group, the Full Federal Court in Badenoch v Bryant has declined to follow some six...

More
Restructuring reforms – will the proposed two tier system avert the zombie apocalypse?

The Treasurer has announced major proposed reforms to Australia’s insolvency framework aimed at facilitating the restructuring of small to medium businesses (MSMEs) and streamlining their...

More