Zone of Insolvency

Zone of Insolvency

Jeffery Black (AU)

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Use of public examination powers significantly increased by High Court of Australia

Posted in Australia, Financial Restructuring & Insolvency
In Walton v ACN 004 410 833 Limited (formerly Arrium Limited) (In Liquidation) [2022] HCA 3, the High Court of Australia handed down a decision regarding the purposes for which a Court may summon an officer of a corporation for examination about the corporation’s examinable affairs under s 596A of the Corporations Act 2001 (Act).… Continue Reading

Australian law reform: the new ‘safe harbour’ for directors and stay on enforcement of ‘ipso facto’ clauses

Posted in Australia
Australian insolvency laws recently underwent the most comprehensive review and reform since the early 1990s.  Part of those reforms included the introduction of: * a ‘safe harbour’ for directors in respect of the insolvent trading offence; and * a stay on the exercise of certain rights (including termination rights) for counterparties (or ‘ipso facto’ clauses).… Continue Reading