Governance, a World Issue with Divided Views

After a fairly short trip to Europe I feel I have returned to what has a real sense of continuing interested times. One’s perspective is certainly varied when one reads and listens to the views expressed internally elsewhere. I left Australia with the government talking up the future and there being positive signs of future … Continued

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Understanding Phoenixing

Condon Associates are frequently requested to offer their professional opinion on a wide variety of complex corporate situations. One frequently requested area is their opinion of Phoenix Activities. It is quite apparent that there is a lot of confusion around this activity, so, allow us to dispel some of the confusion. When dealing with many … Continued

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Protection to Administrators acting in the best interest of Creditors

In a recent Supreme Court of NSW Decision, Renex Holdings (Dandenong) 1 Pty Ltd (Administrators Appointed) & Others [2015] NSWSC 2003, Justice Black once again adopted a very practical and encouraging approach whereby he confirmed that Administrators may be protected from personal liability for post appointment debts. The background to the Administration was that Renex’s … Continued

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Insolvency Law Reform Act 2016- A carrot and stick approach to the Insolvency System

After more than two years in the making, the Insolvency Law Reform Act (“ILRA”) has finally passed into law with a commencement date expected early in 2017.  As many of the industry would (or should) be aware, the ILRA comprises the latest series of reforms prompted largely by a perceived lack of integrity and transparency … Continued

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Forge’s Failure led to the Delivery of a $50M Windfall

In the recent decision of Forge Group Power Pty Limited (“Forge Group”) (in Liquidation) (Receivers and Managers appointed) v General Electric International Inc [2016] NSWSC 52 (GE), the Court’s decision provided some useful guidance on the interpretation of what is a PPS  lease and when the title in leased goods vests in the event of … Continued

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Insurer’s Liability to Third Parties

The High Court Decision in the case of CGU Insurance Limited v Blakeley & Ors (2016) HCA2 details the circumstances in which a Liquidator as a  third party claimant can directly pursue the insurers of insolvent defendants. In these proceedings, the Liquidators applied to the Court to join CGU as a Defendant and to amend … Continued

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Dura v Hue – Why Secured Creditors need to be viligiant when dealing with the PPSA

In the context of the Insolvency industry, holding security over debts is often viewed as an effective safety net against the ever-present threat of default. However, as the recent case law reveals, this assumption is coming under increasing threat, especially in the context of the recent PPSA (Personal Property Securities Act) law reform. In particular, … Continued

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