Regulation/Legislation

FEG fought the law and the law won

PKF’s Brad Tonks. There must have been much gleeful rubbing of hands yesterday after the NSW Supreme Court of Appeal exorcised the FEG demon in respect of whether a priority creditor’s claim to circulating assets ranks ahead of a liquidator’s claim for remuneration. “The central question before the primary judge and on appeal was whether s 561 of the Act applies and, if so, whether…

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Trustee’s threat to debtor no abuse of process

Oracle Insolvency Services’s Nick Cooper. It seems there’s nothing like putting the frighteners on a recalcitrant debtor to ensure compliance with an existing repayment agreement and pleasingly, the Federal Circuit Court endorses such intimidation when the motives are pure and in line with the Act. “While, of course, from time to time, remarks have been made by Courts exercising jurisdiction under the Act about the…