Getting your company out of liquidation
Where a court has ordered the winding-up of a company, a shareholder may be able to have the winding up terminated under section 482 of the Corporations Act 2001.
17 November 2015
Where a court has ordered the winding-up of a company, a shareholder may be able to have the winding up terminated under section 482 of the Corporations Act 2001.
Many businesses struggle with managing cash flow and, in difficult economic times, it is not uncommon for things to reach the point where a customer just won’t pay. What are the legal options to recover payment?
Under section 420A(1)(a) of the Corporations Act 2001 (Cth), when selling property of a corporation that has a market value, a controller must take all reasonable care to sell the property for not less than its market value. In the recent case of Boz One Pty Ltd v McLellan [2015] VSCA 68, no selling agent was appointed and there was no advertising or auction. Despite this, the Full Court held the receiver had taken all reasonable care to sell the property for not less than its market value.
The Full Court of the Federal Court has delivered another twist in one of Australia’s largest class actions, overturning the decision of the primary judge that some of ANZ’s bank fees were void for being penalties.
The Corporations Act 2001 (Cth) imposes a liability on financial advisers who engage in misleading and deceptive conduct to compensate a person who suffers loss by that conduct.
Where a mortgagor company is deregistered, a mortgagee exercising power of sale still owes a duty of care to the deregistered mortgagor.
The Banking Code of Practice has contractual force. Where applicable, a bank must comply with the Code. Failure to comply can expose the bank to a claim for damages.
In Devren Pty Ltd v Old Coach Developments Pty Ltd and Ors [2015] QSC 53, funds payable to a company were paid to other entities in accordance with the direction of Mr Clair, the purported managing director of the company.
In Allco Funds Management Limited v Trust Co (Re Services) Ltd [2014] NSWSC 1251, an inter-company loan transaction was challenged by a receiver appointed by the secured creditor to one of the companies.
When a loan is secured by guarantees given by more than one person, disputes can often arise between co-guarantors as to who should bear the burden of paying out the loan, and in what proportions.
Debts claimed in statutory demands must be due and payable to the creditor named in the statutory demand.
In a recent Western Australian case, Australian Regional Wholesalers Pty Ltd v Gardiner [2014] WASC 439, a supplier was owed a significant amount by its customer. To deal with this, the supplier took a very common approach and stopped supply.