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19
Dec 2016
News

Effective from 1 January 2017 Land and Property Information New South Wales (LPI) will charge fees for any requisitions that are raised for documents, plans and associated instruments. If you have lodged instruments, documents or plans before 31 December 2016 and a requisition is raised after 1 January 2017, then the requisition fees will not… Read more »

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16
Dec 2016
News

Beau Weigand, a Senior Associate at ERA Legal and valued member of the team, recently completed the ARITA Advanced Certification program. Not only did Beau successfully complete the course, Beau was awarded first place in New South Wales and the ACT for the Advanced Insolvency component. Congratulations to Beau – we are sure that this… Read more »

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28
Nov 2016
News

The Australian Securities and Investments Commission (ASIC) is continuing its drive to improve compliance amongst liquidators with respect to their obligations to lodge various documents with the regulator and publish notices in connection with their appointments. Recently, ASIC accepted voluntary undertakings (VU) from two Western Australian liquidators to engage an independent expert to provide compliance… Read more »

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28
Nov 2016
News

One of the most recent changes to conveyancing practice in NSW has been the introduction of priority notices in electronic conveyancing. On 1 October 2016, Part 7B Priority Notices (ss74S-74Z Part 7B) of the Real Property Act 1900 (NSW) (RPA) came into effect. At this stage priority notices are only available for electronic lodgment via the electronic conveyancing platform, PEXA… Read more »

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18
Nov 2016
News

In the case of Universal Consultants Group Pty Ltd [2016] NSWSC 1508, an order was sought that Universal Consultants Group Pty Limited (the Company) be wound up in insolvency under sections 459A and 459Q of the Corporations Act 2001 (Cth) based on an unsatisfied Creditors Statutory Demand for Payment of Debt (the Statutory Demand), founded on a… Read more »

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16
Nov 2016
Uncategorized

In the recent case of Gladstone (Trustee) v Digrigoli (No 2) [2016] FCA 1220 the Court was asked to consider the interplay between the operation of the Cross-Border Insolvency Act 2008 (Cth) and the UNCITRAL Model Law on Cross-Border Insolvency (the Model Law). In this case, Glastone (the Trustee) was appointed as Digrigoli’s bankruptcy trustee by the… Read more »

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15
Nov 2016
Articles

In Bell Group N.V (in liquidation) v Western Australia [2016] HCA 21, the High Court held that the Bell Group Companies (Finalisation of Matters and Distribution of Proceeds) Act 2015 (WA) (the Bell Act) which dealt with the administration of the property of the Bell Companies was inconsistent with the Income Tax Assessment Act 1936… Read more »

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14
Nov 2016
News

ERA Legal are proud to support Movember by growing some of the grandest mo’s to have ever graced 45 Clarence Street. If you would like to support men’s health and our Movember team please click here. Our team features the follicles of Carl Anderson, Aaron Kam, Adam Vrahnos and Beau Weigand.

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12
Nov 2016
News

Since 2014, ASIC’s surveillance program aimed at eradicating illegal phoenix activity has been broadened to focus on the use of false statutory declarations in Australia’s building and construction sector. The concern voiced by small businesses, industry bodies, and government agencies was that officers of larger companies had falsely declared that they had paid small businesses… Read more »

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11
Nov 2016
News

The Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Act 2015 (Cth) (the Act) comes into effect on 12 November 2016.  The purpose of the Act is to protect small business and effectively extends existing unfair contract term protections which are available under the Australian Consumer Law and Australian Securities and Investments Act 2001… Read more »

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24
Oct 2016
News

On 14 October 2016 the Australia Financial Security Authority (ASFA) released its statistics relating to personal insolvencies during the September 2016 quarter. In general, personal insolvencies have risen 1.1% during the September quarter. Specifically: Bankruptcies fell by approximately 3.5%; there was an increase in debt agreements by approximately 7.3%; and there was a further increase… Read more »

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24
Oct 2016
Articles

The rise of the internet has been disruptive to many traditions, and the humble paper contract is no exception.  Dozens of online services now permit users to upload an image of their signature to digitally sign contracts.  However, the warm feeling of complacency and technological superiority that can come with signing contracts with slick graphics and a… Read more »

