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M&A in the City: Lessons from Basslink - the coalface of credit bids for infrastructure assets

Key Points:

Australia, Banking, Corporate Finance/M&A, Insolvency & Restructuring, King & Wood Mallesons, Foreign direct investment, Foreign Investment Review Board
Spotlight on: Safe Harbour

The perception of Australia as being a relatively “risky” place to sit on a Board has generally focused on the insolvent trading prohibition in section 588G of the Corporations Act 2001 (Cth) and how it interacts with general directors’ duties.[1]

Australia, Company & Commercial, Insolvency & Restructuring, Trade & Customs, King & Wood Mallesons, Board of directors
Supreme Court confirms impact of a debtor’s bankruptcy on CRA deemed trusts for GST and HST

In Callidus Capital Corporation v. Her Majesty the Queen,[1] the Supreme Court of Canada overturned a troubling 2017 decision of the Federal Court of Appeal. The Supreme Court held unanimously that the bankruptcy of a debtor extinguishes the deemed trust for unremitted GST and HST created in favour of the Crown (“CRA”) by section 222 of the Excise Tax Act (“ETA”).

Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Gowling WLG, Supreme Court of Canada
Safe Harbour - impact on directors' decision making

Overview

The perception of Australia as a relatively “risky” place to sit on a board, arises in no small part from the insolvent trading prohibition in section 588G of the Corporations Act 2001 (Cth) and how it interacts with general directors’ duties.[1]

Australia, Company & Commercial, Insolvency & Restructuring, King & Wood Mallesons, Corporations Act 2001 (Australia)