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14
Jan 2016
Articles

Warning  Insolvency practitioners may be unwittingly exposing themselves and their colleagues to fines of up to $1,700,000. That got your attention! Now what are we talking about? The Privacy Act Breaches of obligations under the Privacy Act 1988 (Cth) (the Privacy Act) can come at a heavy cost. Fines of up to $1.7 million for companies and $340,000 for individuals… Read more »

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11
Jan 2016
News

In recent times, there has been much conjecture surrounding whether liquidators and receivers are obliged to retain monies received from the proceeds of sale of assets in contemplation of an  assessment being issued by the Commissioner of Taxation for any apparent net capital gain realised by the company from the sale. This is particularly difficult… Read more »

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07
Dec 2015
News

The Federal Government has today announced a package of insolvency law reforms which will include: a default bankruptcy duration of one year (currently three years); protection from insolvent trading claims for directors who appoint a qualified restructuring advisor to develop and implement a turnaround plan; and protection against “ipso facto clauses” which would otherwise permit suppliers to… Read more »

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25
Nov 2015
News

The Australian Financial Services Authority has released a video podcast to help insolvency practitioners meet their obligations to refer possible offences under the Bankruptcy Act 1966 (Cth) (the Act) to AFSA.  There are two ways referrals may be made are: Pre referral enquiries (PRE); and Offence referrals. Pre referral enquiries AFSA introduced PRE’s in an effort… Read more »

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24
Nov 2015
News

It is commonly presumed that an order to wind up a company is an order set in stone and that nothing can be done to resurrect the fate of the company. However this is not true. Justice Markovic in the recent case of Pugh v Pro Stainless Pty Ltd (in liq); in the matter of… Read more »

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23
Nov 2015
News

in Smith v Lucht, the Queensland District Court has decided that comparing a lawyer to “Dennis Denuto” of The Castle fame is defamatory, but “the vibe” saved the day. The matter emerged from a family dispute.  The father of one party to the dispute was a lawyer named Barry Smith.  Mr Smith claimed he was… Read more »

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23
Nov 2015
News

Insolvency practitioners are well aware of the power of directors to appoint an administrator to a company.  However, the question of whether a non-director has the power to make such an appointment is less clear. The recent case of Ross Ingram and anor as joint and several administrators of GNC Homes P/L (admin apptd) v… Read more »

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17
Nov 2015
News

From 9 November 2015 lenders will need to meet a higher identification standard in relation to mortgagors prior to granting a mortgage.  The Land and Property Information (LPI) have released a circular entitled Changes to Verification of Identity (VOI) Requirements for Mortgagees which sets out the key changes. The Real Property Act 1900 (Cth) now… Read more »

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17
Nov 2015
News

ERA Legal has successfully obtained an order for security for costs against a company in liquidation in circumstances where the plaintiff had obtained litigation funding which funding was in turn secured by an insurance policy that would only respond in the event an adverse cost order was made in the proceedings. The litigation funder in… Read more »

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16
Nov 2015
News

In the recent decision of Ramsay Health Care Australia Pty Ltd v Compton [2015] FCA 1207, the Federal Court of Australia has reaffirmed the principles which apply to the exercise of the Court’s discretion to “go behind” a judgment upon which a Creditor’s Petition is predicated. Due to the quasi-penal nature of bankruptcy, the Court has… Read more »

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13
Nov 2015
News

Every year, ERA Legal joins the effort to raise funds for men’s health through Movember. Last year our director Thomas Russell raised more funds than any other lawyer in Australia and the ERA Legal Movember team is currently running first in the Movember Legal Challenge! Please consider joining the ERA Legal Movember team or donating online (fully tax deductible) to support us… Read more »

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09
Nov 2015
News

The Personal Property Securities Act 2009 (Cth) (PPSA) provides strict time limits for the registration of a security interest on the Personal Property Securities Register (PPSR). The recent case of Relux Commercial Pty Ltd (in liquidation) v Doka Formwork Pty Ltd [2014] VSC 570 serves as another reminder of the consequences of failing to comply… Read more »

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04
Nov 2015
News

The recent decision of the full court of the Supreme Court of South Australian in Richmond v Moore Stephens Adelaide Pty Limited [2015] SASCFC 147 affirms that appropriately drafted and reasonable restraint clauses will be enforced by the courts. In Richmond, an accountant had agreed to sell his practice to Moore Stephens with payment of… Read more »

