While some judges have suggested a deed of company arrangement can be terminated at the comparatively low threshold that a liquidator may be “potentially” successful in litigating a claim, this is clearly not the test after a recent Full Federal Court ruling that affirms the high standard to be met by any challenge to a DOCA, where the deed compromises a commercial dispute, writes Baker McKenzies’ David Walter, Maria O’Brien and Ian Innes.
To avoid a creditor panic in the midst of the COVID-19 health crisis, the NSW Supreme Court has appointed a receiver instead of a liquidator to a rural hotel that is the centre of a deadlocked shareholder dispute over more than $2.7 million.
There may not be enough registered liquidators in Australia to respond to a possible wave of COVID-19 insolvencies, the Australian Securities and Investment Commission has warned.
Court documents sought to be kept confidential in a case alleging professional misconduct against barrister Norman O’Bryan SC in his role as counsel for a class action over the collapse of Banksia Securities accuse the top silk of continuing to have an interest in the funder that bankrolled the proceedings after his wife was said to have sold her shares.
Clive Palmer has defeated over $100 million in claims brought by the liquidator of Queensland Nickel over the $200 million collapse of the the mining company in 2016, with the Queensland politician threatening a possible lawsuit against the liquidator and the funder that backed the claims, Vannin Capital.
A judge has rejected calls to keep confidential the details of professional misconduct claims against the funder and lawyers behind the Banksia Securities class action, in a ruling that revealed that investors of the collapsed lender could recover $30 million more if allegations against the legal team are established at trial.
Virgin Australia’s administrators have whittled down the list of eligible bidders for the struggling airline to two, with investment firm Bain Capital and private equity investor Cyrus Capital Partners the only potential purchasers allowed to make final offers.
A court has ruled that a litigation funder backing an unsuccessful real estate lawsuit by two broke plaintiffs must cover the legal costs after finding that the funder’s goals in the case were “more to serve its own commercial and financial ends” than to assist its clients.
Virgin Australia’s administrators will not be responsible of any overpayments of the JobKeeper allowance, which is currently being claimed on behalf of thousands of the embattled airline’s employees.
The Virgin Australia administration continues to boost billables at the top end of town, with a short list of “well-funded” buyers revealed on Monday and an intense four weeks ahead as the bidders and their law firms scramble to make binding offers by the mid-June deadline.