Managing regulation

As society moves forward, electronic devices become smaller and more capable. Regulators become increasingly interested in the maintenance of monitoring almost anything they can, combined with the fact that almost anyone can be the policeman; business will need to prepare for a whole new environment. I remember years ago when Dr Geoffrey Edelstein was challenged … 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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Is it worth having a Will?

By Bob Cruickshanks and Hiteshi Dekhtawala As Benjamin Franklin once said “In this world nothing can be said to be certain, except death and taxes.”. Most people take the time and effort to prepare a will in which they detail how their accumulated worldly possessions are to be divided between their surviving relatives and/or friends. Also, a … 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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Guarantee unconscionable to enforce

The NSW Supreme Court has delivered a message to lenders seeking to protect themselves with Solicitors advising on third party guarantors. The decision held in Alceon Group Pty Ltd v Rose [2015] NSWSC 868 particularly calls attention to the importance of independence and adequacy when legal advice is provided. In this case, the New South … Continued

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When security isn’t enough

The conventional wisdom of many company directors and business lenders is that by including security provisions together with loans, they will be protected in the event of the failure of a debtor’s business. However, as is often the case with the law, an often neglected statutory provision can run against the prevailing sentiment of those … Continued

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Dura v Hue – Why Secured Creditors need to be viligiant when dealing with the PPSA

In the context of the Insolvency industry, holding security over debts is often viewed as an effective safety net against the ever-present threat of default. However, as the recent case law reveals, this assumption is coming under increasing threat, especially in the context of the recent PPSA (Personal Property Securities Act) law reform. In particular, … 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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