The Federal Government recently announced its intention to overhaul Australia’s insolvency laws in relation to small businesses. The intention is to reduce time and cost and better serve businesses, creditors and employees to survive in difficult times, but what is expected to be implemented and what should businesses or creditors do to prepare? As with […]
If the other party to my contract appoints an administrator, I can get out of that contract, right? Wrong. Most commercial contracts have a termination clause which says something like “if one party appoints an administrator or otherwise experiences an event of insolvency, the other party can elect to terminate the contract”. These types of […]
A recent case in the Supreme Court of New South Wales highlights care that administrators and lessors of properties need to take when considering the terms of any Deed of Company Arrangement. In the case in question, a company was in voluntary administration. A Deed of Company Arrangement was entered into and the terms of […]
Draft legislation has recently been released for public consultation, as a result of the recent review conducted as part of the National Innovation and Science Agenda introduced by the Federal Government. The changes attempt to reduce the stigma associated with corporate failure in Australia, and to encourage company directors to address any financial hardship at […]
It is not uncommon for bankruptcy and insolvency issues to go hand in-hand with the breakdown of a relationship. In matters where a party in family law proceedings is at risk of becoming insolvent, the timing of any arrangements, including a Personal Insolvency Agreement, is crucial writes Jillian Stibbard. Recently, a husband was ordered to […]
There are circumstances where a person is able to propose a Debt Agreement, which is a relatively low cost alternative to bankruptcy, according to insolvency and bankruptcy partner TERRY MORGAN.
The new Oaths Regulation 2011 came into force on 30 April 2012, and its introduction has some important consequences for swearing or affirming affidavits and statutory declarations.
Are you an accountant or professional advisor and have been served with a Statement of Claim or Creditor’s Statutory Demand on behalf of a client company? What do you do when your office is served?