Category: Company News

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Today the Victorian Court of Appeal handed down its decision in Cant v Mad Brothers Earthmoving Pty Ltd [2020] VSCA 198 (Beach, McLeish and Hargrave JJA) giving much needed clarification of what constitutes an unfair preference under S 588FA of the Corporations Act 2001.

The Court of Appeal, in dismissing the Liquidator’s appeal, has held it is necessary that a preference be received from the assets of the company and result in a diminution of the assets of the company available to the creditors.

For full details please refer to the Court of Appeal’s decision here.

I would like to congratulate and thank Mad Brothers Earthmoving Pty Ltd, their counsel Mr Stephen Palmer and Mr Lachlan Molesworth, and the Oakley Thompson & Co team members involved in this appeal.

Julian Vagg
Principal

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Due to the speed at which the landscape around us is changing, over the weekend we enacted our business continuity plan. To minimise the risk of contamination, our staff will be working remotely from their homes where possible and, collaborate with colleagues and clients virtually through telephone and video conferencing. We will continue to have a reduced presence in our office, however we request your patience if you have difficulty reaching our team by telephone, especially those who are intermittently working remotely. Currently the most effective way to reach our individual staff members is via email. Our direct emails are our first name initial dot surname at oakley thompson dot com. For exam-ple, Jane Citizen would be j.citizen@oakleythompson.com . As always, please do not hesitate to get in touch if you would like to discuss any of the above in more detail or if we can assist you or your business in any way.

Julian Vagg, Principal