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    Demystifying the defence to unfair preferences and the scope for liquidators to recover benefits from third parties
    2018-08-02

    The two limbs of the defence to an unfair preference claim under section 588FG(1)(b) and (2)(b) of the Corporations Act have separate work to do.

    In a useful decision for liquidators and the insolvency industry, the WA Court of Appeal has clarified the nature of the tests creditors need to satisfy to maintain a defence to a liquidator's unfair preference claim in section 588FG(1)(b) or (2)(b) of the Corporations Act (White & Templeton v ACN 153 152 731 Pty Ltd (in liq) & Anor [2018] WASCA 119). 

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Alistair Fleming
    Location:
    Australia
    Firm:
    Clayton Utz
    Anti-phoenixing reforms to corporate law, tax law and insolvency now open for consultation
    2017-09-29

    New offences in the Corporations Act, a cab rank system for liquidators, and changes to tax laws have been put forward by the Australian Government in its consultation package of anti-phoenixing reforms released yesterday. Consultation closes on 27 October 2017.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Tax, Clayton Utz, Corporations Act 2001 (Australia), Australian Taxation Office
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidator finds new way to get extension of time to bring unfair preference claim
    2016-04-14

    Key Points:

    Although they should always keep time-frames very much in mind, the decision in BKA Practice Co Pty Ltd gives liquidators greater scope to find all possible time-frames in which they have to work.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Nick Poole
    Location:
    Australia
    Firm:
    Clayton Utz
    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
    Submissions to independent inquiry into construction industry insolvency in NSW due shortly
    2013-02-14

    The period for submissions on wide-ranging reforms to the NSW construction industry recommended by the Independent Inquiry into Construction Industry Insolvency in NSW is closing soon.

    Filed under:
    Australia, New South Wales, Construction, Insolvency & Restructuring, Clayton Utz
    Authors:
    Doug Jones , Narelle Smythe , Frank Bannon , Philip Dawson
    Location:
    Australia
    Firm:
    Clayton Utz
    Insolvent managed investment schemes: uncertainty and conflicts
    2011-05-30

    Few now remember that Chapter 5C of the Corporations Act can trace its origins to the afternoon of 23 July 1991. For the past year, the unlisted property trust industry had been in meltdown. The value of the assets held by the industry had fallen over 20%. Investors were scrambling to get out, and collapses seemed imminent.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Legal personality, Market liquidity, Debt, Liability (financial accounting), Liquidation, Liquidator (law), Prima facie, Corporations Act 2001 (Australia)
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz
    Search and Seizure Warrants: An option for liquidators when directors are persistently not co-operating
    2021-12-09

    Where it appears that there has been concealment or removal of valuable assets and little to no co-operation from the directors in the course of a liquidation, the section 530C warrant procedure in the Corporations Act 2001 (Cth) has proven to be an effective means of obtaining information regarding company books and assets.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    Clayton Utz
    An impending flood of formal insolvencies or a continued decline?
    2020-08-31

    The COVID-19 pandemic and the associated lock downs have led to a global economic slowdown, and Australia has been no exception. GDP fell by 0.3% in the March quarter, and on 3 June 2020 Treasurer Josh Frydenberg announced that Australia was officially in its first recession in 29 years.

    While the Australian Government was quick to provide a range of economic support measures – having already spent $289bn or 14.6% of GDP in an attempt to keep the economy afloat – Treasury expects Australia's GDP will decline by 0.5% in 2019-20 and a further 2.5% in 2020-21.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, Clayton Utz, Coronavirus, Australian Securities and Investments Commission
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz
    Liquidators of a corporate group dealing with both lodging and adjudicating proofs of debts now have some guidance
    2019-05-30

    The decision in the Go Energy Group is an important one for insolvency practitioners, who now have guidance on how to manage the conflicts that can arise when acting as liquidator to multiple companies within a corporate group.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Clayton Utz
    Authors:
    Jennifer Ball , Rebecca Hanrahan
    Location:
    Australia
    Firm:
    Clayton Utz
    New ipso facto regime clearer with final Regulations, but uncertainty for business and insolvency sector remains
    2018-06-26

    The new ipso facto regime applies to all contracts to be entered into on or after 1 July 2018. Businesses should now be carefully reviewing the effect of that regime on their contracts and whether any of their contracts may be exempt under the Corporations Amendment (Stay on Enforcing Certain Rights) Regulations 2018 published on 24 June 2018.

    The types of contracts excluded from the new ipso facto stay

    Filed under:
    Australia, Insolvency & Restructuring, Projects & Procurement, Clayton Utz
    Location:
    Australia
    Firm:
    Clayton Utz

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