#SVVoidables by Matthew Hudson
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BREAKING: Federal Court has just held that if an Administrator consents in writing to a proceeding, they cannot later revoke, suspend or withdraw the consent. Link to the case – https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2020/2020fca0572 The issue at stake was whether an Aboriginal Corporation, under Administration, could rely upon the stay of proceedings powers under s440D of the Corporations…
Two big events are happening today: 1) #virginaustralia first meeting of creditors at about 11 AM (AEST) 2) iSignthis Ltd (ASX: ISX) vs ASX judgment in the Federal Court will be handed down at about 10 AM (AEST) – I have been following this matter for some time now, and principally relates to the ASX’s…
A recent peculiar case from the QLD Court of Appeal (COA) is a timely reminder that a Court will only wind-up a solvent incorporated association on just and equitable (J&E) grounds 🚨 AS A LAST RESORT 🚨 despite a legal war between two camps. The Association: Congregational Christian Church In Samoa-Australia (Ipswich Congregation) Camp 1:…
Let me tell the story of a recent NSW Supreme Court case involving Indian mining magnates (A&MJ), Wollongong Coal (WC), #fiduciaryduty breaches, and the Property pictured. Facts: * A&MJ and other WC directors voted for a shelf company (Shelf) purchasing Property for $5m, and spending c$3-4m on a new build * A&MJ had significant influence…
#Covid19 is not and never should be a trademarkable phrase, for many number of reasons. But one NZ company is trying just that having applied last month to IP Australia to register a trademark over covid-19 over a pretty broad array of subject matters, like entertainment, news, publishing, education, etc. Fortunately, a Notice of Intention…
Your local postie will only be delivering mail every second day for the foreseeable future, supposedly due to the significant disruption caused by #covid19 on Australia Post (some pundits are calling it 10 years worth of disruption in 1 month). Link to the AusPost announcement – https://auspost.com.au/about-us/news-media/important-updates/coronavirus/coronavirus-domestic-updates Not much detail has been provided yet, but…
Your #VelocityRewards look pretty safe to me! I spent an hour this evening with publicly available FY18/19 financials for the 4 main entities controlling Rewards, and this is what I worked out: 1. the corporate structure I could quickly piece together is summarised on the first page of the PDF. I assume we are each…
This is me spitballing a UK idea, but let me introduce the ‘Entrepreneurs Administration (EA)’ an Australian form of Voluntary Administration that could allow directors to trade their business, purchase stock, run day-to-day operations, etc, despite it being in the hands of a VA. Given #COVID19 impacts on business, we need to think of new…
Mothership proceedings for multiple voidable transaction claims are alive and thriving, thanks to a number of recent decisions. For those unaware, if a liquidator has say 10 unfair preference claims that they wish to proceed against creditors, the liquidator can apply to court to run all 10 matters as (effectively) 1 matter. This can save…
BREAKING: Scomo has told us more on the commercial tenancy MANDATORY “Behavioural Code of Conduct” that is being implemented as a result of the #covid19 pandemic … Key points: ** mandatory Code applies where tenant or landlord is eligible for the JobKeeper stimulus package (ie turnover less than $50m) ** good faith leasing principles include:…
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