Liquidation does not automatically remove a corporate trustee – Court directions may be required

In KSK Holdings (Australia) Pty Ltd (in liquidation) [2019] NSWSC 1463 a liquidator sought directions from the Supreme Court of New South Wales under section 90-15(1) of the Insolvency Practice Schedule (Corporations) at Schedule 2 of the Corporations Act 2001 (Cth). The liquidator sought clarity as to whether KSK Holdings (Australia) Pty Ltd (in liquidation) (KSK Holdings) remained trustee […]

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Lender’s minor omissions have major impact in summary judgment application

In Secure Funding v West [2017] QDC 169, the District Court of Queensland provides a helpful reminder of the importance of complying with contractual and legislative notice requirements.  As this case demonstrates, it is important for lenders to be able to demonstrate service of default notices so as to avoid minor omissions which can be costly.   […]

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Court criticises ASIC for lack of evidence to support inquiry into liquidators

The recent Supreme Court of NSW decision of ASIC v Wily & Hurst, provides useful guidance regarding the Court’s criteria to inquire into a liquidator’s conduct under former section 536 of the Corporations Act 2001(Cth). The decision is relevant as to how a Court may determine such an application made under the Insolvency Practice Schedule (Corporations). The decision […]

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When is it too late? The equitable right to discharge a mortgage right before the fall of the auctioneer’s hammer

In Six Bruce Pty Ltd v Jadig Finance Pty Ltd [2018] VSC 552, the Supreme Court of Victoria considered whether the Court should grant an urgent interlocutory injunction to stop an auction the very next day on the basis that the defaulting mortgagor had secured an unconditional offer to refinance. What happened? Six Bruce Pty […]

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Off duty and off the hook: Directors’ fiduciary duties after resignation

The recent Victorian Supreme Court decision of Advanced Fuels Technology Pty Ltd v Blythe & Ors provides useful guidance regarding the Court’s approach to the survival of a company director’s fiduciary duties after the director’s resignation and whether the Court will restrain his or her ability to compete with the company. The facts Mr Blythe […]

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