Recent NSW Court of Appeal decision provides guidance on its powers on casting votes at creditors Meetings.

In the matter of Glenfyne International Holding Limited v Glenfyne Farms International AU Pty Ltd (In Liq) [2019] NSWCA 304, an appeal that a casting vote at a Creditors meeting preventing the appointment of a Liquidator be overturned sheds some light on the far reaching powers of the Courts under the Insolvency Practice Rules, 2016 … Continued

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Changes to the Director Penalty Notice Regime

Prior to 5 February 2020, if a Company fails to report its Pay As You Go Withholding Tax (“PAYG”) and Superannuation Guarantee Charge (“SGC”) obligations/liabilities within the below time period, the Director(s) automatically becomes personally liable for that Company debt. PAYG- 3 Months of the due date of the Business Activity Statement (“BAS”); SGC- 28 … Continued

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Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

Those that have been following the developments in the Insolvency and Restructure world will have been aware that the senate has recently passed the treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019. As is the usual case with most legislation that impacts Insolvency, there was again debate around the role of Liquidators. A specific senator … Continued

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Blockchain technology, are Accountants ready?

The Sleeping Giant Blockchain technology is a hot topic for Accountants (Blockchain Collective 2019a). With the growing adoption of Blockchain worldwide, an awareness of the benefits and opportunities created, including the potential effect on many industry verticals, is an imperative (Nunan and Domenico 2013). A variety of companies have marketed well and positioned themselves as … Continued

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Safe Harbour Reforms: Must the Captain Always Go Down With the Sinking Ship?

Insolvency Law Reform Act 2016 (ILRA) introduced a raft of new reforms in the Corporations Act and Bankruptcy Act to update and streamline Insolvency law in Australia. The reforms were introduced in two tranches, with the second tranche of reforms commencing just over two years ago on 1 September 2017 introducing new Safe Harbour provisions … Continued

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