News
Unfair Preferences, When to Cease Trading, Retail Woes and PPSR Timing Issues
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.
Read moreAdvice with No Catches, Director Liability for Employees, Security for Payment, PPSR timing and Managing Christmas cashflow
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.
Read moreDirector Penalty Notices, Restucture, A Liquidator's Reach and the FEG Scheme
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”.
Read moreEmployee Entitlements, Trustee Companies, Special Purpose Liquidators and Restructuring
For in excess of 10 years, employees have had the benefit of recourse to a Government safety net to ensure the payment of employee entitlements in the event of the insolvency of their employer. Over the years the scheme, now known as Fair Entitlements Guarantee (“FEG”), has been amended and modified. From July 2016 there are further changes that come into place that we bring to your attention.
Read moreDirector duties, Terminating a Winding Up, Corporate Structuring and How Long is Too Long?
The Federal Court in the case of Smith v Boné, in the matter of ACN 002 864 002 Pty Ltd (in liq) [2015] FCA 319 has provided some fresh judicial guidance on what can be considered the proper exercise of director duties as companies approach the point of insolvency.
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