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19
May 2015
News

The Australian Taxation Office has in recent days sharply increased the number of winding-up applications filed in Australian courts. This is in line with recent comments from the ATO Deputy Commissioner Chris Jordan who signaled the ATO would be becoming more assertive in bringing recovery action for outstanding tax debts. In addition to the publicly… Read more »

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19
May 2015
News

Earlier this year, ASIC released a report titled “Cyber resilience: Health Check” which sets out a checklist of risks that are worth considering to ensure regulated businesses are more resilient to hacking attempts. The checklist is more modern and useful than the report’s title might lead the more tech-savvy reader to conclude, and suggests that… Read more »

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18
May 2015
Articles

Justice Brereton’s decision in Stansfield DIY Wealth Pty Ltd (in liquidation) [2014] NSWSC 1484 has set a new precedent as to whether a liquidator of a corporate trustee is required to approach the Court in order to seek approval to sell trust assets. Background Stansfield DIY Wealth Pty Ltd (the company) had the sole function… Read more »

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13
May 2015
News

The Federal Government has released an exposure draft of proposed legislation that, if passed, will extend consumer protections against unfair contract terms to “small business contracts”.  This will have the effect of giving small businesses protections that presently are limited to consumers in relation to challenging unfair terms of contracts under the Australian Consumer Law… Read more »

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12
May 2015
Articles

In circumstances where a single unsecured creditor of a company in liquidation has received a considerable benefit over and above that received by the other unsecured creditors just prior to the company’s liquidation, one could be excused for thinking this would give rise to a classic uncommercial transaction claim under section 588FB of the Corporations… Read more »

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08
May 2015
News

The Final Report of the Competition Policy Review was recently released after the current government requested that Professor Ian Harper conduct an expert review of competition policy. The Final Report makes 56 recommendations for reforms across three key areas: competition policy, laws and institutions. Some of the recommendations made in the report include: Changing the… Read more »

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05
May 2015
News

At the Tax Institute’s 30th national convention, Mr Chris Jordan, Commissioner of Taxation, outlined the Australia Taxation Office’s ongoing process of reform in a speech aptly entitled ‘Reinventing the ATO’. The speech signals a tightening of the ATO’s approach to recovering tax debts, which may reduce unpaid taxation liabilities continuing to be an informal funding source… Read more »

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05
May 2015
News

ASIC recently released its annual report into the supervision of registered liquidators for the 2014 calendar year. The report details the effect of ASIC’s actions in supervision, enforcement and educative work to improve the regulation of the insolvency and restructuring sectors. ASIC’s primary focus in 2014 was on three main areas: Competence; including issues surrounding… Read more »

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04
May 2015
News

The Australian Financial Security Authority (AFSA) has released their personal insolvency activity statistics for the March 2015 quarter. The report details that the number of bankruptcies fell 11.2% this quarter compared to the March 2014 quarter. John Winter the chief executive of the Australian Restructuring Insolvency & Turnaround Association stated that the reason for the… Read more »

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01
May 2015
Articles

The Building and Construction Industry Security Payment Amendment (Retention Money Trust Account) Regulation 2015 (NSW) (Regulation) commenced operation on 1 May 2015.  It is an important piece of legislation for head contractors entering into a construction contract with a value of at least $20M. The explanatory note for the Regulation states: The object of this… Read more »

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01
May 2015
News

ASIC have recently published the April 2015 quarterly insolvency statistics, based on data collected in February. The statistics show that following a quiet month in January, where 654 appointments were made nationwide, appointments have increased with 912 made in February. Nonetheless, 2015 has seen the lowest number of appointments in February since 2005. New South Wales saw… Read more »

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29
Apr 2015
News

The Supreme Court of Queensland has found that the unfair preference recovery provisions of the Corporations Act 2001 (Cth.) do not apply in the winding up of incorporated associations – Robson & Ors v Commissioner of Taxation [2015] QSC 76. The dominant reason for the finding was the wording of the Queensland legislation regulating incorporated associations. The legislation provides that some parts… Read more »

