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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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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When a Court appoints a Provisional Liquidator

The appointment of a Provisional Liquidator would have a major effect into the affairs of a company and will only be done in circumstances where there are no other remedies available to maintain the current situation pending a final determination of a winding up application. Unlike the usual Liquidator, a Provisional Liquidator does not evaluate … Continued

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Bankruptcy and the family home

It is a common misconception that if an individual is bankrupt and they own their home, their house will be sold by their bankruptcy trustee. Given that for most people their home is their most valuable asset, it is important to consider the following options bankrupts have for keeping the family home during their bankruptcy. … Continued

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A SALUTARY LESSON

For those who deal in the world of insolvency, certainly the liquidators, but I am actually including all the lawyers, accountants, finance brokers, advisers and other players of all sizes as well; then there are some salutary lessons that have come out of the largest insolvency cases that came into play during 2018.  In many … Continued

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IPSO FACTO TO COME INTO EFFECT SOON!

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

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WHERE IS PUBLIC TRUST?

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

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