Insolvency Law

While the rest of the legal world is standing still and indeed reducing salaries or hours (or both), Aitken Partners is expanding its team through the recruitment of Alex Nicol as a principal lawyer for its Insolvency Team, headed by Michael O’Brien. Mr Nicol re-joins…

The defendants to insolvent trading claims or negligence claims brought by insolvency practitioners are often people who hold professional indemnity insurance such as company directors, solicitors, accountants or other professionals. However, an insolvency practitioner is not usually entitled to make a claim on a person’s…

In the case of Morton & Anor v Rexel Electrical Supplies Pty Ltd [2015] QDC 49 (Morton v Rexel),theQueensland District Court considered whether set-off under section 553C of the Corporations Act (the Act)could be used as a defence to a liquidator’s claim that payments made by a company…

On 3 September 2014, Soneet Kapila, the United States trustee in bankruptcy for Geoffrey Edelsten, issued an application in the Federal Court of Australia for recognition of a foreign bankruptcy proceeding in Australia after Mr Edelsten was made bankrupt in the United States. It is…

At the request of the Board of Banksia Securities Limited, the company’s trustee for debenture holders has appointed receivers and managers from the accounting firm McGrath Nicol to take charge of the assets of Banksia Securities. If you have funds invested in Banksia Securities, you…

In Re BM2008 Pty Ltd (in liq) [2010] VSC 337 (11 August 2010), Davies J of the Supreme Court of Victoria was asked to adjudicate as to whether a shareholder in a members’ voluntary winding up of a company (i.e., where the company is solvent) who has…

On 24 June 2010, Federal Parliament passed the Bankruptcy Amendment Bill 2009. Among the amendments included in the bill is an increase in the threshold of indebtedness entitling a creditor to issue a Bankruptcy Notice and a Creditor’s Petition, which are the two significant steps in…