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    Major projects & construction: 5 Minute Fix 23
    2018-11-08

    Get your 5 Minute Fix of major projects and construction news. This issue: discover the latest cladding developments; resources construction work now caught by WA training levy; mind the gap: public transport at the urban fringe; avoid slip-ups in your payment schedule; and the availability of insolvency processes under the Corporations Act 2001 for recovering SOP debts.

    Cladding update ‒ NSW

    Filed under:
    Australia, Arbitration & ADR, Construction, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidated damages, Corporations Act 2001 (Australia)
    Authors:
    Sergio Capelli , Frank Bannon , Dale Brackin , Stuart Cosgriff , Philip Dawson , Lina Fischer , Andrew Fry , Naomi Kelly , Steven Klimt , David Lester , Clive Luck , Alan Maguire , Jonathan McTigue , Frazer Moss , Steven Murray , Steve O'Reilly , Joanna Pugsley , John Shirbin , Chris Slocombe
    Location:
    Australia
    Firm:
    Clayton Utz
    ASX and the insolvent trading safe harbour ‒ disclosure requirements clarified
    2018-03-29

    The updates to the Guidance Note provide useful guidance on disclosure requirements in the context of the safe harbour reforms but ultimately, the status quo continues.

    The ASX has updated its continuous disclosure guidance for entities in financial distress to address uncertainty following the recent introduction of the insolvent trading safe harbour provisions into the Corporations Act. While the ASX has provided useful guidance, unsurprisingly, the position has not changed and directors must continually assess compliance with continuous disclosure requirements.

    Filed under:
    Australia, Capital Markets, Company & Commercial, Insolvency & Restructuring, Clayton Utz
    Authors:
    Nick Poole
    Location:
    Australia
    Firm:
    Clayton Utz
    Amerind or am I wrong? Victoria changes direction on insolvent corporate trustees
    2017-03-30

    Assets held by an insolvent corporate trustee in its capacity as trustee may not be "property of the company".

    For more than 30 years, Victoria has stood apart from the rest of Australia in how it treats the assets of an insolvent corporate trustee. That may have changed, following the Supreme Court's decision in Re Amerind Pty Ltd (receivers and managers appointed) (in liq) [2017] VSC 127.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Clayton Utz
    Safe harbour for directors will not save more companies
    2015-11-26

    Key Points:

    It's unclear that safe harbours by themselves will provide genuine opportunities for restructuring distressed businesses.

    The Productivity Commission's upcoming report on corporate insolvency will address two burning issues: ipso facto clauses and how to encourage directors to save financially-stressed companies.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    Budget sets new maximum payment for redundancy pay under the Fair Entitlements Guarantee
    2014-05-14

    One of the many changes to be implemented as part of the Federal Budget delivered last night was a change to the Fair Entitlements Guarantee (FEG) (previously known as the General Employee Entitlements and Redundancy Scheme or GEERS), which  guarantees certain unpaid employee entitlements in the event of insolvency or bankruptcy of that person's employer.

    Filed under:
    Australia, Employment & Labor, Insolvency & Restructuring, Clayton Utz
    Authors:
    Jennifer Ball , Cameron Belyea , Peter Bowden , Zac Chami
    Location:
    Australia
    Firm:
    Clayton Utz
    Victoria's new Farm Debt Mediation Scheme - how does it work?
    2012-10-25

    Key Points:

    There are various issues of which a secured creditor must be aware in seeking to either comply with its obligations or take steps to enforce a mortgage under the Act.

    Victoria's new Farm Debt Mediation Act 2011 (Vic) commenced operation on 1 December 2011 and is largely modelled on the equivalent New South Wales legislation, the Farm Debt Mediation Act 1994 (NSW).

    Filed under:
    Australia, Arbitration & ADR, Banking, Insolvency & Restructuring, Real Estate, Clayton Utz, Debtor, Debt, Mortgage loan, Mediation
    Authors:
    Paul James
    Location:
    Australia
    Firm:
    Clayton Utz
    Acquiring distressed companies
    2010-08-19

    Key Points: An administrator of a deed of company arrangement has been allowed to sell the company over a shareholder's objections.

    The GFC has seen a significant rise in the number of corporate insolvencies.[1]

    Many of those insolvencies have been the result of tighter credit, rather than a collapse of the company's business. It's no surprise, therefore, that there is a major appetite for the acquisition of distressed businesses and companies.

    Filed under:
    Australia, Insolvency & Restructuring, Clayton Utz, Share (finance), Shareholder, Credit (finance), Debt, Deed, Liquidation, Prejudice, Corporations Act 2001 (Australia)
    Authors:
    David Landy
    Location:
    Australia
    Firm:
    Clayton Utz
    Rescue financing in Australian restructuring: the existing market, and the opportunities ahead
    2021-10-04

    Our research shows rescue financing in Australia has been deployed as one element of a broader restructuring strategy, most commonly by an existing stakeholder, rather than as a profitable activity in itself.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Corporations Act 2001 (Australia)
    Authors:
    Orla McCoy , Mikhail Glavac
    Location:
    Australia
    Firm:
    Clayton Utz
    Out of the director shadows to imprisonment: the lessons for insolvency practitioners from the Kleenmaid prosecution
    2020-03-05

    ASIC is becoming more serious and more active and will take action against directors if there is su cient reason to, so insolvency practitioners should consider all possible actions/recoveries fully in any report to ASIC. 

    A company's financial distress presents a challenge for its directors and officers of large and complex financial services companies and can raise a range of difficult issues, including potential liability for insolvent trading, which potentially exposes directors both to civil and criminal consequences under the Corporations Act 2001(Cth).

    Filed under:
    Australia, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz, Australian Securities and Investments Commission, Deloitte
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidators' power to disclaim environmental liabilities and obligations upheld (for now)
    2018-10-25

    Liquidators have more certainty about their ability to disclaim the environmental liabilities and responsibilities of a company in liquidation.

    Filed under:
    Australia, Queensland, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Litigation, Clayton Utz, Environmental protection, Liquidation, Corporations Act 2001 (Australia), Queensland Supreme Court
    Authors:
    Scott Sharry
    Location:
    Australia
    Firm:
    Clayton Utz

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