Directors duties
Directors’ duties summarised Directors of companies in Australia have a number of important duties under the Corporations Act 2001 (Cth). These duties are designed to ensure that directors act in the best interests of the company and its shareholders, and to promote transparency, accountability and good corporate governance. In this article, I will examine the […]
Residential builders feeling the pinch
Residential builders are feeling the pinch And the cracks are beginning to show The Australian residential construction industry has been facing a number of challenges in recent years, with rising costs, increasing competition, and changing market conditions. These challenges have been compounded by the impact of the COVID-19 pandemic, which, after a marked initial […]
Unitholder oppression
Unit trusts are a popular investment vehicle that allow investors to pool their funds together to invest in a diversified portfolio of assets. In a unit trust, investors purchase units that represent a share of the underlying assets held by the trust. While unit trusts are generally structured to protect the interests of all unit […]
Parliamentary inquiry into the insolvency industry: a breakdown of the terms of reference
In late 2022, the Australian Parliament launched an inquiry into the insolvency industry, the largest of its kind in over 30 years. The inquiry aims to assess the effectiveness of the current regulatory framework and identify opportunities for improvement in the industry. The terms of reference for the inquiry covered a range of issues related […]
Set-off no longer available for unfair preference claims
Unfair preference payments and set off are complex issues in insolvency law that can have significant implications for creditors and debtors. The recent High Court of Australia judgment in Metal Manufacturers Pty Ltd v Morton [2023] HCA 1 provides important guidance on the relationship between these two concepts. This article will explore the key points […]
Abolition of peak indebtedness: The ground rules for unfair preference payments have changed
The ground rules for unfair preference payments have changed The High Court of Australia recently handed down its decision in Bryant v Badenoch Integrated Logging Pty Ltd [2023] HCA 2, which deals with the concepts of unfair preference payments and peak indebtedness in insolvency law. This case is significant as it clarifies the application of […]
Director Penalty Notices and becoming a new director
New directors beware. An often unknown fact about being appointed as a new director is the almost immediate personal liability for some tax debts that arises upon such an appointment. Before a person becomes a company director, check if the company has any unpaid or unreported PAYG-w, GST and SGC liabilities. Once a person is appointed […]
Christmas closures – helping you navigate through the end of the year
Running a business is tough at the best of times. Throw in the fact that Christmas (and the usual business / office closure) is now only a few short weeks away, now is the right time to finish off 2022 on the right note and prepare well for the start of 2023! I have come […]
Director Identification Numbers – An Update
This update follows on from our previous publication in 2021 surrounding Director Identification Numbers (DIN) and their proposed implementation. On 30 November 2022, all current directors of a company, registered Australian body, or registered foreign company under the Corporations Act 2001 (Corporations Act) must have applied for a DIN through Australian Business Registry Services or […]
Comprehensive review of Australia’s insolvency regime
In response to a swift return to pre-pandemic levels of insolvency activity in recent months, the Albanese Government has formed a Parliamentary Joint Committee to conduct a comprehensive review of Australia’s insolvency and bankruptcy laws. The review represents the first formal review of the Australian insolvency regime since the Harmer Inquiry of the 1980s that […]