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30
Oct 2015
News

Last week, Sydney based property tech start-up Nationmaster.com, an ERA Legal client, was featured at Sydney’s largest Start-up event SydStart. Nationmaster’s founder, Mr Luke Metcalfe, was invited to the main stage of Sydney Town Hall this morning before a large crowd of entrepreneurs and investors to explain how Nationmaster gives property buyers “the facts the… Read more »

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28
Oct 2015
News

The Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015 (the Bill) was passed through parliament on the 26th October 2015. The Bill will amend the Australian Consumer Law which is Schedule 2 to the Competition and Consumer Act 2010 (Cth) (CCA) as well as the Australian Securities and Investment Commissioner Act 2001 (Cth) (ASIC Act)… Read more »

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20
Oct 2015
News

Investors and home-buyers can now access historical property sales prices dating back to 2001 free of charge.  Property sales information at a street and suburb level is also available for the last five years. Land and Property Information, a division of the NSW Government Department of Finance, Services and Innovation, provides this information via NSW… Read more »

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16
Oct 2015
News

It is not uncommon for parties other than the company itself to propose a Deed of Company Arrangement (DOCA) to creditors. Often when that happens, an attempt is made to get releases for parties other than the company, including the party proposing the DOCA. Is it understandable that a party paying money into a DOCA… Read more »

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15
Oct 2015
News

The High Court in PT Bayan Resources TBK v BCBC Singapore Pte Ltd & Ors has approved the grant a freezing order over Australian assets owned by an Indonesian company involved in a lawsuit with a Singaporean company in Singapore in anticipation of the registration of a foreign judgment. Generally freezing orders are made in… Read more »

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13
Oct 2015
News

We are currently looking for a solicitor who shares our passion for hard work, initiative and creative problem solving to join our team and take the next step in their career. To find out more or to apply please view our advertisement on seek.com.au

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12
Oct 2015
News

A new Personal Property Security regime is anticipated to commence in Papua New Guinea before the end of 2015. While the Personal Property Security Act 2011 was passed by the Papua New Guinean parliament in 2011, its implementation has been delayed as a result of complications with the establishment of the PPS register (Register). However, the… Read more »

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02
Oct 2015
News

In a victory for the painfully obvious, a Judge in the US has ordered a criminal defence lawyer to remove a selfie he took in the courtroom with his client and later uploaded to Facebook. It was reported that Wisconsin criminal defence attorney Anthony Cotton snapped a celebratory selfie with his client after securing an… Read more »

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30
Sep 2015
News

The ATO winding-up blitz (as reported by ERA Legal in June and July) has continued throughout August and September, with ATO initiated windups further increasing in both months. As demonstrated in the graph published by Insolvency Notices, below, the trend of non-government wind-ups (shown in light blue) remaining relatively unchanged, while ATO wind-ups (shown in orange)… Read more »

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29
Sep 2015
Articles

The Federal Court of Australia has affirmed that the existence of technical defect in a Statutory Demand will not automatically entitle its recipient to an order setting the demand aside. In the recent decision of Pluton Resources Limited (Receivers and Managers Appointed) v Lefty Resources Pty. Limited [2015] FCA 894, Siopsis J of the Federal… Read more »

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28
Sep 2015
News

The Australian Parliament has recently passed legislation amending the Personal Property Securities Act 2009 (PPSA). The amendment is set to repeal s13(1)(e) of the PPSA. Section Section 13(1)(e) currently provides that a lease of serial numbered goods (such as a motor vehicle, aircraft and watercraft) is a PPS lease for the purposes of the PPSA if it is… Read more »

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24
Sep 2015
News

ASIC has released its 2015-16 to 2018-19 Corporate Plan setting out  strategic priorities including: Promoting investor and financial consumer trust and confidence; Ensuring fair, orderly, transparent and efficient markets; and Providing efficient and accessible registration. Over the coming four years ASIC will be focusing on “gatekeeper conduct”. Through prior investigations ASIC believes it has identified… Read more »

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23
Sep 2015
News

Former High Court judge Dyson Heydon’s (Heydon) credibility as the royal commissioner investigating corruption into trade unions was recently thrown into doubt. Calls were made to remove Commissioner Heydon on the ground of “apprehended bias”. The Commissioner took 10 days to reach a decision, eventually coming to the conclusion that there was no logical connection between the unions’… Read more »

