The Supreme Court of the United Kingdom has, in a judgment handed down on 24 October 2012, ruled that the liquidators of New Cap are entitled to enforce in England against a Lloyd’s Syndicate a judgment of the New South Wales Supreme Court ordering the Syndicate to repay US$5,980,600, plus interest, which the Syndicate had received from New Cap in January 1999.
New Zealand liquidators have had their powers recognised in Australia in a series of recent ground-breaking judgments.
Everyone loves a bargain - accordingly, there is a lot of interest when liquidators and other insolvency practitioners put a business up for sale.
Before 1993, the question of whether a creditor of a corporation being wound up had received an unfair preference from that corporation was determined under section 122 of the Bankruptcy Act 1966 (Cth).
The FSA has censured a product provider and adviser of geared traded endowment policies (GTEPs) for breaches of Principles 7 (Communications with clients) and 9 (Customers: relationships of confidence).
Most transactional documentation provides for an insolvency event, whether it is in the form of a termination right in respect of a contract or interest, a right to acquire the insolvent's shares or assets, or a priority agreement.
The Court of Final Appeal ("CFA") has recently been asked to consider whether the Hong Kong Courts have the ability to order a plaintiff to pay security for costs where the plaintiff is a foreign incorporated company which has established a place of business in Hong Kong.
If the Carbon Pollution Reduction Scheme Bill 2009 (Cth) is introduced into law, "liable entities" will need to acquire "Australian Emission Units" (AEUs) in order to satisfy their obligations to surrender those AEUs in compliance with the CPRS legislation.
The FSA has announced that The Freedom SIPP Limited (TFSL), a self-invested personal pension operator, has been wound up on a petition issued by Her Majesty’s Revenue and Customs (HMRC) for non-payment of tax.
Where a company provides a pension scheme with a charge over any of its assets for scheme funding or Pension Protection Fund Guarantee purposes, such a charge must be registered with the Registrar of Companies in order for it to be enforceable against any future appointment of a liquidator.