The StaRUG provides for a so-called stabilisation order to make it easier for companies to restructure. This is also referred to as a moratorium. We explain the requirements and consequences.
On 1 January 2021, the StaRUG, which goes back to an EU directive, came into force and wants to provide a `second chance for businesses. The abbreviation stands for 'Unternehmensstabilisierungs- und –restrukturierungsgesetz' ('Corporate Stabilisation and Restructuring Act').
With this overview, we want to provide you with a high-level overview of the StaRUG on the following main issues:
This week’s TGIF considers the most recent case involving the Octaviar group of companies where the Supreme Court gave judicial advice to liquidators of related companies within the Octaviar group regarding a proposed settlement.
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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.
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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.
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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.
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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).
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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.
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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.
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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.