Insolvency set-off does not protect creditors against unfair preference claims

In its recent decision in Morton as Liquidator of MJ Woodman Electrical Contractors Pty Ltd v Metal Manufacturers Pty Limited [2021] FCAFC 228, the Full Court of the Federal Court of Australia (the Court) held that statutory set-off, under section 553C(1) of the Corporations Act 2001 (Cth) (the Act), is not available to a creditor … Read more

Launch of leading Australian book on schemes of arrangement

After almost 9 years in the making, the much anticipated 4th edition of Schemes, Takeovers and Himalayan Peaks: The Use of Schemes of Arrangement has finally been released in conjunction with the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney. The 4th edition covers developments since 2013 and around 800 new … Read more

Hong Kong court considers grounds for striking out claims of dishonest assistance, knowing receipt and fraudulent trading

The Court of First Instance recently rejected an attempt by Bank of China (Hong Kong) Limited (BOCHK) to strike out various claims brought against it by the liquidators of China Medical Technologies (China Medical). The liquidators’ claims related to BOCHK’s handling of funds deposited with it by China Medical’s former officers, which were allegedly obtained … Read more

Herbert Smith Freehills and Nikki Smythe recognised in global TMA Turnaround/Transaction of the Year Awards

We are delighted that Herbert Smith Freehills and partner Nikki Smythe have been recognised by Turnaround Management Association (TMA) in the global 2021 Turnaround/Transaction of the Year Awards for her work on the acquisition of Virgin Australia out of voluntary administration. Herbert Smith Freehills joins Bain Capital, Clayton Utz, Deloitte, Houlihan Lokey, and KordaMentha, in … Read more