Costs against ASIC in its [“illegal phoenix activity”] claim against a liquidator

ASIC has been unsuccessful in resisting a costs order against it in its “illegal phoenix activity” proceedings against a liquidator following Justice Greenwood’s earlier judgment pointing out “there is no such thing, per se, as ‘illegal phoenix activity’”. In fact, throughout the law, the word ‘phoenix’ appears only in some wildlife protection laws, and laws […]

Peak indebtedness and other insolvency law views from New Zealand

The decision of the Full Federal Court in Badenoch Integrated Logging v Bryant[1] agreeing with New Zealand’s view about the “peak indebtedness rule” that favoured liquidators’ preference recovery actions is currently being debated by insolvency lawyers and practitioners. As I have commented before, New Zealand case law often provides a useful external oversight of Australian […]