ASIC Corporate Insolvency Update Issue 10

In December 2018, ASIC posted its Corporate Insolvency update on their website about the latest regulatory developments and issues affecting corporate insolvency markets. Here is a summary of key points: Lodgement of Declarations of Independence and Relevant Relationships and Declarations of Indemnities (“DIRRI”) with ASIC. ASIC provides the following key reminders when registered liquidators lodge … Continued

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ONLINE FRAUD

Online fraud, due to its increasing complexity and sophistication, is becoming an ever-growing problem for individuals and businesses. In order to tackle online fraud effectively, the awareness of online fraud detection should be highlighted and the prevention methods must be advanced with the times. The most common types of online fraud are as follow: Identity … Continued

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Protect Yourself from Illegal Phoenix Activities

Genuine company failures do occur, not all company failures are involved in illegal phoenix activities. Illegal phoenix activity involves those in control of companies, such as directors or former directors, intentionally closing down companies (e.g. by appointing liquidator(s) for the company) after transferring the  assets of an indebted company  to new (“phoenix”) companies in order … Continued

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Forge’s Failure led to the Delivery of a $50M Windfall

In the recent decision of Forge Group Power Pty Limited (“Forge Group”) (in Liquidation) (Receivers and Managers appointed) v General Electric International Inc [2016] NSWSC 52 (GE), the Court’s decision provided some useful guidance on the interpretation of what is a PPS  lease and when the title in leased goods vests in the event of … Continued

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ATO Crackdown on Non-compliant Behaviors in terms of Share Transactions

It is one of the prime responsibilities of The Commissioner of Taxation to ensure that Taxpayers meet their taxation and superannuation obligations. Failure to address non-compliant behaviors will potentially undermine the public’s confidence in the credibility and reliability of the taxation and superannuation systems, it will also raise concerns about the ATO’s capacity in administering … Continued

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Amendments to the Franchising Code of Conduct

By Sophie Bai & John Jolly Following the recommendations of an independent review of the Franchising Code of Conduct (“the Code”) by Alan Wein in 2013, the Government released a draft of amendments to the Code in April 2014 with the following major reforms:- Enforcement tools available to the Australian Competition and Consumer Commission (“ACCC”) … Continued

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Personal Property Securities Registrations – practical tips

The commencement on 30 January 2012, of the Personal Property Securities Act 2009 (“PPSA”) introduced a national regime that has created a significant impact on the way security interests are handled across Australia. In this respect, there are three major changes that might affect your business as follows:- Jewellers and artists need to register ownership … Continued

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