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27
Apr 2015
News

The New South Wales Court of Appeal in Golden Mile Property Investments Pty Ltd (in liq) v Cudgegong Australia Pty Ltd [2015] NSWCA 100  has affirmed that a duty of care owed by a mortgagee in possession in the exercise of a power of sale to act in good faith and deal fairly with the… Read more »

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24
Apr 2015
News

The recently appointed NSW Attorney General Gabrielle Upton is seeking to harmonise and further regulate the legal profession. In order to achieve these goals Ms Upton is persuading all states to follow in NSW and Victoria’s footsteps in adopting the Uniform Legal Profession Regulations. It is believed that upon national adoption of these regulations Australia… Read more »

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24
Apr 2015
Articles

In the recent decision of  QUBE Logistics (Vic) Pty Limited v United Equipment Pty Limited [2015] WASC 70 in the Western Australian Supreme Court, it was held that a contractual term which prevented a debtor from raising a dispute or cross-claim unless the invoice had been paid, did not make the creditor’s statutory demand unassailable. Background The… Read more »

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21
Apr 2015
News

The Supreme Court of New South Wales has ruled that a secured creditor is not entitled to appoint an administrator (under section 436C of the Corporations Act 2001 (Cth.)) unless mortgage duty has been paid on the security instrument: Photios v Cussen and Senatore (in their capacity as joint administrators of Beechworth Land Estates Pty Ltd… Read more »

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20
Apr 2015
News

From 31 March 2015, ASIC has now published a comprehensive national register of financial advisers. The register is intended to remove disreputable participants from the industry over time by: Allowing consumers to check that their adviser is appropriately authorised and qualified before receiving personal advice; Improving employers’ ability to assess new financial advisers; Improving ASIC’s ability to identify and… Read more »

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15
Apr 2015
News

In a bid to stimulate economic growth and accordingly employment levels among small medium enterprises, there has been speculation that Treasurer Joe Hockey is looking to change the current tax structure for companies. He has hinted that there will be a two tiered tax system under which all businesses will pay a lower rate of… Read more »

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15
Apr 2015
Articles

The New South Wales Supreme Court recently handed down its decisions in 2 Elizabeth Bay Road Pty Ltd v The Owners – Strata Plan No 73943 [2014] NSWCA 409 (‘2 Elizabeth Bay’) and The Owners – Strata Plan No 70798 v Bakkante Constructions Pty Ltd [2014] NSWCA 410 (‘Bakkante’). 2 Elizabeth Bay and Bakkante make… Read more »

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14
Apr 2015
News

The Australian Financial Services Authority (AFSA) has continued its release of short, informative bankruptcy videos with “Consequences of Bankruptcy“, a concise (one-and-a-half minute) summary of some of the key consequences of bankruptcy. AFSA’s other PSAs may be viewed via the AFSA YouTube Channel – a great resource for those wanting a quick overview of debt options and their consequences. AFSA’s videos, while informative, are necessarily general,… Read more »

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14
Apr 2015
Articles

The Federal Court judgment in Linke v TT Builders Pty Ltd [2015] FCA 11 serves as a useful reminder of parties’ obligations to carry out the terms of a settlement expeditiously, and the circumstances in which the court will make orders giving effect to an accepted offer of compromise. In that case the applicant commenced proceedings in the Federal Circuit… Read more »

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30
Mar 2015
Articles

Exercising caution is important when a creditor considers issuing a creditor’s statutory demand for payment of debt. This is because of the low threshold which must be established by the recipient to have the statutory demand set aside on the basis of the existence of a genuine dispute. If an application to set aside a… Read more »

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30
Mar 2015
News

The Final Report on the Review of the Personal Property Securities Act 2009 (Cth) (PPSA) has been tabled in the Senate. The report provides a comprehensive review of the PPSA and its operations. Based on consultation with stakeholders, 394 recommendations are made for improvements to accessibility and performance of the PPSA and the Personal Property Securities… Read more »

