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    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
    Guaranteed certainty: creditors not required to exhaust remedies against a debtor before seeking to enforce a guarantee
    2016-03-11

    WHAT HAPPENED?

    Rahan Constructions Pty Ltd (Rahan) was contracted to undertake commercial construction and other works in about April 2012.  On or about this date, Rahan entered into a credit account with Asset Flooring Pty Ltd (Asset Flooring).  Rahan’s obligations under this credit account were personally guaranteed by the respondent, Mr North.

    On 30 July 2013, Rahan was wound up by order of the court and Asset Flooring sought to enforce the guarantee for the outstanding balance owing under the credit account.

    Filed under:
    Australia, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Surety, Debtor
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    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
    Five minutes on…the long arm of the liquidator: recovery of “unfair preference payments” from stressed debtors
    2015-09-28

    With continuing market volatility a number of companies remain under financial pressure. Businesses or individuals receiving payments from companies that might be financially distressed should be aware of the ability of a liquidator to apply to a court under the Corporations Act 2001 (Cth) (Corporations Act) to recover payments made to creditors in the six months prior to the appointment of a liquidator/administrator on the grounds the payment constituted an “unfair preference”.

    Quick Recap on the Relevant Provisions

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Debtor, Unsecured debt, Liquidator (law), Corporations Act 2001 (Australia)
    Authors:
    Graeme Slattery , Michael Ferguson , Amanda Banton
    Location:
    Australia
    Firm:
    Squire Patton Boggs
    The statutory demand minefield: lessons from recent set aside applications
    2015-06-25

    Key Points:

    These three cases illustrate that strict compliance with legislative requirements continues to be imperative when serving statutory demands.

    Despite what appears to be a fairly straightforward legislative regime, creditors' statutory demands appear to generate an entirely disproportionate volume of litigation in the courts. The drastic consequences of failing to comply with a creditor's statutory demand warrant very strict compliance by creditors with the technical requirements of the regime.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Debtor
    Authors:
    Svetlana Zarucki
    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
    Set-off under section 553C: the new defence to unfair preference claims
    2015-04-29

    Summary

    Insolvency practitioners pursuing unfair preference claims should give consideration to a recent Queensland District Court judgment which has endorsed the application of section 553C of the Corporations Act 2001 (Cth) (Act) - which enables an insolvent company and a creditor to set-off their mutual debts against each other - to unfair preference claims.

    Filed under:
    Australia, Queensland, Insolvency & Restructuring, Litigation, Lander & Rogers, Debtor, Corporations Act 2001 (Australia)
    Authors:
    Tean Kerr , Nathan Day
    Location:
    Australia
    Firm:
    Lander & Rogers
    Small errors lead to large consequences
    2015-03-23

    THE PERILS OF AMBIGUITY IN BANKRUPTCY NOTICES

    The Bankruptcy Act ('the Act') is prescriptive as to the form and content of bankruptcy notices. Courts have often observed that close observance of the rules is necessary in light of the serious consequences faced by debtors upon bankruptcy and failure to do so may result in the notices being rendered invalid.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McCabe Curwood, Bankruptcy, Debtor
    Authors:
    Andrew Lacey
    Location:
    Australia
    Firm:
    McCabe Curwood
    "Good Samaritan" payments subject to preference actions may be repaid in priority
    2015-02-25

    In brief - Courts identify three circumstances for ordering priority repayments

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Colin Biggers & Paisley Lawyers, Bankruptcy, Debtor, Liquidation
    Authors:
    Peter Harkin
    Location:
    Australia
    Firm:
    Colin Biggers & Paisley Lawyers

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