The two limbs of the defence to an unfair preference claim under section 588FG(1)(b) and (2)(b) of the Corporations Act have separate work to do.

In a useful decision for liquidators and the insolvency industry, the WA Court of Appeal has clarified the nature of the tests creditors need to satisfy to maintain a defence to a liquidator's unfair preference claim in section 588FG(1)(b) or (2)(b) of the Corporations Act (White & Templeton v ACN 153 152 731 Pty Ltd (in liq) & Anor [2018] WASCA 119). 

(12) 信托计划中受托人对股权投资应当如何进行管理？

实践中，信托计划受托人取得股权主要基于两种情形，一是基于受托而取得股权，即委托人将自己合法持有的股权作为信托财产，转移至受托人管理和处分；二是基于投资而取得股权，即委托人先把自己合法持有的信托资金或其他财产转移至受托人，进而由受托人通过管理、运用该等受托财产，以增资、受让等方式投资取得股权并对该等股权进行管理和处分。

基于受托人取得股权的不同情形，受托人对股权投资的管理责任不完全相同。

如受托人系基于受托取得股权，受托人的股东身份更接近“名义股东”，其对投资股权的管理主要受限于信托合同约定的信托财产的运用及管理方式。

The Australian Government has accepted certain recommendations of the Productivity Commission's long-awaited Report on Business Set-up, Transfer and Closure, in an attempt to change the focus of Australia's insolvency laws from "penalising and stigmatising business failure”, according to the Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP.

It has expressed a willingness to legislate to introduce at least two main changes:

Key Points:

A forbearance arrangement is a useful instrument to ensure that both the lender and the customer are aligned on the proposed turnaround or workout.

Key Points:

The key to planning, devising and implementing a successful turnaround is having the right team in place to properly assess all relevant information, circumstances and risks.