CASE NOTES (BLOG)
Federal Court reminds liquidator that reasonable grounds are required before issuing a demand
Parker, in the matter of Worldwide Specialty Property Services Pty Limited (in liq) v Worldwide Specialty Property Services Pty Limited (in liq) [2017] FCA 687
LIQUIDATOR SEEKING AN EXTENSION OF TIME for making an application under s 588FF(1) Corporations Act copped criticism for serving demands without conducting investigations. The application was made ex parte.
Justice Lee emphasised the importance of a liquidator serving a demand only once […]
The High Court encourages Bankruptcy Court to ‘go behind’ a judgment, sometimes.
Ramsay Health Care Australia Pty Ltd v Compton [2017] HCA 28
BANKRUPTCY COURTS exercising jurisdiction under s 52 of the Bankruptcy Act 1966 (Cth) making a sequestration order against the debtor’s estate, may now be more willing to ‘go behind’ a judgment in order to be satisfied that the debt relied upon by the petitioning creditor is truly owing. […]
Bucking Broncos: Court of Appeal awards damages for loss of commercial opportunity when only a slim chance of a profit
Principal Properties Pty Ltd v Brisbane Broncos Leagues Club Limited [2017] QCA 254
BRISBANE BRONCOS LEAGUES CLUB Limited feels the pain of another loss this year. But this time, not on the field, but in the Court of Appeal.
LAST WEEK, the Queensland Court of Appeal overturned a decision of the Supreme Court and awarded damages for loss of commercial opportunity, when there was only slim chance of a profit.
The case provides timely guidance about how to measure the value of a commercial opportunity. It is a warning to anyone advising about performance of a development contract or call option as the repudiating party might be liable to pay damages, even if there was only a slight chance the other party would make a profit. […]