Knowledge

On 17 February 2020 the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received royal ascent.

The Succession Act 2006 (NSW) is the piece if legislation that deals fundamentally with the affairs of an individual surrounding the act of succession, that is passing of property to another.

There has been much debate as to how the trustees' right of indemnity would apply to an insolvent corporate trustee.

It is commonplace for a company to borrow funds to advance their business. This can take the form of commercial loan facility or specific equipment finance. In most if not all cases the loan facility is secured either by a security interest over the whole business, or the company, or against the equipment itself.

One of the most seminal decisions in bankruptcy law is the High Court decision of The Trustee of the Property of John Daniel Cummins, A Banklrupt v Cummins (2006) [2006] HCA 6. 

James Frank recently spoke at a Sydney Hills Business lunch on how the Internet has changed the business game. The following article is a summary of what he spoke about.

Whenever we speak to clients about why their business is struggling and explore restructuring options we continually hear common myths about the Voluntary Administration (VA) process. We have detailed the 5 key myths below:

Voluntary Administration is a formal restructuring process contained within Part 5.3A of the Corporations Act. It has more recently become a strategic tool used by directors to protect themselves from insolvent trading breaches but also to ‘reset the business’ in times of shock.

On 19 September 2017 the safe harbour laws commenced which enabled directors to turn around struggling companies without exposing themselves to personal liability under Australia’s insolvent trading laws.

The Personal Property Securities Register is a great tool for parties who lend money, supply goods on account or enter into asset leases. However, one common problem is the laziness of lenders or suppliers in perfecting their security interest.