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17
Sep 2015
News

The NSW Government has announced more than 90 changes to strata laws this year.  Given the amount of strata titled property in Australia and the high incidence of investment in strata units by businesses and individuals, it is critical to keep abreast of the most relevant changes to the laws. Defects bond Developers will need… Read more »

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10
Sep 2015
News

Virtual currencies, such as Bitcoin, have been in the news and growing in popularity.  Businesses now exist solely to help people transact using these new currencies and it is important to be aware of how they will be eventually regulated for business and insolvency professionals. The recent report of the Senate Economics Reference Committee, ‘Digital… Read more »

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10
Sep 2015
Articles

Generally, where a successful adjudication applicant applies to the court for leave to enforce a determination pursuant to s43 of the Construction Contracts Act 2004 (WA) it is expected that the court will exercise its discretion and grant the leave sought. However, the recent decision of the Western Australian Supreme Court in Hamersley Iron Pty Ltd v James [2015] WASC 10… Read more »

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09
Sep 2015
News

Personal insolvency statistics released by the Australian Financial Security Authority indicate that the number of bankruptcies and other formal personal insolvency arrangements are at their lowest levels since 2005-06. Despite the overall national trend, in the Northern Territory and Western Australia personal insolvency rates have risen.  This is likely to be a result of the impact of the… Read more »

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07
Sep 2015
Articles

What is a liquidator to do in circumstances where a company in liquidation is ostensibly bound by a court order which, if complied with, is likely to give rise to a voidable transaction? The answer (aside from the more general “apply to the court for directions”) may be found in the recent decision of Strazdins &… Read more »

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04
Sep 2015
News

The Federal Court was recently faced with an application for leave for a company to be wound up voluntarily in circumstances where liquidators had been appointed to the company despite a winding up application already having been filed. In Shaw, in the matter of B & V Lynch Pty Ltd v B & V Lynch Pty… Read more »

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04
Sep 2015
News

In both the business and personal world, contracts govern the relationship between parties to a transactions.  When considering entering into a contract with another party, it is essential to consider the following: 1. Have you read the entire contract? Is it consistent with all prior negotiations? The general rule is that each party is bound… Read more »

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02
Sep 2015
News

Recently in Wong v McDonald [2015] FCCA 2120 the Federal Circuit Court of Australia affirmed that although guarantees are instruments to be strictly construed, where there appears to be any ambiguity of a term, the Court must firstly determine the ordinary business meaning of the written contract before deciding there is an ambiguity at all. In this… Read more »

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31
Aug 2015
News

The Australian Financial Security Authority (AFSA) has now released its 2015-16 Insolvency Practitioner Compliance Program. Whilst the program is not compulsory, the program represents a best-practice model for stakeholders, including bankruptcy trustees, creditors, debtors and various government bodies.  The program identifies the following five focus areas for AFSA over the coming 12 months, being the compliance issues identified… Read more »

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28
Aug 2015
News

In the decision of Steinhardt v Trenfield & Park as liquidators of Wealth Base South Coolum Pty Ltd (in liq) [2015] QSC 237 (Wealth Base) the Supreme Court of Queensland has examined the application of section 568E of the Corporations Act 2001 (Cth), and what constitutes an appropriate undertaking to avoid prejudice to the parties in an… Read more »

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28
Aug 2015
News

The Assistant Treasurer has released a Consultation Paper today which proposes a “user pays” model for ASIC, including provision for liquidators to bear the costs of their own regulation via: a flat levy; or a levy calculated based on the value of assets realised (akin to the “realisations charge” currently levied on bankruptcy realisations); or a levy based on… Read more »

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26
Aug 2015
Articles

In In the matter of Leasing Holdings Pty Limited (formerly Charlie Lovett Pty Limited), a landlord served a Creditor’s Statutory Demand for Payment of Debt on one of its tenants, requiring payment of rental arrears.  The Statutory Demand failed to specify in it an address for service in the same state as the registered office of… Read more »

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24
Aug 2015
Articles

The Supreme Court of New South Wales has recently clarified the circumstances in which it will be appropriate for the court to appoint a special purpose liquidator in In the matter of Ambient Advertising Pty Ltd (in liquidation) [2015] NSWSC 1079. The proceedings seeking the appointment of a special purpose liquidator were brought by Foot Traffic… Read more »

