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TAG: Insolvency and Taxation (ROCIT)
AMI (Administrators Appointed) – just in case you didn’t know!
This company has been in voluntary administration since late last year. Prior to its going into administration, the ACCC launched proceedings against it regarding its disclosure in relation to its erectile dysfunction products. Those proceedings are ongoing. Last week the ACCC obtained an interim injunction ordering the administrators to disclose that the company is in […]
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NZ Practitioner Register- A register of non-unfitness?
In late May the NZ Commerce Committee published its report back to Parliament on the Insolvency Practitioners Bill It was at first a pleasant surprise, as they seemed to have moved away from a system of negative licensing which the Government Bill had promoted, and instead, the Committee is now suggesting amendments which introduce a […]
Congratulations
We would like to congratulate two of our Advisory Board members: Michael Murray, Legal Director of the IPA, has been appointed a member of CAMAC (the Corporations and Markets Advisory Committee). CAMAC is established under Part 9 of the Australian Securities and Investments Commission Act 2001 (ASIC Act) to advise the Minister on matters […]
Fair enough! The Fair Entitlements Guarantee Bill 2011
Associate Professor Christopher Symes: The Australian Parliament in its Autumn/Winter session is about to debate legislation that deals with the consequences of an employer entering into insolvency (liquidation) with employees being owed wages and other entitlements. The topic was part of the ALP policy on ‘protecting workers’ entitlements package’ taken to the last election. […]
Hide and seek or show and tell in prospectus disclosure?
Do we play ‘Hide and Seek’ or ‘Show and Tell’ with a director’s bankruptcy and insolvency history in prospectus disclosure law under the Corporations Act? It is an aim of insolvency law to provide mechanisms that assist in removing directors from the management of companies where they have been found to have been involved with […]
Lehman, the League and the Level Playing Field
On Sunday night I watched the docu-drama, The Last Days of Lehman Brothers. On Monday I watched my customary dose of English Premier League Highlights. How are these things connected? A Lehman Brothers case currently before the new English Supreme Court (formerly House of Lords) may have a crucial impact on the future of the […]
Upcoming Seminar: Aftermath: Insolvency law responses to the GFC
The Bankruptcy and Insolvency Law Scholarship Unit (BILS) is proud to present its inaugural seminar: Aftermath: Insolvency law responses to the GFC. DATE Monday, 9 May TIME 12:30 – 1:45pm VENUE Henry Basten room, Level 1, Mitchell Building, University of Adelaide, North Terrace RSVP Wednesday, 4 May Click here to register your attendance online A […]
The Insolvent Insolvency Practitioner
It has recently been reported (see ASIC website) that Melbourne liquidator Paul Pattison has voluntarily resigned as a liquidator or administrator to over 80 companies as he is himself insolvent. He has given an undertaking that he will not accept further appointments until he can produce evidence that demonstrates that he has the practice and […]
Wither the fruits of preference claims?
Cook v Italiano Family Fruit Company Pty Ltd. (In Liq), 6/12/10, Melbourne, FCA http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/FCA/2010/1355.html?stem=0&synonyms=0&query=italiano Do preference recoveries by a liquidator belong to unsecured creditors, or do they fall under a bank’s charge over present and future property? Under s561, statutory priorities should only be paid out of floating charge realisations ‘so far as the property […]
Harris Scarfe, Chicago Boot
Dwyer and others v Chicago Boot Co Pty Ltd.,1 March 2011, Sulan J [2011]SASC 27 http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/sa/SASC/2011/27.html?stem=0&synonyms=0&query=dwyer It seems appropriate to kick off our new Blog close to home, with a judgment from Adelaide. In the long-running Harris Scarfe liquidation, the liquidators challenged payment to a supplier. The supplier argued that (a) the company could […]