By Darrin Mitchell, Senior Associate at Matthews Folbigg in the Insolvency, Restructuring and Debt Recovery Group
The High Court of Australia has recently granted special leave for the decision of the Victorian Court of Appeal in Re Amerind Pty Ltd (Receivers and Managers Appointed) (In Liquidation) [2018] VSCA 41 to be appealed.
Three Justices of the High Court heard the leave application by Carter Holt Harvey Wood Products Pty Ltd, a secured creditor of Amerind Pty Ltd (“Amerind”). The reasons and decision by their Honours have not yet been posted.
Our review of the decision by the Victorian Court of Appeal can be found here
The granting of special leave to appeal is not surprising with an authoritative decision needed from our highest Court to (hopefully) settle once and for all the judicial debate on the treatment of creditors and insolvency practitioners in respect of trust assets that has spanned over 35 years.
The High Court has not yet listed the appeal, which will attract great attention when judgment is delivered and perhaps alleviate the backlog of matters, which are not presently capable of being resolved without further court clarification.
Stay tuned ….
The above summary is designed to give practitioners a general idea of the recent Court decision that may impact upon them. Any specific advice on insolvency or the use of trust assets or otherwise can be discussed by contacting the team at Matthews Folbigg.
Read the transcript of the High Court application here The decision of the Victorian Court of Appeal can be found here
If you would like more information or advice in relation to insolvency, restructuring or debt recovery practice and procedure, contact Darrin Mitchell on 02 9806 7428 or darrinm@matthewsfolbigg.com.au or a Principal of the Matthews Folbigg Insolvency, Restructuring & Debt Recovery Group:
Jeffrey Brown on (02) 9806 7446 or jeffreyb@matthewsfolbigg.com.au
Stephen Mullette on (02) 9806 7459 or stephenm@matthewsfolbigg.com.au
