A collection of news and insights about our firm and developments in the law, finance and insolvency industries

  • What is the purpose of our insolvency law? Australia needs more carrot and less stick

    What needs to be changed in Australian insolvency law: More carrots and less stick for directors

    Summary Australian insolvency law, as it currently stands, incentivises the termination of businesses upon insolvency; An alternative model would incentivise the genuine ‘turnaround’ or transformation of a business so that it would continue as a going concern; Policymakers should consider whether Australia needs to adopt ‘debtor-in-possession’ mechanisms or, alternatively, make it easier to carry out […]

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  • How do you appoint a receiver?

    How do you appoint a receiver?

    Summary Receivers are appointed to ensure payment of the debt of certain secured creditors; They are distinct from liquidators or voluntary administrators, though, as with those appointees, they can also be appointed in the case of insolvency; Unlike liquidators or voluntary administrators, receivers act only in the interests of certain secured creditors; The inefficiency that […]

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  • Appointing a Reviewing Liquidator

    Appointing a Reviewing Liquidator

    Summary Prior to the passage of the 2016-2017 insolvency reforms, creditors had limited powers to review or question the activities or fees of liquidators One important insolvency reform has been the introduction of a new power for creditors, ASIC, or the Court, to appoint a Reviewing Liquidator. The Reviewing Liquidator has broad powers to look […]

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  • Liquidations Produce No Return for Creditors in Australia

    Liquidations Produce No Return for Creditors in Australia

    It is common for creditors to think that liquidation is a useful mechanism for getting their due from a debtor company. The evidence does not support this After winding up, and the payment of liquidator remuneration and expenses, usually there are zero cents left for the remaining unsecured creditors If a liquidation has been pursued, […]

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  • ATO payment plan (small businesses)

    How to negotiate an ATO payment plan (small businesses)

      ATO payment plan – summary An ATO payment plan is a tailored option for the repayment of an individual or business tax debt It allows the debtor to pay off their tax debt and interest in a time frame and with a regularity that suits their financial situation A payment plan is often appropriate […]

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