Priority entitlements – #SVVoidables by Matthew Hudson

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March 12, 2020Constitutional law, Insolvency, Priority entitlements

UK tax office to get super priority

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…

March 4, 2020Insolvency, PPSA, Priority entitlements, Public Commentary

SPER registering PMSI’s

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…

October 30, 2019Insolvency, Priority entitlements, Public Commentary, Trustee companies

Allsop CJ speech on insolvent trading trusts (my summary)

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…

August 5, 2019Insolvency, PPSA, Priority entitlements

Declaring a special levy to customers and security holders in a liquidation

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…

July 16, 2019Insolvency, Priority entitlements, Public Commentary, Remuneration, Trustee companies

Federal Court dabbling in insolvent trustee company law

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 —…

March 28, 2019Franchising, Insolvency, Priority entitlements

FEG can claim Franchis(or/ee) Marketing Funds as circulating security assets

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…

October 16, 2018DOCA's, Priority entitlements, Trustee companies

Trustee co’s subject to a DOCA can follow Killarnee

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…