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    TGIF 22 May 2020: Taxing times for the Deputy Commissioner: Federal Court rules that payments made under a DOCA were unfair preferences
    2020-05-22

    This week’s TGIF considers a recent case where the Federal Court ordered payments made while a DOCA was in force, to which the deed administrators were signatories, were recoverable as unfair preferences.

    Key Takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Corrs Chambers Westgarth
    Authors:
    Cameron Cheetham , Craig Ensor , Felicity Healy
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    The fall of the phoenix? Parliament passes new laws aimed at combating illegal phoenix activities
    2020-02-28

    The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 (Cth) (Amending Act) passed into law on 17 February 2020, over a year after it was first introduced to Parliament.   

    Placing phoenix activity firmly in its crosshairs, the Amending Act introduces long anticipated reforms to Australia’s efforts to curb phoenix activity.  

    Background 

    Filed under:
    Australia, Insolvency & Restructuring, Tax, White Collar Crime, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), Australian Taxation Office, Australian Securities and Investments Commission
    Authors:
    Cameron Cheetham , Kirsty Sutherland , Craig Ensor , Matthew Critchley , Sam Delaney , Felicity Healy , Michael Catchpoole , Michelle Dean , James Lucek-Rowley , Mark Wilks
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    NZ Court looks to Australian Court for bankruptcy assistance
    2017-11-10

    This week’s TGIF considers the case of Official Assignee in Bankruptcy of the Property of Cooksley, in the matter of Cooksley v Cooksley, in which the Federal Court granted assistance to the High Court of NZ in administering a bankruptcy.

    BACKGROUND

    Filed under:
    Australia, New Zealand, Banking, Insolvency & Restructuring, Litigation, Tax, Corrs Chambers Westgarth
    Authors:
    Kirsty Sutherland , Mark Wilks , Matthew Critchley , Rachael King , Sam Delaney , Michael Kimmins
    Location:
    Australia, New Zealand
    Firm:
    Corrs Chambers Westgarth
    Any Port in a Storm? Analysing safe harbour and ipso facto insolvency reforms
    2017-05-05

    Much has been written and discussed about Australia’s draconian insolvent trading laws and the Federal Government has taken note. It has released draft legislation seeking to amend the Corporations Act in a way that supports the restructuring of financially distressed companies. But do these amendments go far enough in providing companies with the time and space they require when they’re seeking to implement a financial restructuring plan?

    BACKGROUND

    Filed under:
    Australia, Company & Commercial, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, Corrs Chambers Westgarth
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Commissioner of Taxation circumvents the abolition of taxation priority in liquidations
    2016-05-06

    This week’s TGIF considers the recent NSW Court of Appeal decision of Commissioner of Taxation of the Commonwealth of Australia v 4 Doonan Street Collinsville Pty Ltd (in liq) [2016] NSWCA 69 in which the Court considered the validity of the Commissioner of Taxation’s treatment of debits and credits in an insolvency context.

    FACTS

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Tax, Corrs Chambers Westgarth, Tax deduction, Commissioner of Taxation (Australia), New South Wales Supreme Court
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks , Matthew Critchley
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Protect the tax man: modifying orders made under the UNCITRAL Model Law to enable distribution outside of the ‘foreign main proceeding'
    2013-09-20

    The recent Federal Court of Australia (the Federal Court) decision of Ackers v Saad Investments Company Limited [2013] FCA 738 considered whether the Australian Commissioner of Taxation (the Commissioner) could collect part of an AUD $83,271,545.70 debt owed by Saad Investments Company Limited (in official liquidation) (Saad) from Saad’s Australian assets, before those assets were remitted to the Cayman Islands for distribution in Saad’s ‘foreign main proceeding’.

    Facts

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Corrs Chambers Westgarth, UNCITRAL, Federal Court of Australia
    Authors:
    David Abernethy , Kirsty Sutherland , Mark Wilks
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    A summary of major developments in key areas
    2013-03-07

    The Financial Reporting Council (FRC) and institutional bodies have published the following guidance in relation to corporate governance and directors' remuneration in the last few months.

    Filed under:
    Australia, European Union, Indonesia, Myanmar, United Kingdom, Banking, Company & Commercial, Competition & Antitrust, Construction, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Insurance, Internet & Social Media, IT & Data Protection, Litigation, Tax, Telecoms, Trade & Customs, Herbert Smith Freehills LLP
    Location:
    Australia, European Union, Indonesia, Myanmar, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Preview 2013 (UK law)
    2013-01-15

    2013 will herald some significant changes to the UK legal arena, notably in the corporate area in relation to executive remuneration and narrative reporting, in dispute resolution as the Government's reforms to the civil litigation costs and funding regime are due to be implemented and in the energy, real estate and construction areas where there are major changes to the carbon reduction commitment energy efficiency scheme, further amendments to the Community Infrastructure Levy Regulations, the introduction of the Growth and Infrastructure Bill and various amendments to the Building Regula

    Filed under:
    European Union, United Kingdom, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Construction, Derivatives, Employment & Labor, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Insurance, IT & Data Protection, Litigation, Media & Entertainment, Patents, Real Estate, Tax, Telecoms, Herbert Smith Freehills LLP
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Review of 2009 and preview of 2010
    2010-01-15

    The transition from 2009 to 2010 sees some significant legislative chapters closing, notably the Companies Act 2006, Rome I and II, the Banking Act 2009 and the Lisbon Treaty.

    Filed under:
    European Union, United Kingdom, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Construction, Employment & Labor, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Insurance, IT & Data Protection, Litigation, Real Estate, Tax, Telecoms, White Collar Crime, Herbert Smith Freehills LLP, Companies Act 2006 (UK), Banking Act 2009 (UK)
    Location:
    European Union, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Bruton Holdings – ATO has no power to garnishee debt after commencement of winding up
    2009-10-07

    Introduction

    By unanimous decision in Bruton Holdings Pty Limited (in liquidation) v Commissioner of Taxation1, five members of the High Court have reversed a controversial decision of the Full Federal Court to confirm that the Commissioner of Taxation (Commissioner) cannot ‘leap-frog’ other creditors in a liquidation.2

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Herbert Smith Freehills LLP, Debt, Liability (financial accounting), Liquidation, Liquidator (law), Corporations Act 2001 (Australia), Australian Taxation Office, High Court of Justice, Federal Court of Australia, High Court of Australia
    Authors:
    Paul Wenk
    Location:
    Australia
    Firm:
    Herbert Smith Freehills LLP

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