Skip to main content
Enter a keyword
  • Login
  • Home

    Main navigation

    Menu
    • US Law
      • Chapter 15 Cases
    • Regions
      • Africa
      • Asia Pacific
      • Europe
      • North Africa/Middle East
      • North America
      • South America
    • Headlines
    • Education Resources
      • ABI Committee Articles
      • ABI Journal Articles
      • Covid 19
      • Conferences and Webinars
      • Newsletters
      • Publications
    • Events
    • Firm Articles
    • About Us
      • ABI International Board Committee
      • ABI International Member Committee Leadership
    • Join
    Full Court’s latest decision on unfair preference payments
    2012-11-30

    On 31 August 2012, the Full Federal Court handed down its much awaited decision in Commissioner of Taxation v Kassem and Secatore [2012] FCAFC 124 which provides clarification regarding third party preference payments received by the ATO and the practice of the ATO appropriating payments made by taxpayers from one account (ie the integrated client account) to another (ie the superannuation guarantee account - SGER).

    Summary

    The main points to take away from this case are as follows:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Debt, Australian Taxation Office, Federal Court of Australia
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Beware of continuing liability for outgoing resident payments
    2012-11-16

    A case this week in New South Wales involving a dispute between the residents of a retirement village and the operator of a retirement village reminded us of some of the issues that can arise when a village goes into liquidation.  

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Real Estate, McInnes Wilson Lawyers, Preferred stock
    Authors:
    Taryn Hartley
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Trio Capital keeps giving
    2012-06-28

    In May a Parliamentary Joint Committee on Corporations and Financial Services concluded its report into the collapse of Trio Capital Ltd which will have significant repercussions for financial lines insurers in Australia.

    What distinguishes the Trio Capital collapse from the other major financial collapses in Australia in recent years, of Westpoint and Storm Financial, is that Trio involved a fraud. The enquiry adopted observations by Justice Peter Garling of the New South Wales Supreme Court describing the scheme as:

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, White Collar Crime, McInnes Wilson Lawyers
    Authors:
    Mylton Burns
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    New insolvency notices website launched
    2012-07-31

    On 2 July 2012 the Australian Securities and Investment Commission launched a new website for the publication of insolvency and other notices.

    The site provides a centralised and consolidated medium for the publication of insolvency related notices required by the Corporations legislation. Formerly, such notices were publicised through newspapers and other print media, and in some instances as this, systems transition continue to be published on both due to transactional issues.

    The website was announced in late 2011, but only came in effect on 2 July 2012.

    Filed under:
    Australia, Capital Markets, Insolvency & Restructuring, McInnes Wilson Lawyers
    Authors:
    Alicia Hill
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    ASIC and AAT share tough approach on phoenix operators
    2012-04-26

    In Peter Grossman v Australian Securities and Investment Commission [2011] AATA 6, the Administrative Appeals Tribunal upheld a 5 year disqualification period against former director Mr Grossman who was at the helm of 3 companies that met financial demise. The Tribunal affirmed ASIC’s decision to grant the maximum disqualification period made pursuant to s 206F of the Corporations Act which was returned after finding Mr Grossman participated in phoenix activities deemed to lack commercial morality and blatantly disregard the interests of creditors.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Administrative Appeals Tribunal
    Authors:
    Alicia Hill
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    When can a set-off be claimed against debts owed to an insolvent company?
    2012-04-30

    The recent Victorian Supreme Court case of Grapecorp Management Pty Ltd (in liq) v Grape Exchange Management Euston Pty Ltd provided an interesting analysis of when set-off, pursuant to section 553C(1) of the Corporations Act 2001, may be claimed.

    When can a set-off be claimed against debts owed to an insolvent company?

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers, Debt, Liquidation, Corporations Act 2001 (Australia), Victoria Supreme Court
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Implications of Steigrad and ors v Bridgecorp
    2011-11-23

    Facts

    The Bridgecorp Group collapsed and receivers were appointed on 2 July 2007. The companies comprising the group were subsequently also placed in liquidation. The First and Second Defendants in the case were two of the Bridgecorp Group (Receivers and Managers appointed) (in Liquidation).

    The directors faced numerous civil and criminal charges for alleged Wrongful Acts including alleged false statements in prospectuses, extension certificates and investment statements issued to prospective investors.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, McInnes Wilson Lawyers
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Financial difficulties and franchises: recognition tips & options
    2012-02-22

    Air Australia has hit the news recently due to the appointment of voluntary administrators to the airline and the consequences this has had on the business, its customers, suppliers and staff.

    Whilst Air Australia is not a franchise, it still offers a good case study for examining financial distress in the operation of a business and considering options that may be available.

    This update considers what are indicators of financial distress and offers tips both for franchisors and franchisees in assessing developing situations and options for moving forward.

    Filed under:
    Australia, Aviation, Franchising, Insolvency & Restructuring, McInnes Wilson Lawyers
    Authors:
    Alicia Hill
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    New Phoenix legislation increases exposure for directors
    2012-03-30

    On 15 February 2012 the Commonwealth Government introduced the Corporations Amendment (Similar Names) Bill 2012.

    Purpose

    The purpose of this Bill is to amend the Corporations Act such that directors of failed companies can be jointly and individually liable for the debts of a company that has a similar name to a pre-liquidation name of a failed company.

    The Bill itself is purportedly part of the Government’s election commitment from the Government’s Protecting Workers Entitlements Package announced in July 2010.

    Filed under:
    Australia, Insolvency & Restructuring, McInnes Wilson Lawyers, Debt, Liquidation
    Authors:
    Jordan Bennie
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers
    Similar Names Bill 2012
    2012-04-26

    The Federal Government has introduced the Corporations Amendments (Similar Names) Bill 2012 which will be directed at companies that engage in ‘phoenix’-related activities through imposing personal liability on directors.  

    The Bill seeks to impose liability for payments on the director behind the failed company to ensure they do not exploit the concept of limited liability. These measures rely on the notion that many phoenix companies use similar trading names as the company that was liquidated.  

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, McInnes Wilson Lawyers
    Authors:
    Alicia Hill
    Location:
    Australia
    Firm:
    McInnes Wilson Lawyers

    Pagination

    • Current page 1
    • Page 2
    • Page 3
    • Page 4
    • Page 5
    • Page 6
    • Next page ››
    • Last page Last »
    Home

    Quick Links

    • US Law
    • Headlines
    • Firm Articles
    • Board Committee
    • Member Committee
    • Join
    • Contact Us

    Resources

    • ABI Committee Articles
    • ABI Journal Articles
    • Conferences & Webinars
    • Covid-19
    • Newsletters
    • Publications

    Regions

    • Africa
    • Asia Pacific
    • Europe
    • North Africa/Middle East
    • North America
    • South America

    © 2025 Global Insolvency, All Rights Reserved

    Joining the American Bankruptcy Institute as an international member will provide you with the following benefits at a discounted price:

    • Full access to the Global Insolvency website, containing the latest worldwide insolvency news, a variety of useful information on US Bankruptcy law including Chapter 15, thousands of articles from leading experts and conference materials.
    • The resources of the diverse community of United States bankruptcy professionals who share common business and educational goals.
    • A central resource for networking, as well as insolvency research and education (articles, newsletters, publications, ABI Journal articles, and access to recorded conference presentation and webinars).

    Join now or Try us out for 30 days