1. Is a letter of support from your immediate holding company sufficient to satisfy the solvency test?
On Tuesday 24 March 2020 the Commonwealth Parliament passed emergency laws responding to the COVID 19 Pandemic. [1]
Critically the Government has enacted amendments to the Corporations Act 2001 (Act):
On September 9, 2016, Hanjin Shipping Co. won a ruling protecting its assets in the U.S. against creditors, while the shipping line proceeds with its reorganization in South Korea. Hanjin filed for relief under Chapter 15 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (U.S. Bankruptcy Court Judge John K. Sherwood in Newark, N.J.).
Partner, Michael Lhuede and Senior Associate, Ben Hartley discuss the recent Federal Court decision of AMWU v Beynon that dealt with directors’ personal liability for the payment of employee entitlements.
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Insolvency practitioners need to be aware of the potential for incurring personal liability under civil penalty provisions for contraventions of the Fair Work Act and how they can protect themselves from claims when accepting appointments.
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