Out of control – VSC punts unregistered....

Sep 22, 2014

The Corporations Act has different requirements for “controllers” and “receivers” – notably the requirement that all receivers be registered liquidators (and thus subject to the regulatory regime that keeps them all on the straight and narrow). This requirement is...

Bailed out – PPSA loopholes closed

Sep 18, 2014

A recent decision has shed light on when bailments and consignments will be deemed to be “security interests” (and when they will not). This closes potential loopholes in the PPSA.   Summary With regard to the deeming of “bailments for value” by people “regularly...

Remuneration ravaged, expenses disallowe....

Sep 18, 2014

In a decision handed down yesterday, the Supreme Court got well and truly stuck in to liquidators and their lawyers. In AAA Financial Intelligence Ltd (in liquidation) (No 2) [2014] NSWSC 1270, in response to a claim by two liquidators for approval of their...

First bite of the pie

Sep 16, 2014

When you have two caveators both claiming the same money, who gets paid first? This was one of the several issues decided by the Supreme Court of New South Wales in The application of Sutherland and Arnautovic [2014] NSWSC 821. Case summary Freddy Funder extended...

Elite Group Appointment of Liquidators S....

Sep 12, 2014

In March 2014, ERA Legal appeared in the Federal Court of Australia and obtained orders for the appointment of provisional liquidators to four companies (“the Elite group”) as a consequence of the directors of the Elite group  abandoning the companies and going into...