Category

Insolvency

Director Penalty Regime CommercialInsolvency
2 December, 2022

Director Penalty Regime

Any moratoria in place since COVID-19 is now at an end. The Australian Tax Office (ATO) has reverted back to recovering outstanding tax liabilities. If you are a director of a company, it is important that you are aware that the ATO can, in particular circumstances, recover unpaid company tax…
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Temporary amendments to Australian insolvency laws due to coronavirus effective today CommercialInsolvency
25 March, 2020

Temporary amendments to Australian insolvency laws due to coronavirus effective today

The Coronavirus Economic Response Package Omnibus Act 2020 (Cth) (Act) has come into force.  The Act, among other things, makes temporary amendments to the Australian insolvency and corporations laws in light of the economic impacts of the coronavirus. Why have the amendments been made? The Act provides temporary relief for financially…
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Stay on adjudicated amount prevents DSD ‘rising from the ashes’ InsolvencySecurity of Payments
7 December, 2018

Stay on adjudicated amount prevents DSD ‘rising from the ashes’

  TALKING POINTS: Contractor’s risk of insolvency Implications on adjudication determination under the Security of Payment Act NSW (SOP Act) Illegal phoenix activity Greenwood Futures v DSD Builders (No 2) NSWSC 1471 In Greenwood Futures v DSD Builders (No 2), the NSW Supreme Court granted a continuation of stay on…
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Ipso facto clauses on insolvency Insolvency
15 May, 2018

Ipso facto clauses on insolvency

  On 12 September 2017, reforms to Australia’s corporate insolvency were passed by both Houses of the Australian Federal Parliament, which includes: a) a safe harbour for company directors from personal liability for companies trading insolvent; and b) a stay on the enforcement of ipso facto clauses during a period…
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Creditors to be vigilant when using the statutory demand procedure to enforce an Adjudication Certificate Insolvency
13 March, 2017

Creditors to be vigilant when using the statutory demand procedure to enforce an Adjudication Certificate

IntroductionDuring the process of obtaining payment under the Building and Construction Industry Security of Payment Act 1999 (NSW) (SOP Act), a Contractor (or Subcontractor) may, after obtaining an adjudication certificate and filing the certificate in the court of competent jurisdiction, serve a statutory demand on the Principal (or Contractor) demanding…
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