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24
Mar 2015
Articles

Many readers will be aware of the controversial Supreme Court decision in AAA Financial (No. 2), which gained the profession’s attention as a result of the court’s adverse comments about time-based charging by insolvency practitioners. AAA was followed soon after by two more remuneration decisions from the same court – On Q and Hellion. In… Read more »

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23
Mar 2015
News

The Foreign Acquisitions and Takeovers Act 1975 (Cth) and Australia’s foreign investment policy regulate the framework of foreign investment in the Australian market. Before a foreign person or company commits to purchasing property whether residential or commercial in Australia they will need to seek Foreign Investment Review Board (FIRB) approval. However, the requirements for applying… Read more »

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23
Mar 2015
News

A new decision has clarified creditors’ rights where part of a debt is disputed. As is common knowledge, if a debt claimed in a statutory demand is disputed the Court may set aside the statutory demand. The threshold for establishing that the debt is disputed is very low. Questions have arisen about how a creditor… Read more »

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18
Mar 2015
Articles

Late last year, the NSW Government passed an amendment to the Conveyancing Act 1919 (NSW) (the Conveyancing Act) to provide protections to purchasers of off-the-plan property.  All those involved in off-the-plan property should be well aware of this important change. The Conveyancing Amendment (Sunset Clauses) Act 2015 (NSW) (the Act) is the product of consultation between the… Read more »

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17
Mar 2015
News

On 18 March 2015, Blake O’Neill will again be riding in the Day of a Difference Tour 2015. This year we are heading to Thredbo! ERA Legal, for the second year running, is the Tour’s Gold Partner, providing support to help offset the substantial costs in safety and effectively running the Tour. The Day of… Read more »

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16
Mar 2015
News

The bankruptcy of your spouse does not mean that all is lost for you and your family. Upon a declaration of bankruptcy any clearly divisible property vests in the trustee however, the Bankruptcy Act 1966 (Cth) provides for certain exemptions including superannuation funds, tools of the trade if required for earning an income and transportation… Read more »

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13
Mar 2015
News

Earlier this week the Federal Court made clear that assets purchased by a bankrupt from his or her exempt income vest automatically in the bankruptcy trustee. Under bankruptcy legislation, bankrupts are allowed to earn (and keep for themselves) a certain amount of “exempt income” during bankruptcy. However, the legislation also says that any assets acquired by a bankrupt during bankruptcy… Read more »

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12
Mar 2015
News

The long running battle between Alan Jones, 2GB and Muslim spokesperson Keysar Trad seems to have finally come to a head. On 19 December 2014, the NSW Civil and Administrative Tribunal handed down their decision and ordered that Mr Jones and Harbour Radio Pty Ltd were to pay Mr Trad damages in the sum of… Read more »

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09
Mar 2015
Articles

The case of Greenhills Securities Pty Ltd v Loire Consultants Pty Ltd [2015] NSWSC 13 is yet another case which should warn creditors that statutory demands should only be used when there is no dispute as to the debt and that the debt needs to be clearly identified. In this matter, three statutory demands were… Read more »

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03
Mar 2015
News

Royal Assent is expected in the near future for the Corporations Legislation Amendment (Deregulatory and Other Measures) Bill 2014 which will abolish the “100 members rule”.  That rule permitted a block of 100 shareholder members to force the directors of a listed company to hold an extraordinary general meeting, even if those shareholders had very… Read more »

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27
Feb 2015
News

In reviewing over 300 annual reports from listed and other entities, ASIC has highlighted concerns with the following areas in annual financial reports: Asset value impairment being concealed by non-current assets being included as current assets, the misallocation of cashflow between assets to prop up poorly performing assets and cashflow projections being based on unrealistic… Read more »

