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Articles by Ben Renfrey
Gunns Liquidators Prevail On Peak Indebtedness, Set-Off And The Court's Discretion
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The Liquidator’s Toolbox: A reminder of the power to search and seize | Lexology
Australia
November 18 2019 In Carrello,[1] the Federal Court granted a warrant under section 530C of the Corporations Act 2001 (Cth) (the Act) allowing the liquidator of Drilling Australia Pty Ltd (the Company) to search and seize property, books and records located in storage containers belonging to the Company. The decision serves as a reminder to liquidators about the potential availability of warrants to search for and seize property, books and records when dealing with difficult directors.
Angas Securities scheme of arrangement approved | Lexology
The issues Angas Securities Limited (Angas) has had with its $220 million Debenture Fund have been well publicised. Those issues began in late 2012 following the entry of Provident Capital Limited and Banksia Securities Limited into receivership earlier that year. Angas’ issues with its Debenture Fund ended on 17 May 2019 when the Federal Court approved the scheme of arrangement between Angas and its Debenture Holders (Scheme).
Receiver distribution of assets permitted despite objections | Lexology
The latest decision in the external administration of Mirabela is a reminder of the utility of the section 424 directions process for receivers, and an example of the steps to be taken in the face of competing asset claims. The Court directed that the receivers of Mirabela were justified in distributing sale proceeds of approximately US$59.5 million in the face of a third party claim to the proceeds, provided the receivers first gave 21 days’ notice of intent to do so.
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