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    Liquidators and receivers not required to account to the ATO under S 254
    2014-10-10

    The decision of the Full Court of the Federal Court handed down this week in Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq) [2014] FCAFC 133 offers welcome certainty to administrators, receivers and liquidators in relation to their obligations with respect to post-appointment tax liabilities.

    Significance

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, King & Wood Mallesons
    Authors:
    Samantha Kinsey , David Wood
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Full Federal Court appeal decision on liquidator's tax liabilities
    2014-10-13

    Introduction

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Gadens, Income tax, Federal Court of Australia
    Authors:
    Robert Hinton , Jeremy Smith
    Location:
    Australia
    Firm:
    Gadens
    Grand theft backhoe: PPSA, contractor insolvency and priority over construction equipment and materials
    2014-10-13

    There are various Personal Property Securities Act 2009 (Cth) disasters occurring in the construction industry following contractors’ insolvency or default. These typically arise from a failure to register against leased/hired or retention of title (ROT) equipment or materials, late registration, or incorrect financing statements.  

    In some cases, legal owners of equipment or materials have lost title to those goods or lost out to secured financiers in a priority dispute.   

    Filed under:
    Australia, Construction, Insolvency & Restructuring, Corrs Chambers Westgarth
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    News round-up
    2014-10-17

    In the news this week:

    Filed under:
    Australia, Energy & Natural Resources, Insolvency & Restructuring, Allens
    Location:
    Australia
    Firm:
    Allens
    Liquidator of corporate trustee entitled to remuneration from the trust assets
    2014-10-17

    A recent Federal Court decision has confirmed that liquidators of a corporate trustee are entitled to be remunerated out of the trust assets for costs incurred in monitoring and investigating claims made against the trust.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Allens, Liquidator (law)
    Location:
    Australia
    Firm:
    Allens
    Clarification of liquidator’s power to sell assets held on trust by company disqualified from acting as trustee
    2014-10-17

    FACTS

    InKitay, in the matter of South West Kitchens (WA) Pty Ltd [2014] FCA 670, Mr Kitay was appointed liquidator of South West Kitchens (WA) Pty Ltd (SW Kitchens) by voluntary winding up. SW Kitchens was trustee of a trust and owned all its assets as trustee of that trust. The trust deed provided that SW Kitchens was disqualified from acting as trustee if it was wound up.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Trustee
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Michael Kimmins
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Unreasonable director-related transactions
    2014-09-15

    A recent Victorian case has worrying implications for financiers and creditors.

    A decision of the Victorian Court of Appeal in Vasudevan v Becon Constructions (Australia) Pty Ltd [2014] VSCA 14 has the potential to significantly broaden the power of a liquidator to attack a company transaction under section 588FDA of the Corporations Act 2001 (Act) where there are ‘indirect benefits’ to a director or close associate of a director of the company.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Cooper Grace Ward, Victoria Supreme Court
    Authors:
    Graham Roberts
    Location:
    Australia
    Firm:
    Cooper Grace Ward
    Somebody owes you money? Make a statutory demand
    2014-09-17

    Cash flow is crucial to the efficient running of a business. Mounting debt can significantly affect the operations of your company, result in increased interest costs and cause you to be unable to meet your own financial liabilities. If not addressed, debts can reach critical levels and will ultimately lead to insolvency.

    To survive, strategies to prevent debts getting out of control must be embedded into your company’s DNA.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Moulis Legal, Debtor, Debt
    Location:
    Australia
    Firm:
    Moulis Legal
    The rare coin company: what happens to unclaimed assets?
    2014-09-18

    Key Points:

    There are three things prudent insolvency practitioners can do when left with non-company assets.

    A not too infrequent issue for insolvency practitioners: what can you do with unclaimed assets of third parties? Clayton Utz recently acted for the receivers and managers of Arcabi Pty Ltd (In Liquidation) (Receivers and Managers Appointed) (known as “The Rare Coin Company”) and developed a strategy to deal with the issue.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Cameron Belyea , Rebecca Magee
    Location:
    Australia
    Firm:
    Clayton Utz
    The Nexus administration: court approval for a loan facility and limits to administrators' liability
    2014-09-18

    Key Points:

    Courts will limit an administrator's liability where proposed funding is to be used directly to advance an agenda consistent with the objects of Part 5.3A of the Corporations Act.

    A recent decision of the NSW Supreme Court highlights the flexibility of Part 5.3A of the Corporations Act and the ability of administrators to seek orders protecting their interests and facilitating restructures, and was the first stage of what promises to be a novel and challenging administration (In the matter of Nexus Energy Ltd [2014] NSWSC 1041).

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, New South Wales Supreme Court
    Authors:
    Peter Bowden
    Location:
    Australia
    Firm:
    Clayton Utz

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