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04
Oct 2016
Articles

In the recent Federal Court decision of Hussain v CSR Building Products Limited, in the matter of FPJ Group Pty Ltd (In Liq) [2016] FCA 392, his Honour Justice Edelman determined that a retention of title clause had the effect of causing a debt to be “secured” preventing the possibility of an unfair preference claim under s 588FA of… Read more »

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03
Oct 2016
Articles

In the recent decision, In the matter of Accolade Wines Australia Limited [2016] NSWSC 1023 (Accolade Wines), the Supreme Court of New South Wales has provided some comfort to secured parties who inadvertently fail to register valid security interests within the prescribed time limits. It is well accepted that pursuant to the Personal Property Securities Act… Read more »

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26
Sep 2016
News

In a recent decision of the Full Court of the Federal Court, it was determined that in bankruptcy proceedings, the Court should go behind a judgment obtained in the Supreme Court by the petitioning creditor, to determine whether there was sufficient proof of the petitioning creditor’s debt. In Compton v Ramsay Health Care Australia Ltd… Read more »

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23
Sep 2016
News

It is common for debts to be assigned by creditors for numerous reasons.  Once a debt is assigned however it does not mean the assignee can seek to enforce the debt without facing potential difficulties. Firstly, a question might arise as to whether the assignment is valid.  Some agreements or contracts specifically exclude the ability… Read more »

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21
Sep 2016
Articles

An administrator has recently paid a heavy price for the approach he (and his lawyers) took in Court proceedings. The case is an object lesson in what not to do and teaches that aggression is not always the appropriate response to a challenge. In the matter of Condor Blanco Mines Ltd (No.2) Barrett AJA dealt with… Read more »

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15
Sep 2016
News

In a tight economic market, any lending advantage can assist in solvency and business growth.  As part of the Baird Government’s recent election promise to create new jobs, there are two Jobs for NSW pilot programs available to SME, but with a very limited window to apply. Accelerating Growth Loans The first program is Accelerating… Read more »

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12
Sep 2016
News

The Australian Financial Security Authority (AFSA) recently released the Personal Property Securities Register (PPSR) statistics for the 2016 June quarter. The release confirms the continuous increase in the use of the PPSR, particularly in relation to commercial property which continues to remain the most common type of collateral. As at 30 June 2016, commercial property registrations accounted… Read more »

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05
Sep 2016
News

In the matter of GPJ Investments Pty Limited and in the matter of Angelides Investments Pty Limited [2016] NSWSC 1173, the liquidators of GPJ Investments Pty Limited (GPJ) and Angelides Investments Pty Limited (AI) made an application for the approval of their remuneration and for special leave to distribute the surplus of funds in each… Read more »

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01
Sep 2016
News

In the matter of Capital Securities No. 1 Pty Ltd v Roger Saliba [2016] NSWSC 1093, the Supreme Court of NSW considered whether parties had reached a binding agreement to settle a dispute where terms had been agreed in email correspondence but not in a formal document, such as a deed. Background During 2014 and early 2015, negotiations… Read more »

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31
Aug 2016
News

We take this opportunity to remind everyone that as and from 1 July 2016, the following duties were abolished in New South Wales: Mortgage Duty; Marketable Securities Duty; and Business Assets Duty. Mortgage Duty Mortgage duty has been abolished on and from 1 July 2016 – at last! The effect of this is that mortgages executed and… Read more »

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19
Aug 2016
News

The Supreme Court of New South Wales has recently handed down a decision as to the nature of evidence supporting service by post.  Assumptions that other people have followed office procedure in serving documents won’t fly. In In the matter of Smith & Young Pty Ltd [2016] NSWSC 1081 an application to wind up a company was reduced to… Read more »

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19
Aug 2016
News

A recent Federal Court decision highlights the importance of those receiving an assignment of a debt to properly document that assignment and to lead evidence of the assignment if a dispute as to the assignment arises in legal proceedings. Assignment of debts Creditors regularly assign their rights of debt to third parties.   This can… Read more »

