Anti-phoenixing legislation finally passes through Parliament
After having been introduced to the Commonwealth Parliament on 13 February 2019, then re-introduced on 4 July 2019, the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 finally passed through both Houses on 5 February 2020. As its name suggests, the Bill introduces a number of new measures aimed at combating illegal phoenix activity in Australia. Illegal […]
ReadmoreAn overview of the changes to the witnessing requirements for Queensland Land Registry forms
The Natural Resources and Other Legislation Amendment Act 2019 (Qld) introduced additional requirements for witnessing documents including: requiring the witness to take reasonable steps to verify the identity of an individual and to ensure the individual is the person entitled to sign the document; requiring the witness to keep a written record of the steps they took […]
ReadmoreTo carry out no or little investigation and to say nothing is not an option – a warning to insolvency practitioners
The Federal Court has issued a warning to insolvency practitioners, involved in voluntary administrations, to ensure adequate investigation and reporting occurs of matters that have the potential to materially affect the outcome of the administration. In Adelaide Brighton Cement Limited, in the matter of Concrete Supply Pty Ltd v Concrete Supply Pty Ltd (Subject to Deed […]
ReadmoreCOVID-19 | Emergency Amendments to Insolvency Laws
Government moves to amend insolvency laws The Commonwealth Government announced a range of temporary amendments to certain insolvency laws as part of its economic response to COVID-19. The amendments will temporarily affect insolvency laws, corporate governance, and directors’ duties. The purpose of the amendments is to support otherwise viable businesses which will temporarily suffer financial […]
ReadmoreCOVID-19 | Cash is King – 4 ways your business can best respond to the challenges of COVID-19
The coronavirus (COVID-19) outbreak is undoubtedly tragic for the thousands affected, with Governments around the world having to act swiftly and assertively to protect vulnerable people. But there is underlying harm being caused to the economy, too – and the real impact of this cost is only just emerging. We’ve all heard the saying before […]
ReadmoreInsolvent Corporate Trustees – a way forward to realising trust assets
The recent decision of Cremin, in the matter of Brimson Pty Ltd (In Liquidation) [2019] FCA 1023 (Cremin) helpfully clarifies the approach practitioners ought to adopt when realising the assets of an insolvent corporate trustee. Here, the liquidator was appointed to three companies which each operated “Snooze” franchises in their capacity as trustee of a […]
ReadmoreQueensland Supreme Court considers “unconventional” forms of security for costs and whether expert reports are privileged and not required to be disclosed
The case of Murphy v Gladstone Ports Corporation Ltd [2019] QSC 12 (Murphy v Gladstone Ports) examines whether: A deed of indemnity issued by a foreign company, coupled with the payment of money into Court for the purposes of enforcing the deed of indemnity in the foreign jurisdiction, is sufficient security for the purposes of […]
ReadmoreConcurrent appointments and priority creditors – who may distribute pursuant to section 561 of the Corporations Act?
In Kirman v RWE Robinson & Sons Pty Ltd (in liq), in the matter of RWE Robinson and Sons Pty Ltd (in liq) [2019] FCA 372, the Court helpfully clarifies who is entitled to make payments to priority creditors in scenarios where receivers and liquidators are concurrently appointed. Background RWE Robinson & Sons Pty Ltd […]
ReadmoreCourt criticises ASIC for lack of evidence to support inquiry into liquidators
The recent Supreme Court of NSW decision of ASIC v Wily & Hurst, provides useful guidance regarding the Court’s criteria to inquire into a liquidator’s conduct under former section 536 of the Corporations Act 2001(Cth). The decision is relevant as to how a Court may determine such an application made under the Insolvency Practice Schedule (Corporations). The decision […]
ReadmoreLiquidators settling court proceedings: the importance of creditors’ wishes
As is illustrated by the recent Supreme Court of Victoria Court of Appeal decision in McDermott and Potts as liquidators of Lonnex Pty Ltd (in liquidation), creditors’ wishes are important when a liquidator is looking to settle court proceedings. Though liquidators should not act at the dictation of creditors, it is important to bear in […]
ReadmoreCourt endorses close oversight of conduct of liquidation by priority creditors including FEG and GEERS
In the matter of 1st Fleet Pty Ltd (in liquidation), the Commonwealth applied for orders that the liquidators of 10 companies in liquidation provide specific information and/or produce certain documents to the Commonwealth. This request related to the validity of the constitution of and certain steps taken by the Committee of Inspection and the reasonableness […]
ReadmoreTo Make Oath and Say or to Declare and Affirm?
On 1 March 2019, the Oaths and Affirmations Act 2018 (Vic) (the Act) came into effect and is now the ‘go to’ piece of legislation for the law relating to oaths, affirmations, affidavits and statutory declarations in Victoria. It has also established a scheme for the certification of copies of documents. Essentially, the Act has […]
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