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    Oops! It’s happened again! Don’t make this mistake with the PPSA
    2018-10-22

    The serious consequences that follow a failure to comply with the Personal Property Securities Act 2009 (Cth) (PPSA) were highlighted in the recent decision of Ward CJ in Eq of the Supreme Court of New South Wales in Psyche Holdings Pty Limited [2018] NSWSC 1254 (Psyche Case).

    The Psyche Case is another reminder of:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Brown Wright Stein Lawyers, New South Wales Supreme Court
    Authors:
    Charles Cheah , Suzanne Howari
    Location:
    Australia
    Firm:
    Brown Wright Stein Lawyers
    Clipping Business’s Wings: Illegal Phoenixing Reform
    2018-07-06

    Phoenixing involves stripping and transferring the assets out of a company, leaing it to perish in a blaze to avoid paying its liabilities. A new company is then reborn from the ashes of the old company, starting anew and liability free, however usually with the same assets and business as the old company.

    From a public policy standpoint, phoenixing activity is harmful to the economy as a whole. Creditors are often left with nothing and employees are left short-changed.

    What are the reforms?

    Filed under:
    Australia, Insolvency & Restructuring, Brown Wright Stein Lawyers
    Authors:
    Chris Wilkinson , Owen Lunney
    Location:
    Australia
    Firm:
    Brown Wright Stein Lawyers
    Change is here for “PPS Leases” under the PPSA
    2017-06-27

    On 19 May 2017, the PersonalProperty Securities Amendment (PPS Leases) Act 2017 (Cth) (Amendment Act) received Royal Assent and is now effective. The Amendment Act has changed the definition of a "PPS Lease" (PPS Lease) under the Personal Property Securities Act 2009 (Cth) (PPSA).

    Filed under:
    Australia, Banking, Company & Commercial, Insolvency & Restructuring, Brown Wright Stein Lawyers, Personal property
    Authors:
    Chris Wilkinson , Charles Cheah , Suzanne Howari
    Location:
    Australia
    Firm:
    Brown Wright Stein Lawyers
    Demanding your money back - benefits and risks of issuing a statutory demand
    2015-11-04

    What do you do when a company owes you money? Or a creditor issues a statutory demand on your company?

    This article discusses what a statutory demand is and the risks and benefits of issuing a statutory demand to recover your money.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Brown Wright Stein Lawyers, Debtor
    Authors:
    Chris Wilkinson , Louisa Xu
    Location:
    Australia
    Firm:
    Brown Wright Stein Lawyers
    How to serve a statutory demand
    2015-11-10

    Before commencing winding up proceedings against a debtor company, it is very common for a creditor to serve a creditor's statutory demand for payment of a debt ("statutory demand"). After spending time and effort preparing a statutory demand, it is crucial that the statutory demand is served properly on the debtor company. If it is not served properly, the statutory demand may be set aside and cost you money.

    Filed under:
    Australia, Insolvency & Restructuring, Brown Wright Stein Lawyers, Debtor
    Authors:
    Chris Wilkinson , Louisa Xu
    Location:
    Australia
    Firm:
    Brown Wright Stein Lawyers
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