After a 10-month inquiry process, on 12 July 2023 the Parliamentary Joint Committee on Corporations and Financial Services (PJC) delivered its final report on the effectiveness of Australia’s corporate insolvency laws. In...more
The High Court of Australia in Metal Manufactures Pty Limited v Morton [2023] HCA 1 has confirmed the view of the Full Court of the Federal Court of Australia that the "set off" defence under section 553C of the Corporations...more
For some time, the reliance on section 553C of the Corporations Act 2001 (Cth) (Act) as a "set-off" defence to an unfair preference claim, under section 588FA of the Act, has caused much controversy in the insolvency...more
For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia. In an attempt to alleviate the...more
Under Australian law, voluntary administrators usually become personally liable to pay rents for leased property which they cause the company in administration to retain and use after the initial five business day grace...more
*This information is accurate as of 9.00 am Monday 23 March 2020 (local AEDT time) and is subject to change as this situation evolves....more
On 21 September 2018, the Supreme Court of Western Australia Court of Appeal delivered the eagerly anticipated decision in Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (In Liquidation) (Receivers and Managers...more
On 9 March 2018, in what was a highly anticipated judgment for many liquidators, the Queensland Court of Appeal reversed the controversial first instance Supreme Court decision in the matter of Linc Energy Pty Ltd (In...more
Australia has long been known for its “have a go” attitude and it appears that this sentiment has been behind major reform in Australia’s restructuring and insolvency laws over the past year.
Originally published in INSOL...more
On 1 June 2017, the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 (Bill) was introduced to the House of Representatives. The Bill introduces amendments to the Corporations Act 2001 (Cth) (Act) that are...more
On 28 March 2017, the Federal Government released its long awaited draft legislation for reforms to insolvency laws in Australia. The changes focus on providing a safe harbour for directors of distressed companies and a stay...more
Following on from the Productivity Commission's Report on Business Set-up, Transfer and Closure, the Australian Government has issued a Proposals Paper entitled Improving bankruptcy and insolvency laws.
The paper has...more
The Productivity Commission has handed down its long-awaited report on Business Set-Up, Transfer and Closure (Report) to the Australian Federal Government. Key recommendations from the Report have been embraced by the...more
The High Court of Australia has settled an important issue causing Insolvency Practitioners some concern involving Capital Gains Tax (CGT) and when a trustee (which includes Receivers and Liquidators) must retain funds to pay...more
The Full Court of the Federal Court of Australia (Full Court) has upheld part of the appeal of the Australian Securities and Investments Commission (ASIC) by removing liquidators in the case of Australian Securities and...more
While it is common for a liquidator of corporate tenants to disclaim a lease, the case of Willmott Growers Group Inc v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation)[2013] HCA 51 explores the...more
Cloud and Insolvency -
With the increasing popularity of cloud computing, more companies are taking advantage of cheap, efficient and globally available data storage options....more