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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AN INTERESTING FOLLOW ON

Further to my article last week it has been interesting to note that there have been a couple of follow on articles dealing with a separate, but similarly themed issue relating to the provision of services to government.  Interestingly as they unfold, and it is accepted that not all parties can be frank due to … Continued

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VALUE, WORTH AND COST

$100,000 is always a good number to grab most people’s attention with.  It’s big enough to be a number that really counts and yet small enough to get lost in bigger budgets, after all if you put a ‘K’ at the top of the dollars column it becomes $100, and regrettably that’s exactly what many … Continued

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LOSING INFORMATION OR DOCUMENTS INADVERTENTLY?

Interesting what happens in the quiet of January. With legislation the way it is today, most particularly the Privacy Act, one of the greatest fears of any business is waking up to find that information, documentation or other data has been lost, stolen, misplaced or inappropriately/unexplainably been replicated by another party.  Let’s face it Julian … Continued

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MERRY CHRISTMAS, ONE & ALL

As we rapidly arrive at the Christmas/New Year break roll and we all take the chance to catch our breath, rest and share time with our families I would like to take this opportunity to wish you all a very Merry Christmas and a safe, happy and prosperous New Year. I look forward to 2019 … Continued

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