From 1 July, the min. amount a creditor must be owed by a debtor company before they can issue a creditor’s statutory demand will increase to $4,000
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On 7 September 2020, the Australian Government announced that the temporary insolvency relief measures introduced on 24 March 2020 would be extended until the end of the year.
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A recent case handed down by the Administrative Appeals Tribunal reinforces the importance of insolvency practitioners exercising caution in relation to making arrangements, undertakings or agreements with employees.
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The Government has made temporary amendments to the Bankruptcy Act and Corporations Act which came into effect on 25 March 2020. These amendments will provide relief for businesses in financial distress during the COVID-19 crisis.
Read MoreOn 1 July 2018, phoenixing reforms came into play. At Brown Wright Stein Lawyers, we are examining the impact these reforms will have on property developers, vendors and purchasers and the commercial implications in terms of tracking and regulating illegal activities for businesses.
Read MorePhoenixing involves stripping and transferring the assets out of a company, leaving it to perish in a blaze to avoid paying its liabilities. A new company is then reborn from the ashes of the old company, starting anew and liability free, however usually with the same assets and business as the old company.
Read MoreThe Personal Property Securities Act 2009 (Cth) (PPSA) has been in effect for over 6 years, yet many businesses are still unaware of the existence and the wide-reaching impact of the PPSA.
Read MoreOn 19 May 2017, the Personal Property Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment Act) received Royal Assent and is now effective. The Amendment Act has changed the definition of a "PPS Lease" (PPS Lease) under the Personal Property Securities Act 2009 (Cth) (PPSA).
Read MoreAn update on on our previous article: 60 million reasons to perfect your security interest
The Full Court of the Supreme Court of NSW has rejected an appeal against the decision in Forge Group Power Pty Limited (in liquidation) (receivers and managers appointed) v General Electric International Inc NSWSC 52 (11 February 2016).
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