The Full Court of the Federal Court - Allsop CJ, Middleton and Derrington JJ have given Liquidators and Insolvency Lawyers an early Christmas present in finding that a a statutory set-off under s553C(1) of the Corporations Act 2001 is NOT an available defence against a liquidators claim for the recovery of a preference under s588FA of the Act.
Oral contracts exist everywhere. When you order a coffee or lunch, when you borrow your neighbour’s tools or when you agree to pay your friend back for that ticket to the NRL. Oral contracts are great for social settings however they are not suitable for business transactions.
On 7th September 2020 the Federal Government announced that they would be extending the Insolvency Relief measures that were legislated in March 2020 due to the Covid-19 pandemic.
This is the second article in our 4-part series on 'Preparing for the Precipice: a post JobKeeper economy.'
As you are aware the JobKeeper Payment in its current form will cease on 27th September 2020. However, on 21st July the Government advised that JobKeeper will be extended in a modified way with the end point now being 28th March 2021.
How important are your employees?
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.