Present solvency and future debt: the relevance of future debt in determining solvency

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Written by Sam Johnson (Partner), Emily Barrett (Partner), Caitlin McTaggart (Senior Associate), Madison Copland (Law Graduate) In the matter of IOUpay Limited ACN 091 192 871 (Administrators Appointed) [2023] NSWSC 568 per Williams J JWS represented Daniel Walley and Philip Carter of PricewaterhouseCoopers in their capacity as voluntary administrators (Administrators) of IOUpay Limited (Administrators Appointed)…

Solar installers ‘cheated’ out of millions

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At a time when the solar power industry should be booming, solar installers across Australia say they are being “cheated” out of millions after trusting a third party to chase their government energy rebates. The small businesses used middleman service Emerging Energy Solutions and its affiliates to organise their green energy rebates from the federal…

Small businesses hit the hardest by COVID-19 pandemic, ASIC says

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Australian small businesses are still reeling from the knock-on effects of COVID-19 amid higher cost-of-living pressures thanks to elevated inflation and interest rates. From July 1, 2022 to June 30 this year, small to medium-sized corporate insolvencies dominated external administrators’ reports, according to the Australian Securities and Investments Commission on Wednesday. Premium Subscribers with digital…

Caroline Benfield | Restructuring & Insolvency | Oxford

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Caroline is a Legal Director in the Restructuring and Insolvency Department. She has over 15 years’ experience of dealing with all aspects of contentious and non-contentious personal and corporate insolvency work.  Caroline passed the CPI professional insolvency exam in June 2008. She was one of only 6 lawyers to pass the CPI that year.  Throughout…

Safe harbour – A shelter from the storm | Bond University

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Safe Harbour – A shelter from the storm Dr. Stephen van der MyeHonorary Adjunct Professor, Faculty of Law, Bond University Corporate Insolvency Overview The Australian Securities and Investments Commission (ASIC) has reported a significant rise in corporate insolvencies. Data from July 2023 to March 2024 shows a 36.2% increase, with 7,742 companies entering external administration.…

All the Single Debtors: Court Refuses to Expand Exceptions to the Single Debtor Rule Under Doctrine of Marshalling | Knowledge

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In the recent decision of Griffon Partners Operation Corp (Re), 2024 ABKB 277 [Griffon] the Court of King’s Bench of Alberta (the “Court”) considered the applicability of the doctrine of marshalling. The case involved a debtor indebted to both senior and subordinate creditors, with an affiliated entity granting a guarantee and share security solely to…