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    Trust companies in liquidation - dealing with priority debts
    2016-07-12

    The decision in In the matter of Independent Contractor Services (Aust) could mean more reliance upon fair entitlements guarantee funding provided by the Commonwealth in relation to the liquidation of trading trusts.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Costs in English law, Audit, Beneficiary, Debt, Withholding tax, Liquidation, Liquidator (law), Discretionary trust, Australian Taxation Office, Corporations Act 2001 (Australia), Trustee, New South Wales Supreme Court
    Authors:
    Mikhail Glavac
    Location:
    Australia
    Firm:
    Clayton Utz
    The enforcement of debt owed by a taxpayer
    2016-05-27

    Introduction

    Governments raise taxes to ensure the country can fund essential public services. Taxes are used to build and maintain public infrastructure such as roads and transport services and to provide education, a world class health care system as well as welfare assistance.

    Paying taxes is part of our civic duty. Sometimes, however, taxpayers (whether individuals or companies) do not or cannot meet their obligations and it is necessary for steps to be taken by and on behalf of the Australian Taxation Office (ATO) to recover those taxes.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, William Roberts Lawyers, Debtor, Dividends, Debt, Life insurance, Australian Taxation Office
    Authors:
    Robert Ishak , Bruce Cussen
    Location:
    Australia
    Firm:
    William Roberts Lawyers
    Let's embrace innovation and optimise opportunities for reform: KWM responds to the Turnbull Government’s proposed insolvency laws
    2016-06-02

    Released in April 2016 the Turnbull Government proposed significant reforms to Australia’s insolvency laws, as part of its National Innovation Science Agenda - designed to strike a balance between encouraging entrepreneurship and protecting creditors, and to reduce the stigma associated with business failure.

    Filed under:
    Australia, Insolvency & Restructuring, King & Wood Mallesons, Debt
    Authors:
    Samantha Kinsey , Tim Klineberg
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Federal Court finds that a retention of title clause is to be considered a “security”, defeating the liquidators’ unfair preference claim
    2016-05-27

    This week’s TGIF considers the decision in Hussain v CSR Building Products Limited, in the matter of FPJ Group Pty Ltd (In Liq), in which an ROT clause was held to be a “security”, defeating the liquidators’ unfair preference claim.

    Background

    On 18 July 2014, FPJ Group Pty Ltd (FPJ Group) was wound up in insolvency.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Unsecured debt, Debt, Liquidator (law), Title retention clause
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    New Notice Requirements to Assign Receivables
    2015-12-17

    The assignment of debts is common in many transactions - from the sale of businesses to restructuring scenarios.

    Assigning a debt requires written notice of the assignment being given to the debtor.  Under conveyancing legislation this notice can be given by either the assignor or assignee (for example, section 12 Conveyancing Act (NSW)).

    Additional rules now apply for debts captured by the Personal Property Securities Act (PPSA).

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Real Estate, Addisons, Accounts receivable, Debt
    Authors:
    Nicole Tyson
    Location:
    Australia
    Firm:
    Addisons
    Can a director’s liability for insolvent trading be reduced by a set-off against the company?
    2015-07-08

    If a director can exercise a right of set-off against a company in liquidation for a debt owed to the director or for a liability of the company to the director (which may be unascertained in amount or contingent), it may help to cancel out or significantly reduce the director’s liability to the company for insolvent trading.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Cooper Grace Ward, Debt, Liquidation, Corporations Act 2001 (Australia)
    Authors:
    Graham Roberts
    Location:
    Australia
    Firm:
    Cooper Grace Ward
    Does a DOCA release a company from a debt arising under a guarantee?
    2015-08-06

    Key Points:

    A DOCA can extinguish claims under a guarantee, even where those claims arise following the DOCA's termination.

    If the underlying debt has already been extinguished by a DOCA, can a secured creditor still enforce the charge? A recent case explored the role of section 444D(2) of the Corporations Act in this situation, with implications for parties seeking to rely on guarantees from companies that have been through a DOCA (Australian Gypsum Industries Pty Ltd v Dalesun Holdings Pty Ltd [2015] WASCA 95).

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Clayton Utz, Debt, Secured creditor
    Authors:
    Nick Poole , Peter Bowden
    Location:
    Australia
    Firm:
    Clayton Utz
    Part IX and Part X agreements: non-bankruptcy alternatives for individuals
    2015-06-30

    The Bankruptcy Act 1966 (Cth) (the Act) provides a regime by which a debtor can compromise with his/her creditors outside formal bankruptcy. The provisions are found in Part X (Personal Insolvency Agreements) and Part IX (Debt Agreements) of the Act.

    DEBT AGREEMENTS

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McCabe Curwood, Bankruptcy, Debtor, Debt
    Authors:
    Andrew Lacey
    Location:
    Australia
    Firm:
    McCabe Curwood
    Your trading terms and policies can help you avoid debt recovery headaches
    2015-05-22

    In brief - Well drafted trading and credit terms can help your company avoid bad debts

    Seeking director's guarantees, following your credit policies and including recovery costs, interest clauses, general security and retention of title clauses in your trading terms can help you manage cash flow and prevent bad debts.

    Company liquidation often due to poor management of cash flow

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Colin Biggers & Paisley Lawyers, Accounts receivable, Debt
    Authors:
    Mathew Deighton
    Location:
    Australia
    Firm:
    Colin Biggers & Paisley Lawyers
    Statutory demands and offsetting claims: is there a debt owing to the creditor?
    2014-12-19

    Debts claimed in statutory demands must be due and payable to the creditor named in the statutory demand.

    When disputing statutory demands it is common for debtor companies to argue an offsetting claim, so as to reduce or extinguish the amount claimed in the statutory demand.

    For there to be a valid offsetting claim there must be ‘mutuality’, meaning that the legal capacities in which both the offsetting claim and the statutory demand debt are each claimed and owed must align.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Cooper Grace Ward, Debtor, Debt
    Authors:
    Graham Roberts
    Location:
    Australia
    Firm:
    Cooper Grace Ward

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