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Can we Trust Creditors Trusts?

  Some years ago it became fashionable  to avoid statutory protections of the Deed of Company Arrangement provisions of Part 5.3A, by resolving to enter into a DOCA which would immediately terminate and be replaced with a trust, extinguishing creditors’ claims in the VA/DOCA procedure and replacing them with claims as beneficiaries to the like […]

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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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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 […]

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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 […]

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