A collection of news and insights about our firm and developments in the law, finance and insolvency industries
When a company goes into insolvent liquidation, the directors are required to complete a Report on Company Activities and Property (ROCAP) which replaces the previous Report as to Affairs (RATA) The ROCAP is more comprehensive than the RATA – amazingly, the RATA was largely unchanged for 100 years The ROCAP contains specific questions to target […]
The Australian Labor Party has recently signalled its intention to crack down on illegal phoenix company activity. This often overlooked aspect of the commercial world is actually a huge area of tax evasion, and one that is costing the Australian state billions of dollars of revenue on an annual basis. What are phoenix companies? Before […]
It is essential that directors pick a voluntary administrator who is hard working, ethical, and experienced. For the voluntary administration to be successful through a compromise, you’ll need a lot of skill and a little luck. The first step before appointing a voluntary administrator is for company directors to define what they want the process […]
The company liquidation process (a creditor’s voluntary liquidation for insolvent companies) can be a long and winding road for company directors. While directors might get to appoint the liquidator, they don’t owe the directors or owners any legal duties, so it is best to pick an ethical and commercially-minded liquidator. If you pick a “salesman” […]
Discretionary trust A trust is a legally recognised relationship by which someone (trustee) holds property for the benefit of another (beneficiary). A discretionary trust is a type of trust which gives the trustee the power to decide which of the beneficiaries are to benefit from the trust, and to what extent – essentially, they have […]
Yes, the title is a bit tongue in cheek! La La Land is a movie about a couple meeting and falling in love (while pursuing their dreams). Suicide Squad is another movie that is half comedy and half action blockbuster. Both movies have nothing to do with insolvency law in Australia. The takeaway is that […]
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