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23
Feb 2015
Articles

Understanding Factoring When payroll obligations must be met, vendors must be paid, or unexpected expenses must be covered, it can be difficult for businesses to quickly raise the cash they need.  Factoring is a great way to improve cash flow to address such matters. Factoring can help businesses of all sizes and across a wide range… Read more »

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17
Feb 2015
News

The decision in Lahood v Ernst & Young; In the matter of Dave Lahood Pty Ltd (in liq) [2015] FCA 89 was published today. In the decision Justice Forster recited the matters the court will consider when an applicant seeks orders for an inquiry into a bankruptcy trustee’s conduct under s179 of the Bankruptcy Act,… Read more »

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09
Feb 2015
News

Standards Australia has invited comments on the draft AS11000, the new construction contract intended to replace the AS2124-1992 and AS4000-1997.  The latter contracts will be discontinued and replaced with a new range of contracts numbered AS11000 through AS11020. Comments on the new form of contract may be made to Standards Australia before 27 March 2015…. Read more »

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03
Feb 2015
News

The recent South Australian Supreme Court decision in Viscariello v Macks provides a reminder to practitioners and their professional advisors when commencing (and continuing) litigation. Whilst not taking issue with the initial decision by the liquidator to commence proceedings to recover a debt of $28,000, Chief Justice Kourakis was less than impressed with the liquidator’s… Read more »

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03
Feb 2015
Articles

Many agreements require the parties to ‘act reasonably’. The courts have not, however, had the opportunity to directly consider what this phrase means until recently. In Lend Lease Pty Ltd v Sugar Australia Pty Ltd [2014] VSC 476, the Supreme Court of Victoria had just such an opportunity. The facts of the case Lend Lease and… Read more »

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02
Feb 2015
News

The ERA Legal for Day of Difference team completed the 2k Cole Classic swim on 1 February 2014 to raise money for the Day of Difference Foundation. Ms Sandra Ciganda of SV Partners swam a blistering pace over the 2k course, coming 4th overall in her wave and 2nd of the females in that wave…. Read more »

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29
Jan 2015
News

The UK High Court has recently awarded 9 million pounds against the UK Companies Office (the UK equivalent of ASIC) in relation to that office making a one letter typo which erroneously identified a 124 year old company employing 250 people as being in liquidation. The Companies Office had intended to give notice that “Taylor… Read more »

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22
Jan 2015
Articles

Most readers will be familiar with the power of the Deputy Commissioner of Taxation to issue a notice under section 260-5 in schedule 1 to the Taxation Administration Act. Such a notice is effectively a garnishee which operates so as to require a person owing money to a tax payer to pay the money owed… Read more »

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15
Jan 2015
News

From today amendments to the Home Building Act come into force, including: Only ‘major defects’ will carry a 6 year limitation period under the act, ‘any other defects’ (including water ingress) now carry a 2 year limitation. Builders can now rely on a defence that they were following the directions of a third party professional… Read more »

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12
Jan 2015
Articles

What happens when a company does not attend its winding up hearing? In the majority of cases, the company obviously gets wound up without opposition. The real question is whether the winding up order can be set aside, and whether this is something to which a liquidator should turn his or her mind. Setting the… Read more »

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08
Jan 2015
News

For the second year ERA Legal will be participating in the Cole Classic 2km ocean swim held on 1 February 2015 at Manly. Our team is raising funds for the Day of Difference, a charity conducting valuable work towards reducing the incidence of childhood injury. If you would like to support or join our team,… Read more »

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08
Jan 2015
News

In Official Trustee in Bankruptcy & Galanis and Anor [2014] FamCA 832 the Family Court of Australia held that the Official Trustee in Bankruptcy is a body corporate and not a government body, and given that it is “no more than a statutory trustee” it has no standing to apply to set aside a financial agreement… Read more »

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07
Jan 2015
Articles

The Financial System Inquiry 2014 (the Murray Inquiry) recently released its Final Report. The Final Report recognised the impact which corporate administration and bankruptcy has upon the broader financial system, but it failed to examine those areas in any specific detail. Instead, the Final Report simply provided the following recommendation: Recommendation 36 Consult on possible amendments… Read more »

