Cross Border Insolvency Disputes

Cross Border Insolvency has become an increasing problem given growing trade globalisation.  It exists in situations where a foreign insolvent debtor has assets or creditors in more than one country.  Differing legal systems and laws have created problems in the past recognising the rights of foreign creditors.  The United Nations designed the Model law to…

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A one year bankruptcy or a 5 year debt agreement – Senate recommendations

The reports of the Senate Legal and Constitutional Affairs Committee on the one-year bankruptcy (BAEI Bill) and the debt agreement bill (BADAR Bill)[1] have accepted the reduction in the period of bankruptcy to one year, subject to a curious recommendation based on the views of ASIC. That recommendation is to amend the Corporations Act “to…

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Protecting Your Family Assets From the Creditors of Bankrupt Beneficiaries

  The Importance of Having a Will It is vitally important for individuals to consider the distribution of their current property and assets upon their death. A diligent lawyer will not only consider the present position of the testator’s chosen beneficiaries, but also the likely evolution of their situations.  A prudent lawyer will account for…

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Liquidators and administrations – in a dispute about priority between creditors, when will a judgment creditor prevail over a secured creditor?

Generally, a secured creditor is entitled to stand outside the insolvency process and seek to have any secured property excluded from being used to satisfy the unsecured debts. In the case of a floating charge (a security interest held over a fund of changing assets), whether or not the asset is captured by the floating…

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