This week’s TGIF examines the risks of not complying with the strict rules for serving an application to set aside a statutory demand interstate, and whether a demand that mis-states the extended six-month period to comply will be set aside.
Key takeaways
This week’s TGIF looks at recent litigation involving Henclo Investments Pty Ltd, where the NSW Supreme Court refused an application to wind up a company on the basis that an outstanding debt alone is insufficient to show insolvency.
Key takeaways
In the wake of the economic stress created by COVID-19, we have seen increased opportunities for buyers looking to acquire distressed companies and assets in Canada. Increased deal flow in industry sectors that have been hit hardest by COVID-19, including retail, hospitality, travel, cannabis, and oil and gas has occurred, and with the passage of time other sectors will be affected.
The Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations 2020 will apply to all business insolvencies that commence on or after 1 December 2020. They provide for certain debts owed to HM Revenue & Customs (HMRC) to become preferential debts in the event of a business entering a formal insolvency. It is important that creditors understand whether they are affected by these changes so that they can decide whether they need to take steps to protect their position.
The relevant debts
This week’s TGIF looks at a decision of the Federal Court called in the matter ofCuDeco Limited where liquidators sought directions and declarations as to their responsibility and liability for certain assets.
Key takeaways
This week’s TGIF examines a recent Federal Court decision which considered an application to discharge summonses issued pursuant to sections 596A and 596B of the Corporations Act 2001 (Cth).
Key takeaways
This TGIF considers Tayeh v Commonwealth of Australia [2020] FCA 1323, where the Federal Court found that irregularities in the formation of a Committee of Inspection rendered invalid resolutions of the committee, including resolutions concerning liquidator remuneration.
Key takeaways
This week’s TGIF considers the case of Australian Securities and Investments Commission v Bettles [2020] FCA 1568, where the Federal Court of Australia confirmed the need for precision in making allegations of illegal phoenix activity.
Key takeaways
Australia has posted a record fall in its GDP in 2020. At the same time, following a series of temporary measures introduced due to COVID-19, Australian insolvency filings have hit record lows.
This week’s TGIF looks at a recent case where the Federal Court ordered the reinstatement of two companies to allow proceedings to be commenced against the liquidator of those companies for alleged breaches of duty (Lee v Parker [2020] FCA 1453).
Key takeaways