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21
Aug 2015
News

The dispute between Brisbane Roar Soccer Club and Queensland Rugby has reportedly been resolved outside the Court room. As reported in our previous news piece, Insolvency and Soccer Part III: Clash of the Codes, Queensland Rugby filed a winding up application of Brisbane Roar Soccer Club. The application was due to be heard on Wednesday last week… Read more »

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19
Aug 2015
News

Pursuant to section 600A of the Corporations Act 2001 (Cth) (the Act) the court may on application of a creditor make an order setting aside a resolution passed by the creditors of a company at a meeting held in relation to the winding up or administration of a company. This will only be done in… Read more »

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17
Aug 2015
News

The recent decision of the Federal Court in Wollongong Coal Limited v Gujarat NRE India Pty Ltd [2015] FCA 221  (Wollongong Coal v Gujurat) serves as a reminder that attention to detail is imperative in the context of Statutory Demands and that the strict, technical requirements of Div 2, Pt 5.4 of the Corporations Act 2001 (Cth) (the Act) must… Read more »

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14
Aug 2015
News

In Dallas Buyers Club LLC v iiNet Limited (No 4) [2015] FCA 838, the Federal Court of Australia has refused an application by the makers of the film ‘Dallas Buyers Club’ (DBC) to compel internet service providers to provide details of customers who had illegally downloaded the film. In an earlier judgment, the Court allowed preliminary discovery of… Read more »

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14
Aug 2015
Articles

In the context of working out the extent of a requirement that a creditor pay the costs of “convening” a meeting of creditors, the Victorian Supreme Court has determined that “convening” means “calling and holding“, not just “calling” – BH Apartments v Sutherland Nominees [2015] VSC 381. After undertaking a lengthy, careful and thorough review of the submissions,… Read more »

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10
Aug 2015
Articles

A recent decision of the Western Australian Court of Appeal throws into doubt the value of having secured guarantees and suggests lenders and suppliers may need to change their practices. In Australian Gypsum Industries Pty Ltd v Dalesun Holdings Pty Ltd [2015] WASCA95 (AGI v Dalesun) the Court held that a deed of company arrangement (DOCA) which had… Read more »

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06
Aug 2015
News

The popularity of industry blogs has expanded dramatically as businesses recognise the potential to facilitate engagement with existing clients and attract new ones. However, those who intend to use blogs as a platform to derogate competitors ought to heed the warning of the Full Court of the Federal Court of Australia in the recent decision of Fletcher v Nextra Australia Pty Ltd [2015] FCAFC… Read more »

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05
Aug 2015
News

In the case of Perthmetro Pty Ltd, in the matter of Perthmetro Pty Ltd (in liq) [2015] FCA 671 two employees were denied the right to lodge a proof of debt for their accrued employee entitlement claims in the liquidation of their employer, Perthmetro Pty Limited (in liquidation) (Perthmetro). Prior to the winding up, Perthmetro agreed with… Read more »

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29
Jul 2015
News

The ATO winding-up blitz which we reported on in May has continued through June and into July with new winding-up applications filed by the ATO continuing at levels well above the long term average and above the previous record levels. The difference is starkly highlighted in a graph published by Insolvency Notices, below, showing that… Read more »

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27
Jul 2015
News

In yet another case of insolvency issues ravishing sport, Queensland Rugby have clashed with Brisbane Roar Soccer Club in the Court room. On 24 July 2015, Queensland Rugby Union (QRU) Limited filed winding up proceedings against Brisbane Roar Football Club Pty Limited. The matter is listed for directions on 19 August 2015. It is understood… Read more »

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24
Jul 2015
News

Treasurer Joe Hockey has been left significantly out of pocket as a result of his recent defamation case against Fairfax Media. Mr Hockey had partial success in his defamation action, being awarded $200,000 damages as a result of a Sydney Morning Herald post and two ‘tweets’ by The Age. Mr Hockey’s lawyers sought an order that… Read more »

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22
Jul 2015
News

In Re CMI Pty Ltd; Byrnes & Ors v CMI Limited the liquidators of CMI Pty Ltd (the Company) sought directions under section 511(1) of the Corporations Act 2001 (Cth) (the Act) from the Supreme Court of Queensland as to how to treat trading profits generated as a result of the receivers of the Company trading part… Read more »