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08
Dec 2014
News

According to recently published statistics over 5,400 directors were reported to ASIC in the 2013/14 financial year on the grounds that they allowed a company of which they were a director to incur debts while it was unable to pay those debts (in other words that they engaged in insolvent trading). The prohibition on engaging… Read more »

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01
Dec 2014
News

ASIC Corporate Insolvency Statistics for the September quarter of 2014 show that 2,469 companies entered external administration in this quarter.  This is up 7% on the previous quarter but is down 16.2% on the September quarter for 2013. Court appointments were up significantly in all states except for South Australia.  Director initiated winding-ups continued to… Read more »

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25
Nov 2014
Articles

It is critical that any security interest is immediately registered on the Personal Property Securities Register (PPSR) and at the latest within 20 business days of it being granted or the security interest risks being invalidated.  Find out more on why the 20 business day window is so important and what it means if the… Read more »

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24
Nov 2014
Articles

Corporate groups are often structured with one company holding all of the assets, with a separate company operating the business.  Under the PPSA if the operating company has a liquidator or administrator appointed to it, the holding company can lose title to the assets if it has not registered its interest on the PPSR.  Find… Read more »

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20
Nov 2014
Articles

On 5 November 2014, the Federal Court handed down its decision in Highup Pty Ltd (in Liquidation) v Gubas [2014] FCA 1170. The decision serves as a timely reminder, to both solicitors and litigants, of the importance of putting all available evidence before the court, even if the defending party refrains from doing so.  Failing to adequately… Read more »

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13
Nov 2014
Articles

Did you know that under the PPSA some goods must be registered by serial number and if they are not then the registration and the security interest may be invalid!  Download PPSA tip #4 to understand how a security interest in property such as cars, boats, trucks and trailers must in certain circumstances be registered… Read more »

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12
Nov 2014
Articles

If you think that having a retention of title clause in your credit terms is sufficient to allow you to recover the goods if you don’t get paid, unfortunately you are wrong! If you supply goods without being paid first, you need to download PPSA Tip #3 to find out why retention of title clauses… Read more »

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11
Nov 2014
Articles

In yesterday’s tip we explained what was covered by the term “personal property”. In a nutshell – everything! Just as important is understanding what is covered by the term “security interest”.  Download Tip #2 to find out more about “deemed security” interests and how it is essential that they are registered on the PPSR.

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10
Nov 2014
Articles

In our latest set of tips, we are helping make sense of the Personal Property Securities Act 2009 (Cth.) (PPSA) so you can make sure your security interests are in fact secure and protected.  Download our first PPSA tip to find out what actually constitutes personal property.  

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03
Nov 2014
News

The Full Federal Court of Australia has recently handed down a judgment confirming bankruptcy notices issued via AFSA’s online services website  are valid. When issuing a bankruptcy notice submitted online, AFSA emails a PDF version of the bankruptcy notice and underlying judgment to the online services user. It was argued that  bankruptcy notices issued via this method are invalid because,… Read more »

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30
Oct 2014
Articles

Quite often, the only way that an administrator or liquidator can properly determine a company’s affairs is by conducting examinations under sections 596A and 596B of the Corporations Act 2001 (Cth.) (“the Act”). This is not controversial; you obtain a summons for examination and serve it on your witness. But what happens when your witness… Read more »

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23
Oct 2014
Articles

Yesterday the Supreme Court published its long-awaited decision in the Joe & Joe Developments litigation. The litigation has been the subject of much gossip in the industry as it concerned allegations of rampant overcharging by insolvency practitioners and their lawyers. Commentators and industry observers have been poised, salivating, waiting for the scandal to break. In the… Read more »

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21
Oct 2014
Articles

On Friday, the NSW Supreme Court handed down two further decisions in its drive to hammer home to liquidators the importance of proportionality when claiming remuneration. In both cases, his Honour Brereton J built on his earlier decision in AAA Financial Intelligence Ltd (in liquidation) (No 2) [2014] NSWSC 1270 (see update here), emphasising that… Read more »