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17
Aug 2016
News

Airbnb is one of Silicon Valley’s tech darlings, a so called “unicorn” (a start-up with a $1 billion plus valuation) which arranges for short term accommodation in over 57,000 cities world wide, has more than 500,000 rental bookings each night, and does all this while not owning a single piece of property.  As at 30 June 2016 it… Read more »

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12
Aug 2016
News

In news ERA Legal welcomes strongly, The Australian newspaper today reported that the ATO and ASIC have raided 13 properties in connection with a crackdown on Pre Insolvency Traders (the PITs). As a start of what ERA Legal hopes is a concerted attack by regulators on unregulated, unlicensed and often unscrupulous “advisers” who prey on directors… Read more »

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12
Aug 2016
Articles

ERA Legal has long championed the need for caution when dealing with unlicensed, unregistered and unregulated pre-insolvency advisors. Let’s call them the Pre-Insolvency Traders (the PITs).  We are troubled by the harm the PITS’s inflict, given the often unethical and unscrupulous approach many of the PITs take. We know our concerns are shared by many… Read more »

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08
Aug 2016
News

Two years ago we reported on the Federal Court decision of Paciocco v ANZ which found that late fees charged by ANZ were constituted unenforceable penalties which were “extravagant, exorbitant and unconscionable charges”.    An appeal to the full bench of the Federal Court saw that earlier decision reversed and the High Court has dashed the hopes of bank haters… Read more »

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08
Aug 2016
News

Not infrequently, directors abandon insolvent companies in circumstances where that company may owe a significant amount to its employees by way of wages and other entitlements. Ordinarily, where any insolvent company is placed into liquidation (either by the directors or perhaps on the application of a creditor) the employees become entitled to access the Fair… Read more »

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07
Aug 2016
News

In a recent press release, the ATO has asked employees of corporations to be on the look out for the tell tale signs of illegal phoenix activity and to report suspicious activity to the multi agency Phoenix Taskforce, which has been set up to identify and take action against those involved in the shady practice…. Read more »

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01
Aug 2016
News

In the recent Supreme Court of New South Wales case of Deputy Commissioner of Taxation v Fitzgerald, the Deputy Commissioner of Taxation (DCT) sought to recover an amount in respect of director penalties for which the defendant, Mr Fitzgerald, became liable due to an unpaid tax debt owed by HBO EMTB Employment Services Pty Limited (the… Read more »

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01
Aug 2016
Articles

The decision of the Supreme Court of New South Wales in Australia and New Zealand Banking Group Limited v Adventure Quest Paintball-Skirmish Pty Limited; Woollard v Hodgson; Hodgson v Wollard [2016] NSWSC 188 is recent authority relating to the circumstances in which third parties are entitled to make certain assumptions when dealing with companies.  The case deals with… Read more »

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26
Jul 2016
News

Vendors who have entered into a contract for sale of land in New South Wales on or after 1 July 2016 are now required to serve a section 47 Land Tax Clearance Certificate on the purchaser: for a contract scheduled to complete within 14 days, at exchange; or for a contract scheduled to complete in more than… Read more »

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25
Jul 2016
News

On 20 July 2016, ERA Legal made an application on behalf of the Administrators of a number of companies for an order under section 447A of the Corporations Act 2001 (Cth) (the Act)  to modify the requirements of section 439A of the Act. Pursuant to section 439A of the Act, an Administrator has an obligation to give written notice… Read more »

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22
Jul 2016
News

On 13 July 2016, The Australian Financial Security Authority (AFSA) reported an annual rise in personal insolvency for 2015-2016 financial year compared to the previous financial year. According to AFSA this is the first annual rise since the 2009-2010 financial year. AFSA reported the national personal insolvency movements as follows: bankruptcies increased by 7.0% debt agreements… Read more »

