#SVVoidables by Matthew Hudson
This blog is designed to capture the large volume of my LinkedIn posts. To follow me on LinkedIn search #SVVoidables.
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…
On 1 Dec 2020 the UK tax office (HMRC) will re-receive a super priority in all external administrations. Originally it was slated to start in 25 days time, but this has been pushed back. I feel for my fellow insolvency professionals over in the UK – please reach out if you’d like to share your…
Anecdotally we are noticing an uptick in QLD State Penalties Enforcement Registry actions whereby personal property (like trucks and motor vehicles) are having security interests registered against them by SPER for relatively small debts (say less than $10k). According to SPER, their enforcement action rights include the ability to register a security interest on the…
I just finished reading a speech delivered by Allsop CJ (Federal Court) regarding insolvent trading trusts. For any insolvency nerds out there (like me), it’s well worth the read! My takeaway points: 1. We are over thinking insolvent trusts. The Corporations Act applies to trading trusts – get over it! **This one might be me reading…
6 categories of stock (see photo below) worth approximately $470k, at least 97 affected retail customers, different classes of secured creditors, and MYOB data was not entered correctly … who gets what and how does the liquidator cover her/his costs and fees? This was the scenario faced recently by a liquidator, which has been revealed…
Another case on trusts and insolvent corporate trustees was handed down recently, this time by Derrington J in the Federal Court. Much longer decision than the Amerind, High Court, one recently! Main things to take away: — sham unit trust created when members of a community put money together for the purpose of purchasing properties —…
Aussie Farmers Direct Liquidation (AFD) has hit the news again, following a judgment handed down last week from the Victorian Supreme Court (VSC). The VSC ruled in favour of FEG, and against the Liquidator, by holding that the Marketing Fund is property of AFD, “comprised in or subject to a circulating security interest” (CSI) and is available for…
Breaking news: the Federal Court has just now held that the Killarnee decision is to be applied in circumstances where a Deed Administrator is seeking to disperse pooled trust assets to a stepped hierarchy of stakeholders. Manpak Holdings is the case name. This means that a Voluntary Administrator appointed to a trustee company that is…
Purchase Money Security Interests (“PMSI”) really do have a super power, according to a Full South Australian Court decision handed down on Friday. Case name: Samwise Holdings v Allied Distribution Finance [2018] SASCFC 95 The Court granted a PMSI holder a priority over 40 motorcycles above a first-in-time registered general security holder. The facts were:…
Just when you thought trust company liquidation law was finally settled by two superior court cases this year, Justice Brereton has another bite of the cherry. The liquidator applied to Justice Brereton seeking declarations that the trust assets: (1) were to be treated, in effect, as company assets via the right of indemnity as corporate…
Travis Mitchell, Barrister at the Victorian Bar
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