ASIC staff to attend Creditors Meetings

The Australian Securities & Investments Commission (“ASIC”) is entitled to attend any meeting of creditors or contributories held under Corporations Act (Section 75-30) of Schedule 2-Insolvency Practice Schedule. ASIC has informed the registered liquidators about starting their Pilot Program involving their staff to attend creditor’s meetings in the first half of 2019. The Pilot Program … Continued

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Fair Work Ombudsman’s concern about the key advisors’ role

In a recent media release statement, the Fair Work Ombudsman (“FWO”) advised that they had concerns with the role of the key advisors such as accountants and HR professionals in respect of serious and deliberate contraventions. The Fair Work Act 2009-Section 550 (“FWO Act”) generally describes that Involvement in Contravention to be treated in the same … Continued

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Insurer’s Liability to Third Parties

The High Court Decision in the case of CGU Insurance Limited v Blakeley & Ors (2016) HCA2 details the circumstances in which a Liquidator as a  third party claimant can directly pursue the insurers of insolvent defendants. In these proceedings, the Liquidators applied to the Court to join CGU as a Defendant and to amend … Continued

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Liquidator’s additional remuneration approved by Court

The New South Wales Supreme Court provides directions under Section 511 of the Corporations Act for increasing a Liquidator’s previously approved remuneration. A recent Case of Westnet WA Infrastructure Holdings Limited(2015) deals with an unusual situation where a Liquidator in a Members’ Voluntary Liquidation involving ten related companies applies for directions under Section 511 of … Continued

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Insolvency Law Reform Bill 2014-Exposure Draft

It is noted that an essential element of Australia’s economic health is an efficient Insolvency System. Even though Australia has a “World Standard” Insolvency System, a number of recent reviews have highlighted areas where reform is essential. The release of the Draft Reform is to strengthen and update Australia’s Personal Bankruptcy and Corporate Insolvency Administrations. … Continued

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