Look after your mental health, Australia
Today, Monday October 10th, we celebrate World Mental Health Day, a topic that is well-known in our current society. Poor mental health in Australia is a growing issue, one that wasn’t helped by the Covid-19 pandemic. Looking after your mental health and wellbeing is just as important as looking after your physical health. Our team […]
Application for sale of property orders in bankruptcy
As mentioned in a previous article, upon the commencement of a bankruptcy, s 58(1) of the Bankruptcy Act 1966 (“the Act”) provides for the vesting of a bankrupt’s property in the trustee (subject to certain exclusions – s 116(2)). It is common place, however, for a bankrupt to own real estate jointly with another person, […]
A test case for creditor – defeating dispositions
The concept of a creditor-defeating disposition (CDD) was introduced through the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 and recently, we received the first test of the legislation in the case of Intellicomms Pty Ltd (in liq) [2022] VSC 228. The CDD legislation gives a Liquidator a more rigid and objective framework upon which […]
Defending an Unfair Preference Claim – Continuing Business Relationship Defence
Continuing on from my previous article in which I discussed the ‘Good Faith’ defence which may be available to creditors in the event of an ‘Unfair Preference’ claim, I will now look at the ‘Continuing Business Relationship’ defence and the effect of last year’s decision in Badenoch Integrated Logging Pty Ltd v Bryant, in the […]
New publication for directors – Corporate liquidation and personal bankruptcy – the connections explained
It is not uncommon for a director to be exposed to a number of personal liabilities when a company is wound up. These often relate to personal guarantees given to suppliers and lessors, exposure to the Director Penalty regime administered by the Australian Taxation Office and liquidation-centric issues such as insolvent trading offences under the […]
A helpful webpage to bookmark for accountants
After two and a half years of record low personal insolvency activity, we are now seeing an increase in inquiries from individual facing financial distress. Those professional advisors out there who have dealt with us over the years know that we are more than happy to assist people understand their personal financial circumstances and how […]
Defending an Unfair Preference Claim – Good Faith Defence
Following on from my previous article which discussed ‘Unfair Preference’ transactions and claims which may be brought by a Liquidator, I will now, in my next few articles, touch on the possible defences available to creditors in the event that they, themselves, are subject to an ‘Unfair Preference’ claim by a liquidator. In this article […]
Deemed insolvency through a lack of proper records
For a Liquidator, forming a view about the insolvency of a company is relatively straightforward. There are a number of indicators of insolvency that arose from a landmark case dealing with the matter (ASIC v Plymin). I have written about these indicators in a separate article here. We use those indicators to point us towards a […]
Recognising the indicators of insolvency
At Equinox (Formerly HLB Mann Judd Insolvency WA), we handle a high volume of corporate insolvency appointments every year and from many different industries, so we are very familiar with inheriting business insolvencies in varying states of distress and despair. Having said that, there are a few common symptoms that are consistent amongst the matters […]
Corruption of shares in a Members’ Voluntary Liquidation
At Equinox (Formerly HLB Mann Judd Insolvency WA), we conduct many members’ voluntary liquidations every year. For effective taxation outcomes for shareholders, before the liquidation commences, we plan and prepare for the liquidation with the existing accountant to ensure there are no unexpected consequences for the company and its shareholders. For example, a simple, but […]