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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.
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.
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.
This is a debate between barristers Damien McAloon and Katherine Brazenor on the issue of whether the peak indebtedness rule remains an essential part of Australian Law. The Moderator is retired Federal Court Judge, the Honourable Ray Finkelstein AO, QC. The debate is sparked by the New Zealand Court of Appeal rejection of the peak indebtedness rule in Timberworld Ltd v Levin .