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20
Oct 2014
News

AFSA (the Government bankruptcy regulator) now allows bankruptcy searches to be conducted directly online, with the $12 search fee payable by Visa or MasterCard. More details here: https://www.afsa.gov.au/resources/media-kit/media-archive/media-release-afsa-announces-new-bankruptcy-register-search-service

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20
Oct 2014
News

As of today the Federal Court of Australia will no longer accept paper documents from lawyers appearing before the court.  This is a welcome advance for the court in advancing information technology and environmental sustainability. Lawyers who arrive at court with paper documents, including draft consent orders, will suffer the indignity of being sent to… Read more »

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14
Oct 2014
News

ARITA, the Australian Restructuring and Insolvency Turnaround Association, has released a new discussion paper titled A Platform for Recovery. The paper considers seven current issues in the present legislative framework for insolvency and makes conceptual proposals to remedy those issues, including: the establishment of safe harbour defence for company directors; the extension of a moratorium… Read more »

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08
Oct 2014
News

A recent Federal Court decision has found that solicitors do not owe any overarching duty of loyalty to former clients. Solicitors owe a perpetual duty to preserve the confidentiality of client information, and to uphold the due administration of justice. On Monday the court affirmed these duties but said that, where there is no risk to… Read more »

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08
Oct 2014
News

The High Court in Brookfield Multiplex v SP61288 has ruled that the builder of an apartment building owes no duty of care to the subsequent purchasers, in this case the Owners in the Strata Plan, in respect of latent defects. This reverses the earlier decision of the NSW Court of Appeal which had found that… Read more »

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01
Oct 2014
News

The first of four review papers considering the operation of the Personal Property Securities Act (“PPSR“) is now open for comments, with the remaining three papers to be released to the eager insolvency community over October 2014. The first paper, titled “Reach of the Act” considers matters including the definition of “security interest” and whether this requires… Read more »

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26
Sep 2014
Articles

A surprising Federal Court decision has determined that a liquidator “is not an officer of the corporation for the purposes of the [Corporations] Act”. At first glance, the decision seems contrary to paragraph (f) of the definition of “officer” in section 9 of the Act, which expressly says that “officer” includes “a liquidator of the corporation”…. Read more »

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25
Sep 2014
Articles

A liquidator does not always need to provide security for costs when bringing actions in the name of an insolvent company. The Supreme Court of New South Wales – Court of Appeal recently handed down its decision in Golden Mile Property Investments Pty Ltd (in liq) v Cudgegong Australia Pty Ltd [2014] NSWCA 224, which… Read more »

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22
Sep 2014
Articles

The Corporations Act has different requirements for “controllers” and “receivers” – notably the requirement that all receivers be registered liquidators (and thus subject to the regulatory regime that keeps them all on the straight and narrow). This requirement is found in section 418(1)(d). Because of their high level of training, specialist expertise, compliance and insurance… Read more »

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18
Sep 2014
Articles

A recent decision has shed light on when bailments and consignments will be deemed to be “security interests” (and when they will not). This closes potential loopholes in the PPSA.   Summary With regard to the deeming of “bailments for value” by people “regularly engaged in the business of bailing goods”, the Western Australian Supreme… Read more »

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17
Sep 2014
News

A proposed amendment to the Fair Entitlements Guarantee Act 2012 (Cth) is presently before Federal Parliament.  If this amendment is passed it will cap redundancy payments made to workers of insolvent companies to a maximum of 16 weeks’ pay. Prior to 31 December 2012, the General Employee Entitlements and Redundancy Scheme (GEERS) provided a means… Read more »

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16
Sep 2014
Articles

When you have two caveators both claiming the same money, who gets paid first? This was one of the several issues decided by the Supreme Court of New South Wales in The application of Sutherland and Arnautovic [2014] NSWSC 821. Case summary Freddy Funder extended credit to Henry and Henrietta Homeowner. Freddy’s terms included a… Read more »