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20
Jul 2015
News

The director of ERB International Pty Limited (the company), Mr Ali Hammoud has been sentenced to a total period of imprisonment of 2 years, with 12 months to serve following the Australian Securities and Investments Commission (ASIC) bringing criminal charges against him for dishonestly breaching his duties as a director and making false statements. In… Read more »

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17
Jul 2015
News

Reports in the United States indicate that Curtis James Jackson III, better known as famous Rapper “50 cent”, has filed for Chapter 11 bankruptcy. This move puts an ironic slant on the title of the rapper’s breakout album: “Get Rich or Die Tryin’.” The filing comes just days after a jury ordered him to pay… Read more »

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14
Jul 2015
News

The Australian Financial Security Authority (aka AFSA) and the Australian Restructuring, Insolvency and Turnaround Association (aka ARITA) have released an information sheet that aims to assist creditors in understanding bankruptcy trustees’ fees. The resource may assist creditors involved in a bankruptcy or personal insolvency to understand their rights and responsibilities in relation to the fees claimed… Read more »

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13
Jul 2015
News

An important reminder that pursuant to s439B of the Corporations Act 2001 (Cth.) (“the Act”) at any meeting convened under s439A of the Act, the administrator is to preside. Today ERA Legal appeared before Justice Black in the Supreme Court of New South Wales and obtained an urgent ex parte order under s447A of the… Read more »

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09
Jul 2015
News

The Productivity Commission’s Draft Report in respect of Business Set-Up, Transfer and Closure (‘the Report‘) has recommended amendments to the Corporations Act 2001 (Cth) which would provide a ‘safe harbour’ for directors in certain circumstances. The Report highlights that, particularly in comparison with overseas jurisdictions, the Australian insolvency system is characterised by a focus on creditors in preference to the… Read more »

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09
Jul 2015
News

In Perthmetro Pty Ltd, in the matter of Perthmetro Pty Ltd (in liq) [2015] FCA 671 the liquidator of the company in question applied to the Federal Court for a determination under s511(1)(a) of the Corporations Act 2001 (Cth) of the question of whether one or more of the company’s former employees should be rejected… Read more »

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08
Jul 2015
Articles

Section 486 of the Corporations Act says that a court-appointed liquidator must not allow creditors or shareholders to inspect company books and records without a court order. A recent Federal Court decision has held that the prohibition also applies in voluntary windings up – but the ATO is able to circumvent it by issuing a statutory notice to produce… Read more »

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07
Jul 2015
News

The Department of Employment has recently announced the “Fair Entitlements Guarantee Recovery Programme”, a Government-funded programme “designed to strengthen recovery activity of amounts advanced under the Fair Entitlement Guarantee (FEG) scheme”. As many will be aware, the FEG scheme (formerly GEERS) is a Commonwealth Government scheme under which the Government will voluntarily pay certain employee entitlements if… Read more »

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06
Jul 2015
Articles

The case of Westnet WA Infrastructure Holdings Limited [2015] NSWSC 658 (Westnet) deals with an unusual situation where a the liquidator in a members’ voluntary winding up applied for directions under s511 of the Corporations Act 2001 (Cth) (the Act). The liquidator had been appointed over 10 companies which had previously issued cheques in 2007… Read more »

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03
Jul 2015
News

Legislation allowing copyright holders to seek a court injunction, forcing internet service providers to block access to overseas websites that facilitate piracy, have been passed by the Senate in June 2015 with bipartisan support. In effect, the new s 115A of the Copyright Act 1968 (Cth) empowers the Federal Court of Australia to order a ‘carriage service provider’ to… Read more »

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02
Jul 2015
News

On 17 June 2015 Australia signed a Free Trade Agreement with the Peoples Republic of China (ChAFTA). Negotiations of the ChAFTA have been underway since 2005.  Legislation now needs to be enacted by both Australia and China before the agreement will come into force. Key Features Investment The ChAFTA introduces a lenient foreign investment screening… Read more »

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02
Jul 2015
News

From 1 September 2015 the Cape Town Convention (The Convention) will come into force in Australia.  The Convention provides a mechanism by which financiers can register a security interest against a mobile vehicle (such as an aircraft or boat). The convention consists of the Convention on International Interests in Mobile Equipment and the associated Protocol… Read more »

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01
Jul 2015
News

ERA Legal is proud to announce the promotion of Ms Angelina Kozary to Senior Associate. Angelina has been a key member of the ERA Legal team having joined us  in 2007.  From today she will be working full time from our Melbourne office. We congratulate Angelina on her promotion and ongoing success.

