Insolvency - Rhett Kipps

Insolvency

A collection of 6 posts

Filed or Just Lodged? A Registrar's Extension Order Unwound on Appeal

Filed or Just Lodged? A Registrar's Extension Order Unwound on Appeal

Lamb v Sherman [2023] FCAFC 85; (2023) 298 FCR 79 concerned an appeal from a sequestration order. The appellant had 21 days to comply with a bankruptcy notice. On the last day, at 4:37 pm, her solicitors electronically lodged an application to set the notice aside — seven minutes after

Secured Creditor nearly loses security by lodging Proof of Debt

Secured Creditor nearly loses security by lodging Proof of Debt

Secured creditors need to be careful in lodging a Proof of Debt which fails to value their security interest, otherwise they may be inadvertently surrendering the security interest. The Supreme Court of New South Wales recently considered whether a secured creditor had surrendered the security after they lodged a proof

"Standstill" agreement "some other reason" to set aside statutory demand

The Supreme Court of New South Wales recently considered whether a "standstill agreement" between the parties to refrain from enforcement of a judgment debt was "some other reason" to a have a statutory demand set aside. The Court held that there was a seriously arguable case

Bankrupts can personally sue for post-bankruptcy income

In Davey v Dessco Pty Ltd & Anor, the Victorian Supreme Court recently held that post-bankruptcy income does not vest in a trustee in bankruptcy, and that an undischarged bankrupt is entitled to sue for such income for in the bankrupt’s own name. The decision overturned a lower

Subbies defeat preference claim for payments from head contractor

Subbies defeat preference claim for payments from head contractor

The Supreme Court of New South Wales has recently dismissed unfair preference claims brought by liquidators against six subcontractors in In the matter of Evolvebuilt Pty Limited [2017] NSWSC 901. The decision clarifies the circumstances in which a liquidator can pursue payments by third parties as unfair preference payments, often

Liquidators to have a proper basis to issue Demands

Parker, in the matter of Worldwide Specialty Property Services Pty Ltd (in liq) v Worldwide Specialty Property Services Pty Ltd (in liq) [2017] FCA 687 recently considered a liquidator’s application to extend time to pursue voidable transactions under section 588FF Corporations Act 2001. While the liquidator ultimately obtained relief

Liability limited by a scheme approved by professional standards legislation.