Archive: February 2023

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Unfair preference claims shot? Impact of Australian High Court’s rejection of peak indebtedness rule in Gunns case

February 27, 2023

In a highly anticipated decision, the High Court of Australia has unanimously determined in Bryant & Ors v Badenoch Logging Pty Ltd [2023] HCA 2 that the peak indebtedness rule is not part of the unfair preference provisions in the Corporations Act 2001 (Cth) (Act).

Australian High Court banishes statutory set-off, sets up liquidator recoveries in unfair preference decision

February 20, 2023

In a landmark case, the High Court of Australia this month unanimously determined in Metal Manufactures Pty Limited v Morton [2023] HCA 1 (Morton) that set-off is not available against a liquidator’s unfair preference claim.

Australian corporate insolvency reform: What can we expect in 2023?

February 12, 2023

In 2021, public consultations were completed on improvements to creditors’ schemes of arrangement and the treatment of insolvent trusts, and there was an independent review of the laws providing directors with a safe harbour from insolvent trading liability.

US Bankruptcy Court dismisses Ch. 15 case, bars foreign representative from appearing before it

February 07, 2023

Chapter 15 of the Bankruptcy Code was enacted to, among other things, foster cooperation between courts of the United States and courts of foreign countries “involved in cross-border insolvency cases.”