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01
Jul 2015
News

As of 1 July 2015 the NSW Land and Property Information (LPI) have increased fees for land title related products and services. According to the LPI the increases are in accordance with the NSW Treasury’s forecast for inflation. For dealings other than transfers such a lodgement of caveats the fee has increased to $109.50 and… Read more »

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01
Jul 2015
News

Australian Financial Security Authority’s (AFSA) insolvency fees and levies have changed as of 1 July 2015. The Key Changes to AFSA’s insolvency fees are: The NPII search fee will increase from $12 to $15; The Personal Insolvency Reporting Service (and maintenance charge) will increase from $2 to $6.80 exclusive of GST; and The realisations charge… Read more »

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29
Jun 2015
News

The Government has released its exposure draft legislation to improve governance arrangements in superannuation. The exposure draft takes into account feedback received on the governance reforms in response to a discussion paper released by the Government in 2013 entitled ‘Better regulation and governance, enhanced transparency and improved competition in superannuation‘.   The Bill proposes to amend… Read more »

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26
Jun 2015
News

The Fair Work Commission has announced a 2.5% increase to minimum wages which will apply from the first full pay period starting on or after 1 July 2015. The increase means that the national minimum wage will be $656.90 per week or $17.29 per hour. The 2.5% increase also applies to modern award wage rates…. Read more »

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25
Jun 2015
News

In civil litigation, costs orders are awarded at certain stages of the proceedings. The terminology often used by the court concerning costs orders can be confusing to those not regularly involved in litigation. The most commonly used cost order phrases are: Costs of the day This phrase is relatively self-explanatory but it is an order… Read more »

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24
Jun 2015
News

Time is running out for businesses to claim the immediate depreciation write-off offered by the Federal Government in this year’s budget. The ATO has published a note on the depreciation which provides that for any individual asset purchased after 7:30pm on 12 May 2015 and before 30 June 2017, the business use component of that… Read more »

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23
Jun 2015
News

The importance of reading the terms and conditions of agreements which you enter into in everyday life has been reaffirmed by a strange announcement by Football Federation Australia (FFA). When registering to play football (soccer) at any level in Australia – be it amateurs playing for fun with mates, semi-professional or professional level – a… Read more »

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19
Jun 2015
News

The long running saga of the Dallas Buyer’s Club litigation may shortly hit another snag, but for the plaintiff this time. In his judgment earlier this year, Justice Perram granted preliminary discovery for the plaintiff against the defendants to require the identification of 4,726 people suspected of downloading the film Dallas Buyer’s Club so long… Read more »

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18
Jun 2015
News

The Chief Justice, the Honourable T F Bathurst AC has issued a new Practice Note that came into operation on 15 May 2015.  Practice Note 20 applies to the citation of authorities in all proceedings in the Supreme Court of New South Wales, the Court of Appeal and the Court of Criminal Appeal. The Practice… Read more »

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15
Jun 2015
News

The Productivity Commission recently released a draft report (The Report) into Business set-up, Transfer and Closure. The report examines the barriers to business starting up and exiting and identifies options for reducing those barriers with a view to increasing efficiency and promoting economic growth. In the report Commissioner Dr Warren Mundy says: An evolving and… Read more »

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11
Jun 2015
News

There is a common belief that Self-Managed Super Fund (SMSF) contributions by an individual cannot be clawed back by an insolvency practitioner in the event of insolvency as they are protected assets. However, a recent Victorian Supreme Court of Appeal decision has examined a set of circumstances where such assets were not protected. In Australasian… Read more »

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11
Jun 2015
Articles

Exclusive jurisdiction clauses are common in commercial contract when parties are in different states or countries and a part of most ‘boilerplate’ or standard terms and conditions. Such a clause stipulates the jurisdiction where disputes arising under the contact must be litigated. Often one party will “try its luck” in bringing claims in an court more… Read more »

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10
Jun 2015
News

A recent decision of the Federal Court of Australia serves to reinforce importance of obtaining advice from qualified professionals. In Turner v Stylewise Security and Glass Pty Ltd (in liq) the Court was asked to make orders terminating a winding up. Stylewise has been in business in the construction industry for 23 years. It suffered… Read more »