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19
Jul 2016
News

The 2016 New South Wales budget has introduced a 4% surcharge on duty payable for foreign persons or entities buying residential real estate in New South Wales. This surcharge is calculated on land tax and other purchaser duty, including stamp duty. Anyone who has entered into a transaction from 21 June 2016 for the purchase of residential real… Read more »

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14
Jul 2016
News

A recent decision in the Supreme Court of New South Wales has shed some light on the meaning of ‘regularly engaged in the business of leasing goods’ under the Personal Property Securities Act 2009 (Cth) (PPSA). In Forge  Group Power Pty Limited (in liquidation)(receivers and managers appointed) v General Electric International Inc [2016] NSWSC 52,… Read more »

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13
Jul 2016
News

Back in January 2015, we published an article which detailed the law surrounding setting aside a winding up order (as distinct from terminating a winding up).  The recent case of Sadiqi, in the matter of Cook Islands Christian Church of Australia Limited (in liq) v Cook Islands Christian Church of Australia Limited (in liq) [2016]… Read more »

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12
Jul 2016
News

Under the Personal Properties Securities Act 2009 (Cth.) (PPSA) when a default occurs under a security agreement, the secured party will ordinarily enforce its rights under the terms of the security agreement and the PPSA. Specifically, a secured party will ordinarily seek to enforce their security interest pursuant to Chapter 4 of the PPSA which deals… Read more »

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11
Jul 2016
News

ARITA recently lodged a submission in response to the Federal Government’s proposal paper “Improving Bankruptcy and Insolvency Laws“.  We provide a brief summary of ARITA’s position on some aspects of the proposed reforms. Reduction in default bankruptcy period In the submission ARITA argued that if the bankruptcy default provision is to be reduced from 3 years… Read more »

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06
Jul 2016
News

In Australia, the Privacy Act 1988 (Cth.) (Privacy Act) regulates how personal information needs to be handled if you are required to comply with the Privacy Act. The Privacy Act includes the Australian Privacy Principles (APPs) which are contained in Schedule 1 of the Privacy Act. The APPs set out 13 principles on how all… Read more »

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05
Jul 2016
News

From 1 July 2016, the NSW Land and Property Information (LPI) has introduced a new fee structure for land title related products and services. The changes include an increase in fees for most land title related products and services. The fee payable for dealings and related document services, such as for the lodgement of a caveat, will increase from… Read more »

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28
Jun 2016
Articles

The Personal Property Securities Register (PPSR) has changed the way business is done in Australia.  To a large extent, it makes identifying a security interest over personal property much easier than ever before. That said, knowing how to do the right search will truly unlock the convenience now afforded by the PPSR. In most cases,… Read more »

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27
Jun 2016
News

Business records are frequently used as evidence by litigants in proceedings however, a business record is a form of hearsay, and as such, section 59 of the Evidence Act 1995 (Cth) prohibits a business record being admitted as evidence. Section 59, known as the hearsay rule, prohibits the admission of hearsay evidence to prove the existence of a… Read more »

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20
Jun 2016
News

To ensure compliance with the provisions of the  Personal Property Securities Act 2009 (Cth.) (the PPSA), certain steps must often be taken within a specified number of ‘Business Days‘. Failure to comply can have serious ramifications, including with respect to the priority afforded to security interests. For example: Pursuant to section 62, in order to obtain… Read more »

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17
Jun 2016
News

In Australian Securities and Investments Commission v Sino Australian Oil and Gas Limited (prov liq apptd) [2016] FCA 42 (ASIC v Sino), the Federal Court considered whether the appointment of an administrator was valid under section 436A of the Corporations Act 2001 (Cth). When resolving to appoint an administrator to a company under section 436A, the company’s board must pass a… Read more »

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15
Jun 2016
News

From 1 July 2016 a purchaser of Australian land or an interest in Australian land valued at $2,000,000 or more will be required to withhold 10% of the purchase price and pay this directly to the ATO. Given the price of property in Sydney and Melbourne this is likely to impact a great many sales…. Read more »

