Make Haste! Trustee obtains extension of time to elect to continue Bankrupt’s class action

Introduction On 6 June 2022, the Federal Court handed down its decision in Official Trustee in Bankruptcy, in the matter of the bankrupt estate of Crawford [2022] FCA 657 ("Crawford").  The case concerned an application by th...

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An issue of Trust: Determining the priority of competing claims to trust assets

The decision of Francis (Trustee), in the matter of Fotios (Bankrupt) v Helios Corporation Pty Ltd [2022] FCA 199 ("Francis") is a useful examination of identifying and determining the priority of competing claims to trust assets....

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What a Mess! High Court refuses application for special leave – disclaimer of onerous property set aside leaving liquidator liable for clean-up costs.

In March 2022, the High Court refused the Australian Sawmilling Co's (TASCO) application for special leave to appeal a decision of the Victorian Court of Appeal. This decision leaves undisturbed the Court of Appeal's decision t...

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A phoenix that will not rise from the ashes – anti-phoenixing provisions render Sale Agreement voidable

Introduction On 11 May 2022, the Supreme Court of Victoria handed down its decision in Re Intellicomms Pty Ltd (in liq) [2022] VSC 228. The case concerned an application by the liquidators of Intellicomms Pty Ltd (in liq) ("Compa...

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Rising tide of financial distress

There is a rising tide of concern that we will soon see significant financial distress in the private sector.  Sobering headlines such as 'Building industry facing slump' (The Age, 20 May 2022) remind us that the worst of the pos...

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Liquidators’ Equitable Lien “hammered”

In Volkswagen Financial Services Australia Pty Ltd v Atlas CTL Pty Ltd (Receivers and Managers Appointed)(In liquidation) [2022] NSWSC 573, Justice Hammerschlag of the Supreme Court of New South Wales dismissed a claim by administ...

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