Liquidators may obtain an extension to the time for them to bring Voidable Transaction Proceedings under Section 588FF(1) of the Corporations Act (Extension Order). Section 588FF(1) allows Liquidators to apply to the Court for Orders in respect of Voidable Transactions, such as the return of money paid by the Company in the months prior to … Continued
On 28 March 2017, the Australian Federal Government released draft legislation in relation to two major reforms intended to encourage turnaround, restructuring and business rescue. The main focus in this article will be on the operation of ipso facto clauses. These clauses allow one party to a contract to terminate the agreement upon the occurrence … Continued
When a company does not attend its winding up hearing, in the majority of cases, the company evidently gets wound up without any opposing parties. The question is whether the winding up order can be set aside. Setting aside an order Under Rule 39.05(a) of the Federal Court Rules 2011 (Cth.) and rule 36.16 (2)(b) … Continued
Recently the Supreme Court of NSW handed down what is, to date, the longest sentence for a tax evasion scheme. Proving that eventually tax evasion will catch up with those individuals and the punishment will be severe. The fraud was perpetrated by two individuals one of whom was an executive of one of the major … Continued
As we, as a society, continually move forward we are increasingly being confronted with images, stories, news and examples of situations where the ordinary man/woman in the street beggars for an understanding of – How could this have occurred? Is this really real or are we just in some big game box and one day … Continued
Innovation through insolvency law reform: Bankruptcy period to be reduced from three years to one year.
Given that start-ups and entrepreneurs are a large contributor to new jobs and innovation in Australia, the Federal Government has taken several initiatives to foster a culture where innovation and entrepreneurship is encouraged. One of these initiatives is improved insolvency laws. As part of the National Innovation and Science Agenda, the Bankruptcy Amendment (Enterprise Incentives) Bill … Continued
Be aware when proving Your Claim as a Creditor in an Insolvent Estate from South African Perspective?
It is interesting how the differences in insolvency law from one country to another affects creditors’ decisions when lodging their Formal Proof of Debt Form (“POD”) in an insolvent Estate. I was stunned when I received an email from one of the creditors of a Bankruptcy refusing to provide me with his POD, he was … Continued
The recent case of Chamberlain (Trustee) v Tilbrook  FCA 1586, NSD 1039 of 2017 highlights the steps a Trustee and their representatives will need to undertake in the event the receipt of a 139ZQ evades service and the features of a 139ZQ notice. As you may be aware 139ZQ is a notice that is … Continued
Hi everyone and welcome to 2018, no doubt it will continue to be more of “different” but “normal”! 2017 essentially closed quietly notwithstanding that it’s been a year of significant change for the Insolvency profession. Whilst steps were taken to align the operations of both the Bankruptcy Act and the Corporations Law, it is still … Continued
As tax time approaches every year taxpayers are required to lodge their tax returns before the deadline advised by the Australian Taxation Office. While completing and lodging their tax returns, taxpayers are entitled to benefits such as tax deductions. Some deductions require the collection of receipts and other records to assist them in getting a … Continued