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10
Jun 2016
News

On 8 June 2016, ASIC released its fifth annual report for 2015 into the supervision of registered liquidators in Australia. Luring readers in with a thrilling title of“ASIC regulation of registered liquidators: January to December 2015”, Report 479 summarises the work undertaken and the outcomes ASIC says it has achieved in its supervision of registered liquidators… Read more »

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08
Jun 2016
News

The Delaware Court of Chancery recently over-ruled the market in determining that the board of Dell Inc. sold the company for too little when taken over by a buyout group in 2013 despite there being no higher offer.  This could prove a dangerous precedent if adopted in Australia. The significance of the decision in In re… Read more »

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07
Jun 2016
News

ERA Legal has successfully protected the subsequent purchasers of intellectual property acquired from the administrators of a company, in proceedings undertaken in which orders were sought to have the subject sale set aside. It was argued that the sale agreement should be set aside pursuant to section 447E(1) of the Corporations Act 2001 (Cth) (the Act) or… Read more »

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06
Jun 2016
News

Directors should beware, the credit limit you nominate on a trade application does not necessarily limit what you’re liable for as the guarantor. In Crane Distribution v Yang, Crane Distribution (trading as Tradelink) (Tradelink) entered into a credit agreement with Steve Yang Construction Pty Ltd (the Company).  The director of the Company, Mr Yang, was identified… Read more »

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02
Jun 2016
News

ERA Legal has successfully represented the owners of a property in a matter against the Northern Beaches Council (previously Pittwater Council) in circumstances where a building certificate was sought retrospectively in relation to modifications carried out to existing structures. Council had refused to grant a building certificate and had previously issued a demolition order in respect… Read more »

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01
Jun 2016
News

Accountants, liquidators and company directors should be aware of ASIC’s new corporate governance resource.  The new website resource aims to assist Australian company directors and officers in adopting good practice of corporate governance. Corporate governance is the framework of the systems, rules and processes that control and authorise actions of corporations. Good corporate governance is crucial… Read more »

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27
May 2016
News

As we reported in our April piece, Wigging Out, from 1 May all Judges in the Victorian Supreme Court ceased wearing wigs, but barristers were still reportedly permitted to wear wigs. Vine has now reported that a Supreme Court Judge has taken objection to barristers appearing wigged when he himself was bereft of a wig,… Read more »

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23
May 2016
News

On 27 May 2016, the window for submissions into the proposals set out in the Federal Government’s proposal paper “Improving Bankruptcy and Insolvency Laws”, released on 29 April 2016, will close. The Proposals Paper invites public comment on the following changes: Reduction in default bankruptcy period A reduction in the default bankruptcy period has been proposed, from… Read more »

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23
May 2016
Articles

At the time of taking on new appointments, it is essential that insolvency practitioners properly and carefully consider whether their appointment has been properly made.  Even where the Court validates the appointment, Granger v A.C.N. 165 098 617 Pty Ltd [2016] FCA 474 is authority that not giving proper consideration of the validity of an… Read more »

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17
May 2016
News

Recently, the Australian Financial Security Authority (AFSA) released its regional personal insolvency statistics for the March Quarter 2016. The full range of statistics can be viewed here.  For the time being, we offer the following key findings: The number of debtors (Australia wide) entering personal insolvency increased 1.5% in the March quarter 2016 when compared… Read more »

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09
May 2016
News

The Australian Securities and Investments Commission (ASIC) has recently brought proceedings against a number of companies involved in land banking schemes, including most recently, Bilkurra Investments Pty Limited (Bilkurra) and Foscari Holdings Pty Limited (Foscari) (Australian Securities and Investments Commission v Bilkurra Investments Pty Ltd & Ors [2016] FCA 371). In December last year, ASIC made… Read more »

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09
May 2016
News

Following our article concerning the decision of Jaswil Property ATF Jaswil Unit Trust v Barrak Corporation, the purchaser appealed and the Court of Appeal recently handed down a decision in Barrak Corporation v Jaswil Property. The case involved a sale of land where an apartment building was to be constructed.  The purchaser was late in completing and,… Read more »

