News

New Safe Harbour, Early Detection of Insolvency and PPSR for Trading Trusts

11th December, 2017

In our newsletter last quarter, we introduced the concept of safe harbour and what it was aimed to achieve. The legislation giving effect to safe harbour has now been introduced as Section 588GA of the Corporations Act 2001 (“Act”). From discussions we have had with accountants and other advisors following the introduction of the legislation, it appears that many do not understand what the legislation is intended to achieve. This article seeks to address that.

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Unfair Preferences, When to Cease Trading, Retail Woes and PPSR Timing Issues

30th March, 2017

Most readers will be aware of the corporate insolvency focus of our practice but we are increasingly being engaged for our expert accountant skills in litigation and commercial matters. Our unique perspective of unfair preference and other voidable transaction claims, and of insolvency generally, gives us the ability to add value to the defence of such claims.

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Advice with No Catches, Director Liability for Employees, Security for Payment, PPSR timing and Managing Christmas cashflow

5th December, 2016

We are regularly in discussions with businesses and advisers to businesses about options and issues for directors to consider when their businesses are struggling with cash flow and are under pressure from creditors. The regularity of our involvement in these discussions and the broadness of industries that we consider, give us an ability to provide realistic commercial advice regarding restructuring options that in many cases enables businesses to avoid insolvency.

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Director Penalty Notices, Restucture, A Liquidator's Reach and the FEG Scheme

1st September, 2016

Most readers will be familiar with the Director Penalty Notice (“DPN”) regime enforced by the ATO, however we are seeing an increased number of DPN’s issued after a company has entered external administration that are catching directors by surprise. The ATO comment on their web site that … “we are likely to issue a director penalty notice to collect company debts where the company hasn’t engaged with us to resolve outstanding obligations”.

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