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10
Jun 2015
Articles

The recent determination of the Privacy Commissioner in Ben Grubb v Telstra Corporation Limited [2015] AICmr 35 has clarified the extent to which metadata collected by telecommunications providers will constitute ‘personal information’ for the purposes of Principle 6.1 of the National Privacy Principles (NPP 6.1).  NPP6.1 was the precursor to, and is the equivalent of, the current Principle 12 of the Australian Privacy Principles)…. Read more »

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05
Jun 2015
News

The Australian Taxation Office has today issued a press release in connection with its increased investigations into illegal phoenix activity. As part of the investigation, ATO personnel have (without warning) descended on sites throughout Sydney in order to seize and catalogue records of interest. Illegal phoenix activity involves the acquisition of a business from a company in financial distress… Read more »

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05
Jun 2015
News

Much has been made of the ATO’s new-found zealous approach, with a record-breaking number of winding-up applications in May. An ATO Performance Audit, Promoting Compliance with  Superannuation Guarantee Obligations, which was tabled in Parliament this week, identifies insolvency as one of two main factors affecting Superannuation Guarantee Charge collection. Of the 54% of cases finalised by the… Read more »

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05
Jun 2015
News

The case of In the matter of CB Constructions (NSW) Pty Ltd [2014] NSWSC 913 provides a timely reminder that even when there is no opposition to an application to the Court for approval of liquidator remuneration, the amount of remuneration may not simply be fixed as a matter of course. In this case a… Read more »

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03
Jun 2015
News

In 2013 the ATO published a fact sheet ‘Firmer action approach to debt collection‘ however, until last month the ATO’s actions have not matched their words. In a bid to reinforce their newly found tough stance on insolvency the Commissioner of Taxation, Mr Chris Jordan recently gave a speech entitled ‘Reinventing the ATO’, which we informed… Read more »

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01
Jun 2015
News

We currently have an opportunity for a highly motivated and talented personal assistant to join us at ERA Legal. If you or someone you know are interested in the opportunity to join us please take a look at our advertisement on seek.com.au and email a covering letter and CV to law@eralegal.com.au.

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01
Jun 2015
News

The Supreme Court of NSW has announced the establishment of the Real Property List in the Equity Division of the Supreme Court of NSW commencing on 1 June 2015. The Real Property List will deal with all matters involving claims in respect of land or interests in land including claims: in respect of contracts for… Read more »

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29
May 2015
News

AFSA has released a guidance video aimed to provide further direction to insolvency practitioners and AFSA stakeholders on the topic of insolvency practitioner remuneration. This is part 1 of a 3 part series being released by AFSA with the stated aim of ensuring compliance and best practice amongst all insolvency practitioners. The video examines four key… Read more »

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24
May 2015
News

The 2015-16 budget announcement this week brought welcome news for for entrepreneurs and small business owners. The budget includes  $7.8 million in funding over four years  to enable ASIC to implement and monitor a regulatory framework which will facilitate the use of crowdsourced equity funding (CSEF). Small Business Minister Bruce Billson has recognised the success of crowdfunding… Read more »

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23
May 2015
News

The Newcastle Jets, who play in the Australian Hyundai A-League, have been placed into Voluntary Administration by their owner, Nathan Tinkler. Tinkler has been in dispute with the FFA (Football Federation Australia) who are the governing body of the A-League for some time. The club had a season to forgot in the 2014-15 season, finishing with… Read more »

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22
May 2015
News

ERA Legal has successfully fought off an application for a mandatory injunction seeking that company directors: Make particular recommendations to shareholders concerning resolutions at an AGM; and Cast their votes and those of their associates, in favour of a particular resolution at an AGM. In determining this application it was found on the facts of the case:… Read more »

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21
May 2015
News

The Corporations Act 2001 (the Act) was recently amended by the Corporations Legislation Amendment (Deregulatory and Other Measures) Act 2015 with effect from 19 March 2015. The key amendments are as follows:- Abolition of the ‘100 member rule’ – section 249D(1) of the Act has been amended to provide that directors of a company are only… Read more »

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20
May 2015
News

For modern businesses, multinational operations offer strong opportunities for growth and expansion. However, in the event of insolvency, operating across a number of jurisdictions often results in costly and time consuming complications. The Cross-Border Insolvency Act 2008 (Cth) (CBI) provides a framework for cross-border insolvencies which aims to facilitate cooperation and coordination. The capacity of the… Read more »

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