The effect of section 560 of the Corporations Act 2001 (Cth); obtaining priority as a creditor

When can a person (possibly a director or shareholder) of a company in liquidation obtain priority status as a creditor for loans to the company? Section 560 of the Corporations Act 2001 (Cth) (the "Act") provides that a person who advances funds to a debtor company, for the purpose of enabling that company to pay wages,...

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Date posted: 2016-03-15 | Comments(0)


A New Resolution at the First meeting of Creditors under Administration

Hancock, in the matter of Tarleton & Peters Pty Limited (Administrator Appointed) [2015] FCA 1058 (24 September 2015) and Hancock, in the matter of Tarleton & Peters Pty Limited (Administrator Appointed) (No 2) [2015] FCA 1232 ("Tarleton") We have observed that many Administrators only call for ...

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Date posted: 2016-03-15 | Comments(0)


Seminar at the Grace Hotel 2 November 2015

On 2 November 2015, our Managing Director and Geoffrey McDonald Barrister presented a seminar at the Grace Hotel to which much positive feedback was received. The topics discussed included: Business law - Purchase and Sale of Business The legal pitfalls of purchasing a business The...

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Date posted: 2015-11-23 | Comments(0)


Repayment Arrangements - Smith vs Bone

When payment arrangements with the Australian Taxation Office will not "defer" corporate debt and restore a company to solvency - Smith v Boné [2015] FCA 319 In this recent "insolvent trading" case the director of Petrolink Pty Ltd ("Petrolink") defended the Liquidator's claim by pointing to the GFC and the payment arrangements he had neg...

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Date posted: 2015-09-07 | Comments(0)


R.I.P. WorkCover NSW

Health and safety in the workplace has a new regulator – SafeWork NSW As we say goodbye to winter for another year, we also bid farewell to WorkCover NSW ("WorkCover") and the Motor Accidents Authority ("MAA"), which have been replaced under the Insurance and Regulation Reform Package 2015. The package is designed to simplify the old s...

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Date posted: 2015-09-03 | Comments(0)


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