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Ipso Facto Amendments: Do they apply to existing contracts?

The Government says the amendments apply only to contracts entered into after commencement. But what does the Bill say? The proposed Ipso Facto amendments[1] impose a stay on the enforcement of contractual rights arising by reason of: (a)        an application or entry into a compromi
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Going behind a judgement debt in bankruptcy proceedings

Often, bankruptcy proceedings will be based on a judgement debt. In such proceedings, the Bankruptcy Court must satisfy itself that the debt being claimed by the petitioning creditor is truly owing, and often the petitioning creditor will rely on the judgement debt as proof of this. T
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New Safe Harbour Provisions – Directors’ protection in insolvent trading situations

Australia’s insolvent trading laws are set to be drastically altered by the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 (Bill), which was passed by the senate on 11 September 2017. The imposition of personal liability on company directors for company debts in
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Court Of Appeal Examines What Constitutes A Supporting Affidavit In An Application To Set Aside A Statutory Demand

In the recent case of Imagebuild Group Pty Ltd v Fokust Pty Ltd [2017] VSCA 131, the  Court of Appeal considered whether a ‘supporting affidavit’ had been sworn, served and filed within the time limit prescribed by section 459G of the Corporations Act 2001 (Cth) (“Act”). On 10 Februar
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Overview of the Insolvency Practice Schedule – enhancing the rights of a creditor in an external administration

Introduction The Insolvency Practice Schedule (Corporations) Schedule (Schedule), which was introduced as a schedule to the Corporations Act 2001(Cth) (Act) in February 2016, will become fully operative in the next few months. As at 1 March 2017, a portion of this schedule has become
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How an $8 PPSR security registration could have saved $50m of GE money

A major Personal Properties Security Act (PPSA) ruling in Forge Group Power Pty Limited (in liquidation)(receivers and managers appointed) (Forge) v General Electric International Inc  (General Electric) [2016] NSWSC 52 has highlighted for those involved in leasing, renting, hiring or
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Insolvency: unreasonable director-related transactions

The Victorian Court of Appeal recently considered s.588FDA of the Corporations Act (the Act) relating to unreasonable director-related transactions: Vasudevan as Liquidator of Wulguru Retail Investments Pty Ltd (In Liquidation) (Wulguru) v Becon Constructions (Australia) Pty Ltd (Beco
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Liquidator impartiality: ASIC v Franklin, Horne and Stone (Liquidators), in the matter of Walton Construction Pty Ltd (In Liquidation) (Company)

ASIC has filed an appeal against the dismissal of a case in which it sought to have liquidators removed on the basis of an apprehension of impartiality: ASIC v Franklin, in the matter of Walton Construction Pty Ltd (in liq) [2014] FCA 68. The appeal has not yet been heard, but it indi
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