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23 February 2023
The High Court has recently handed down two significant decisions concerning the operation of the unfair preference provisions in the Corporations Act 2001 (Cth). This seminar will consider the High Court’s abolition of the “peak-indebtedness rule” and its analysis of issues associated with running accounts in Bryant v Badenoch  HCA 2. It will also consider the High Court’s finding in Metal Manufacturers v Morton  HCA 1 that set-off is not available as a defence to a preference claim, as well the potential broader application of the decision in respect of other voidable transaction claims and insolvent trading claims.
The High Court decision has clarified how liquidators of corporate trustees may deal with trust assets and the application of the priority regime prescribed by the Corporations Act 2001 to the distribution of the proceeds of trust assets to trust creditors. The decision also resolves the long-standing tension between the decision of the Full Court of the Supreme Court of South Australia in Re Suco Gold Pty Ltd (in liq) (1983) SASR 99 and the Full Court of the Supreme Court of Victoria in Re Enhill Pty Ltd  1 VR 561.
This seminar will provide a practical overview of the changes to the approval of liquidators’ and administrators’ remuneration with a particular focus on recent trends and developments for practitioners currently practising in insolvency and those wishing to practise in this area of the law. Practitioners…
In the seminar, the Chief Justice of the Supreme Court, the Chief Judge of the County Court of Victoria, the Chief Magistrate of the Magistrates’ Court of Victoria and the President of the Victorian Civil and Administrative Tribunal will each explore emerging practice areas, as well as highlighting those practice areas that are static or shrinking.
This year marks the tenth anniversary of the enactment of the Cross-Border Insolvency Act 2008 (Cth), which adopted the UNCITRAL Model Law on Cross-Border Insolvency. In the decade since its adoption, the Model Law has provided a clear and consistent basis for the courts in Australia to grant recognition and assistance to foreign insolvency proceedings.
This seminar explores the conceptual framework behind the Model Law, the extent to which it has been adopted and adapted by jurisdictions in the Asia Pacific region and the experience of the Model Law in Australia. The Model Law is an interesting example of legal convergence (and divergence), particularly in view of the increasingly global nature of business activities and operations, and the benefits that accrue to debtors, creditors and other stakeholders in dealing with cross-border insolvency issues on a uniform basis.
Directors of companies that trade overseas, and those of subsidiaries of overseas companies, may have duties imposed upon them by foreign law and be subject to the jurisdiction of foreign courts, especially where entities or their holding companies are approaching insolvency. Legal advisers have to be aware of the potential for that to occur. This presentation discusses the potential liability and provides examples of it. It also looks at and discusses the need to develop an understanding of how different legal systems impose duties on directors. This seminar is open to barristers, solicitors, in-house counsel and insolvency practitioners.
The seminar will update practitioners on the recent Corporate Insolvency Reforms:
(i) the Safe Harbour exclusion to directors’ insolvent trading liability, and
(ii) the moratorium on Ipso Facto clauses in voluntary administration
His Honour Judge Anthony Kelly of the Federal Circuit Court of Australia chairs a discussion with speakers Michael Galvin QC and Daniel Snyder hosted by the Victorian Bar and the Insolvency Section of the Commercial Bar Association.
In this CPD, counsel for four of the five parties to the action in Re Amerind discuss the persistent question in insolvency law of “to whom does the liquidator of a trading trust distribute property realised in that liquidation?”, and Justice Robson’s comprehensive discussion on the topic and the Suco Gold/Enhill treatment.
In this Q&A Session, Stewart Maiden discusses cross border insolvency law – what it is, why it is important, questions of jurisdictional diversity, modified universalism, the UNCITRAL Model law, foreign proceedings and centre of main interests. Stewart also discusses the cases of Akers v Deputy Commissioner of Taxation, Legend International Holdings Inc (in liq) v Indian Farmers Fertiliser Cooperative Limited and the Hanjin Shipping case.