Blog

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

  • insolvent trading claim

    Insolvent trading claims

    Summary: What is an insolvent trading claim? An insolvent trading claim is an action for breach of a director’s duties. The prohibition against insolvent trading is a duty of all company directors that is set out in section 588G of the Corporations Act. It is a cause of action that liquidators have against company directors […]

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  • safe harbour

    Interview on the safe harbour from insolvent trading

    In September 2017 Australia’s insolvent trading laws were significantly watered down by the introduction of a new safe harbour for directors. Ben Sewell of Sewell & Kettle Lawyers explains the significance of the new law. Discussion Includes The new safe harbour provisions The prohibition on insolvent trading Implementing a plan The hurdles to obtaining the […]

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  • When is a voluntary liquidator appointed?

    There are two circumstances where a liquidator can be voluntarily appointed by a company. Both of these appointments are made by special resolution of a company’s members and can be distinguished by the appointment to a solvent or insolvent company. A voluntary liquidator appointed to a solvent company is made when a company resolves for […]

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  • What are the success rates of voluntary administration?

    Summary The writer’s view is that 95% of voluntary administrations fail to meet the stated objective of the regime, being saving goodwill value of insolvent businesses, saving jobs and repaying a decent percentage of unsecured creditor debts (in double digits). Unfortunately, there is no conclusive empirical evidence to prove or disprove this proposition. This blog […]

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  • asset protection trust

    Asset protection trusts in tax havens

    What is an asset protection trust? Any form of trust that provides for assets to be held on a discretionary basis under the control of a trustee for the benefit of the beneficiaries. Where are the tax havens? These offshore jurisdictions prefer to call themselves Offshore Financial Centers (OFCs) and they may be broken up […]

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  • Insolvency lawyers

    Insolvency lawyers: What do they do and how do you pick the right one?

    Summary An insolvency lawyer is a legal professional who specialises in dealing with the Corporations Act 2001 (Cth) and its insolvency provisions. The benefit of a good insolvency lawyer is true professionalism. Thoughtful advice from an insolvency lawyer should save directors a lot of financial pain and wasted effort if their company faces insolvency. Discussions […]

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