The evidence before the court established that:

In a recent decision[1] the Supreme Court of Western Australia was asked, pursuant to section 447A of the Corporations Act 2001 (Cth), to appoint a special purpose administrator to cure a perceived conflict of interest between a company (in administration) and the original administrator appointed to the company.

Changes to the Listing Rules and further consultation on enhancing the effectiveness of the regime

On 31 August 2012, the Full Federal Court handed down its much awaited decision in Commissioner of Taxation v Kassem and Secatore [2012] FCAFC 124 which provides clarification regarding third party preference payments received by the ATO and the practice of the ATO appropriating payments made by taxpayers from one account (ie the integrated client account) to another (ie the superannuation guarantee account - SGER).

Summary

The main points to take away from this case are as follows:

On 19 September 2012, the Norton Rose Construction and Engineering team presented a breakfast briefing titled: “Financial Distress in Construction Projects: What happens when the wheels fall off?” 

This briefing identified the warnings signs of insolvency, what steps parties can take to minimise exposure, how best to respond to a party’s insolvency and the options available to prevent insolvency in the first place.

Introduction

In the latest episode in one of Australia's most complex and lengthy commercial disputes, the Western Australia Court of Appeal recently dismissed an appeal by a syndicate of banks (the Banks) from a decision in favour of the liquidators of the Bell Group (the Group): Westpac Banking Corporation v The Bell Group Limited (in liquidation) [No 3] [2012] WASCA 157.

Following the review of the Fair Work Act 2009 conducted earlier this year, the federal government has introduced a number of Bills into the Parliament to reform the Act. One of the Bills is the Fair Entitlements Guarantee Bill 2012 which was introduced to provide for financial assistance for workers who have not been fully paid for work done for insolvents or bankrupts.

In discussing the Bill, Minister for Employment and Workplace Relations, Bill Shorten said:

ITSA has released its Insolvency Compliance Strategy 2012-2013 which confirms that, between July 2012 and June 2013, ITSA will concentrate the resources in its compliance program on specified technical areas by:

As noted in our recent insolvency law update, the Western Australian Court of Appeal has recently delivered its judgment (comprising over 1,000 pages) on one of Australia's longest running pieces of litigation: Westpac Banking Corporation v The Bell Group (in liq) [No 3].

In Saraceni v Mentha [No.2] [2012] WASC 336 a director sought to challenge the appointment of receivers to Westgem Investments Pty Ltd ("Westgem") under a fixed and floating charge ("the Charge").  In 2008 Westgem entered into a Facility Agreement with financiers and executed the Charge, which charged the "secured property".

The plaintiff contended that: