Insolvency and Finance Recoveries Publications
2009
September 2009
Phoenix Rising - Advisors Burned
In this bulletin we review a recent case which serves as a warning to all those advising directors on business restructuring to take special care not to overstep the bounds of legitimate financial and legal advice.
September 2009
Post-Bankruptcy Income - There is a Rodway & White-way
The Supreme Court of Western Australia has partly clarified a previously uncertain area of Bankruptcy Law relating to income earned by bankrupts. In this bulletin we review the decision in Rodway v White [2009] WASC.
September 2009
Liquidators: 5 Defeat ATO: 260
In this bulletin we review a recent High Court decision which provides welcome relief to liquidators and creditors who no longer face the uncertain prospect of a liquidation dividend disappearing should the ATO issue a notice after the liquidator’s appointment.
August 2009
Dodgy proofs and paltry dividends
In this bulletin we review a recent decision in the Supreme Court of NSW which raises two important issues for insolvency practitioners to consider - when should you look behind a "related party" proof of debt, and when is a dividend so small that it is insignificant?
May 2009
Sequestration and other orders - traps for young players
In this bulletin we review a Full Federal Court decision which determines whether a debtor can enter a Part X agreement after being declared bankrupt, and clarifies the powers of the Federal Magistrates' Court. The case has a number of implications for insolvency matters, which among other things, could lead to a debtor being able to escape bankruptcy on very technical, but nonetheless important, grounds.
April 2009
Proceed with Caution - NSW Court of Appeal overturns inquiry into liquidators' conduct
In this bulletin we review the Court of Appeal decision in Hall v Poolman [2009] NSWCA 64 which provides a warning to liquidators to proceed with caution in this area.
February 2009
Funding litigation from secured assets
Liquidators will now be more readily able to fund litigation and pay for it out of assets the subject of a fixed charge, following a decision of the Full Federal Court earlier this month. In this bulletin we review this decision and its implications.
February 2009
Liquidators not liable for GST
A recently decided case has held that a liquidator is not personally liable for GST on the sale of assets of an Incapacitated Entity (IE). In this Bulletin we review the case and its implications.
2008
December 2008
The other secret service
Recent statements from the Commissioner of Taxation confirm that the Tax Office will not be shying away from using powers to enforce personal liability against directors, even where the director receives no notice of the ATO's claim. In this bulletin we review the decision of the NSW Court of Appeal in the Meredith case and consider the impact of the decision.
March 2008
Litigation funding in insolvency administrations
The boundaries and limitations of access to commercial litigation funding in insolvency administrations are continually developing. In this bulletin we review a recent decision of Justice Palmer in the Supreme Court of NSW in which he criticised the practice commonly referred to as "churning and burning", which contains some interesting observations of which all liquidators should be aware.
2006
December 2006
I lose, you pay - last minute adjournments of wind-up applications
In this bulletin we discuss a recent insolvency case in the Supreme Court of NSW in which a creditor, in unsuccessfully opposing an adjournment application of the winding up proceedings, was awarded its costs. The company in administration sought an adjournment to consider a deed of company arrangement. It was determined that the company in administration in obtaining the adjournment should still pay the opposing creditor's costs.
2005
October 2005
New Debt Collection Guideline: Are you complying?
On 14 October 2005 the Australian Competition and Consumer Commission ( ACCC) and the Australian Securities and Investment Commission (ASIC) released a joint debt collection guideline. In this bulletin we review the key features of this Guideline.
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