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12
Sep 2014
News

In March 2014, ERA Legal appeared in the Federal Court of Australia and obtained orders for the appointment of provisional liquidators to four companies (“the Elite group”) as a consequence of the directors of the Elite group  abandoning the companies and going into hiding.  In the absence of the controlling minds of the Elite group… Read more »

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09
Sep 2014
Articles

With the introduction of the Personal Properties Securities Register, there is now a streamlined process where a party is able to register a security interest over personal property. However, while the PPSR has made it easier to register security interests and is significantly cheaper, it does not prevent the registration of an invalid security interest…. Read more »

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05
Sep 2014
News

ERA Legal recently appeared in the Supreme Court of New South Wales on an application to have the solvency of a company determined as a separate question in proceedings commenced against 27 defendants to recover payments the liquidators claim those parties received from the company as preference payments. After hearing from ERA Legal for the… Read more »

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03
Sep 2014
Articles

In the recent case of Seabreeze v Topsou, a developer learned that it ain’t a breeze to avoid the application of the Building and Construction Industry Security for Payment Act 1999 (NSW) (SOPA). Seabreeze was developing land at Manly and sailed into a contract with a builder named Castle to perform construction work under an… Read more »

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03
Sep 2014
News

The Victorian Court of Appeal has resolved uncertainty surrounding the limitation period applying to building claims brought under the Building Act 1993 (Vic). In Brirek Industries Pty Ltd v McKenzie Group Consulting (Vic) Pty Ltd, the Court of Appeal confirmed that the 10 year limitation period applying under s.134 of the Building Act 1993 (Vic)… Read more »

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30
Aug 2014
News

A recent decision of the Supreme Court of NSW has concluded that the cases “establish clearly enough” that, where a company conducted all its activities as trustee of a trust, the liquidator is entitled to be paid from trust property for general winding up work, not just trust-specific work: In the matter of North Food Catering Pty Limited [2014] NSWSC 77…. Read more »

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27
Aug 2014
News

ERA Legal recently acted for the liquidators of 1st Fleet Pty Limited (in liquidation) in obtaining a judgment in excess of $75,000 against a debtor of the company. In a claim that concerned a private carrier of freight, the Court was asked to decide whether the debtor could establish the defence of equitable set off… Read more »

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26
Aug 2014
News

The Australian Financial Security Authority (AFSA) has revised its process for handling complaints about the conduct of bankruptcy trustees. Key changes include: a change to the Privacy Act 1988 (Cth.) allowing complainants to remain anonymous or provide a pseudonym under Australian Privacy Principle 2; and complaint management standards required by professional bodies, including: Certified Practicing Accountants Australia… Read more »

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15
Aug 2014
Articles

In a well known 2009 decision, Hall v Poolman [2009] NSWCA 64, a liquidator was criticised for pursuing a claim in circumstances where the entire sum recovered would be paid to the liquidator and his funder, leaving creditors without a return. This criticism did not go unnoticed

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14
Aug 2014
News

ERA Legal is looking for enthusiastic & driven lawyers who want: to work with Australia’s leading insolvency law firm; to be engaged in complex, superior court litigation; to have the day-to-day carriage of their own matters; to argue their own cases in the Supreme and Federal Courts; to develop their skills; to negotiate and resolve… Read more »

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11
Aug 2014
Articles

Do liquidators have a duty of care to the guarantors of secured debt? A recent decision of the Victorian Supreme Court has built on a 2007 South Australian decision suggesting that they do. 

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05
Aug 2014
News

ERA Legal is delighted to have been announced as the Gold Partner of the Day of Difference Distance for a Difference Tour 2015, supporting the important work of the Day of Difference Foundation. We are thrilled to sponsor this event for a second year and we commend Blake O’Neill for his commitment to participate in the event again.

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