News
Company Rehabilitation, Overdrawn Director Loan Accounts, Restructuring for SME and Terminating a DOCA
Readers of our Client Update will likely be familiar with the press articles written over the past few years concerning enquiries into the conduct of certain liquidators, the effectiveness of the Australian insolvency regime and most recently, the parliamentary enquiry into the impairment of customer loans.
Read moreHeard Phillips Expands, Illegal Phoenix Activity, ASIC Wind-Ups and ATO Recovery Action
We open this quarter’s newsletter with the fantastic news that our firm, started by Andrew and Anthony eight years ago, has proudly taken the next step in its growth path. We are pleased to announce that on 1 September, long term employee and associate director Mark Lieberenz became an equity director in our firm.
Read moreShares in a DOCA, Accountant's Duties to Liquidator, Receivership Priorities and Identifying Financial Stress
One of the benefits of a Voluntary Administration and Deed of Company Arrangement (“DOCA”) is the flexible restructuring options that can be promoted to creditors. New investors into an insolvent company restructuring through a DOCA may want to take an equity position in the company. In these cases, the existing shareholder's equity in the company can either be diluted or lost entirely.
Read moreInsolvency & Corporate Governance, Director Personal Liability for Company Tax and Obligations of Silent Directors
Apart from being at least 18 years of age, there are no statutory, academic, business or required qualifications necessary to be appointed as a director of an Australian company. The ease with which an appointment can happen belies the raft of duties and obligations a director inherits when they take on an appointment.
Read moreTrust Assets, PPSR, Statutory Demands, Liquidators Fees and Liquidation vs Deregistration
In a majority of the insolvency appointments we undertake, we are appointed to a trustee company of a trading trust. From time to time the question is raised as to whether the trustee (now in liquidation) has the capacity to sell the assets of the trust and discharge liabilities incurred on the trust’s behalf. The question is often asked by a director or shareholder seeking to avoid the trust’s assets being used to discharge liabilities of the trustee.
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