Block trading breach! ASIC’s Markets Disciplinary Panel hands down $222,000 penalty to ABN AMRO

On 7 September 2022, ASIC announced that its Markets Disciplinary Panel (MDP) had issued an Infringement Notice having determined that it had reasonable grounds to believe that ABN AMRO Clearing Sydney Pty Ltd (ABN AMRO) contravened subsection 798H(1) of the Corporations Act by failing to comply with Rule 3.4.2(1) of the ASIC Market Integrity Rules […]

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Mortgagee in possession sale causes Manda-monium – a tale of section 420A obligations in the COVID-19 era

In the first reported final decision that has considered the effect of COVID-19 lockdowns on the property market in the context of a mortgagee discharging its duties under section 420A of the Corporations Act 2001 (Cth) (Act), the Victorian Supreme Court in Manda Capital Holdings Pty Ltd (Manda) v PEC Portfolio Springvale Pty Ltd (PEC) […]

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Federal Court takes aim at expert’s ‘independent’ evidence: When lawyers can taint an expert’s report

The case of New Aim Pty Ltd v Leung [2022] FCA 722 concerned a dispute between an e-commerce company and its former employees regarding the use of confidential information acquired during the course of employment. A significant issue in the case, which is the focus of this article, was whether the Court should reject an […]

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Failure to launch: Liquidators fail to establish abuse of process in public examination summonses

Public examination can be a useful tool for parties in a liquidation to obtain information about matters relating to a company’s affairs. In the matter of Jewel of India Holdings Pty Ltd ACN 141 963 813 (in liquidation) [2022] NSWSC 356, the Court considered whether summonses for public examination, that were issued by the former […]

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Service by crypto – a new use case for NFTs!

In Australia, service of legal documents needs to be effected through the Courts’ relevant civil procedure rules. Often this is personally (in the case of individuals) or at a company’s registered office (under 109X of the Corporations Act 2001 (Cth)). By order of the Court, however, service can be effected by other means – for […]

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Federal Court cracks down on legal privilege claims – An operational hazard for the multi-disciplinary firms?

A multi-disciplinary firm has used legal privilege to shield documents from the ATO during an audit of its multinational clients, a judge has found, in a ruling that has put multi-disciplinary firms on notice. In Commissioner of Taxation v PricewaterhouseCoopers [2022] FCA 278 Federal Court Justice Moshinsky ruled that a legitimate relationship between lawyer and […]

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The importance of being cautiously aware of contractual terms relating to insolvency termination events

In the matter of Carna Group Pty Ltd v The Griffin Coal Mining Company (No 6) [2021] FCA 1214, the Court held that Griffin Coal Mining Company (Griffin) was insolvent, without having to prove so under the section 95A Corporations Act 2001 (Cth) (Corporations Act). This was in accordance with a contractual provision where it […]

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Equitable Assignment: The question is how the parties viewed the transaction not how the transaction was recorded

Business Finance Pty Ltd (receiver and manager appointed) v Partner Invest Pty Ltd (in liquidation) [2022] NSWSC 1 was a dispute between the external administrators of the plaintiff and defendant companies. Marcus Ayres was the appointed receiver and manager of Business Finance Pty Ltd (Business Finance) and Andrew Sallway was the liquidator of Partner Invest […]

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Liquidator loses game of Gulf: why the Supreme Court of Queensland refused to terminate the winding up of Gulf Aboriginal Development Company

In a recent case involving key stakeholders in the ‘Century Mine’ (Mine) – located in the lower Gulf of Carpentaria region in Northwest Queensland – the Supreme Court of Queensland considered an application brought by a liquidator and creditor for the termination of a winding up of pursuant to section 482(1) of the Corporations Act […]

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‘Sequencing problem’ – the Court makes orders varying the operation of the Corporations Act to allow a voluntary administrator to transfer shares without owner consent

In the Supreme Court of New South Wales case of In the matter of Habibi Waverton (in liquidation) (administrator appointed),[1] the Court considered whether or not to permit a voluntary administrator to transfer shares in order to implement a Deed of Company Arrangement (DOCA) pursuant to section 444GA of the Corporations Act 2001 (Cth) (the Act). […]

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Holman v Brisbane Roar: Court confirms player entitled to recover insurance payments made to club

Brett Holman is a household name for all Australian football fans. He spent most of his professional football career overseas playing in the Dutch Eredivisie, Premier League and UAE Pro League before returning to Australia in 2016 for a final swansong in the A-League with Brisbane Roar FC. He also made 63 appearances for the […]

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To terminate or not to terminate? Proving solvency following the making of a winding up order

Hughes, in the matter of Substar Holdings Pty Ltd (in liquidation) (No. 2)[1] (Substar No. 2) considers the Court’s discretionary power to terminate the winding up of a company pursuant to s 482(1) of the Corporations Act 2001. Substar No. 2 follows the decision of Hughes, in the matter of Substar Holdings Pty Ltd (in […]

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