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04
May 2016
Articles

Intellectual property (IP) rights have become a highly sought after form of security for financiers in recent years. However, the complexities of competing priority interests registered on different registers made priority disputes an often unnecessarily complex task. The Personal Property Securities Act 2009 (Cth) (PPSA) brought changes to the way in which security interests over… Read more »

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29
Apr 2016
News

Today, 29 April 2016, new disclosure requirements in relation to the sale or lease of a property with a swimming pool or spa pool have come into effect. The new amendments to the Swimming Pools Amendment Act 2012 (NSW) (the Act) impose further obligations on an owner of a swimming pool or spa pool to… Read more »

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29
Apr 2016
News

The Fair Work Ombudsman has commenced proceedings in the Federal Circuit of Australia against accounting firm EZY Accounting 123 alleging that it was involved in the underpayment of wages by one of its clients. The accounting firm acted for Blue Impressions Pty Limited and provided payroll services for that company. The Fair Work Ombudsman has… Read more »

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29
Apr 2016
News

Many are hungry for justice, but a lawyer in Russia took his appetite to save his client from a potential prison sentence too far, according to Yahoo. The client in question was accused of drink driving.  His lawyer was left alone in the judge’s chambers for a few minutes and, given the chance, decided to… Read more »

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21
Apr 2016
News

Are you a company director?  Are you getting hassled by the ATO or other creditors for overdue payments? Have you been keeping all your tax obligations up to date? Have you received a statutory demand or a wind up notice? Don’t be an Ostrich Director!  Ostrich Director (definition) NOUN [os-trich] [dih-rek-ter] A director of a… Read more »

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20
Apr 2016
Articles

Lately a liquidator lost costly litigation in the Court of Appeal in relation to suspected director-related transactions. It is worth considering what occurred in this case so that you can avoid history repeating. The decision in Crowe-Maxwell v Frost concerned an attempted recovery under s588FDA of the Corporations Act 2001 (Cth) (Act).  The liquidator was the… Read more »

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15
Apr 2016
News

On 5 April 2016, the Federal Court of Australia held a consultation forum at the NSW Registry to seek feedback on the draft Practice Notes in the Commercial and Corporations National Practice Area.  The forum was presented by Justice Foster. The Federal Court of Australia is in the process of implementing a National Court Framework… Read more »

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14
Apr 2016
News

In a move that will no doubt cause disillusionment and consternation amongst diehard traditionalists, the Supreme Court of Victoria has announced that from 1 May 2016, all Judges of that Court will cease wearing wigs in all matters, trial and appellate. The move follows the lead of the higher courts of England and Wales and… Read more »

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06
Apr 2016
News

The director of a company that was wound up by the Deputy Commissioner of Taxation (DCT) has recently been handed a suspended jail sentence after he failed to produce documents required by the company’s liquidator. A liquidator appointed to a company that has been wound up has obligations to try to maximise any return to… Read more »

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05
Apr 2016
News

Newly appointed directors can be in for an unexpected surprise and held personally liable for any unpaid superannuation of the company to which they have been appointed. If the company has not paid the superannuation guarantee charge (SGC) by the applicable due date (being 28 days after the last day in each fiscal quarter), the… Read more »

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04
Apr 2016
News

ERA Legal’s Melbourne office has moved into new premises. Our contact numbers remain the same but please update your address records to Level 4, 459 Little Collins Street, Melbourne VIC 3000.

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24
Mar 2016
News

The Supreme Court of New South Wales has recently restated the position on last minute appointments of an administrator in the context of winding up proceedings. In the matter of Business In Focus Pty Ltd serves as a reminder for both insolvency practitioners and defendant companies that, where an administrator is appointed to a company already defending… Read more »

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23
Mar 2016
News

On 18 March 2016, a team of ERA Legal staff took part in the annual Outrun Cancer Treadmill Marathon at Goodlife Gym, Martin Place to raise money for the Cancer Council of New South Wales. The event raised over $109,000 in donations for the Cancer Council! ERA Legal was the fastest team at the venue… Read more »

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17
Mar 2016
News

Today Blake O’Neill presented a paper at an ARITA Seminar titled: “Construction Insolvencies: Building the Best Recovery.” The paper overviews the SOPA process and touches on some examples and strategies to quickly deal with set-offs and upcoming changes to the SOPA regime that insolvency practitioners should be aware of.  A copy of the paper is… Read more »

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14
Mar 2016
Articles

The decision of the Supreme Court of New South Wales in THC Holding Pty Ltd v CMA Recycling Pty Ltd [2014] NSWSC 1136 (THC Holding) acts as a reminder that the Personal Property Securities Act 2009 (Cth.) (PPSA) is not always the final word on ownership, and administrators should obtain legal advice before selling property… Read more »

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11
Mar 2016
Articles

On 23 February 2016, the Supreme Court of New South Wales delivered a decision of relevance to the practice of every liquidator in Australia. Justice Brereton, whose recent decisions on insolvency practitioner remuneration have drawn a fair bit of attention, delivered a complex decision in which he reached conclusions of significance to any liquidator winding… Read more »

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07
Mar 2016
Articles

The recent decision of Majet & Anor v Goggin & Miller as Trustees of the Bankrupt Estate of Brett-Hall & Anor considered the impact of a trustee-in-bankruptcy’s disclaimer of a contract for the sale of land on the rights, interests and liabilities of the parties to a contract for the sale of land. The particular issue… Read more »

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04
Mar 2016
News

A year ago we brought you the story of a UK company mistakenly wound-up following a typographical error on the part of the Court in A very expensive typo. Yesterday there were echos of those facts locally when the daily Insolvency Notices email, which lists the companies subject to winding-up proceedings each day, identified the ANZ… Read more »

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29
Feb 2016
News

On Monday, 22 February 2016 the Insolvency Law Reform Bill 2015 (ILRB) passed the Senate without amendment and is therefore likely to become the Insolvency Law Reform Act 2016. The effective date of the new legislation is not yet known, however many are predicting a commencement date of 1 July 2017. Whilst the ILRB is… Read more »

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23
Feb 2016
News

The recent release of the Federal Government’s Innovation Agenda has highlighted the ongoing push to reform the legislative framework surrounding insolvency. The agenda sets out three key changes expected to have more traction this year in parliament: reducing the default personal bankruptcy period from three (3) years to one (1) year; introducing a ‘safe harbour’… Read more »

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16
Feb 2016
News

Lenders should carefully consider the effects of releasing security interests, as the recent case of Capital Finance Australia Limited v Elana Claire Clough [2015] NSWSC 1327  demonstrates. Capital Finance Australia Limited (Capital) entered into a financial contract with C&J Concrete Pty Ltd (CJC) in connection with a vehicle (the vehicle). Capital registered its interests in the vehicle in… Read more »

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15
Feb 2016
News

The Queensland District Court in Morton & Anor v Rexel Electrical Supplies Pty Ltd [2015] QDC 49 (Morton) has expanded the set off provisions found in section 553C of the Corporations Act 2001 (Cth) (the Act). It may now be possible for a creditor to set off any alleged preferential payments they have received against… Read more »

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15
Feb 2016
News

Australia Post has altered the terms of postal delivery.  The time for delivery of regular post will take an extra two days from the current.  The new delivery times depending on the destination and will be between 3 to 6 business days. This creates a problem with the statutory  presumption of the time taken for… Read more »

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12
Feb 2016
News

When a debtor proposes a Personal Insolvency Agreement (PIA), the controlling trustee of the debtor’s property is required, under ss. 190 and 194 of the Bankruptcy Act 1966 (Cth) (the Act), to call a meeting of  creditors within 25 working days of the s.188 authority appointing the trustee being signed, or 30 working days if the… Read more »

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11
Feb 2016
News

In a decision handed down today, the Supreme Court of New South Wales found that GE’s proprietary interest in assets worth in the order of $50M was extinguished upon the appointment of administrators to the purchaser company, Forge Group Power Pty Limited. The decision in Forge Group Power Pty Limited (in liquidation) (receivers and managers appointed) v General Electric… Read more »

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