Secured creditors should remember that submitting a proof of debt and voting in a liquidation may result in the loss of their security if they get it wrong. ...
Secured creditors should remember that submitting a proof of debt and voting in a liquidation may result in the loss of their security if they get it wrong.
Secured creditor recovers payment of statutory employee entitlements from liquidator in priority to unsecured creditors
Failing to comply with a statutory demand could result in a company being wound up.
Liquidators are commonly appointed to a company where, prior to liquidation the company was a trustee of a trust. Often when the liquidators are appointed, the company has ceased to be the trustee and a replacement trustee has not been appointed.
When liquidators are appointed to a company, unsecured creditors often don’t take much of an interest in the liquidation process, immediately assuming all is lost.
The recent decision of the Federal Court in Carter in the matter of Damilock Pty Ltd (Damilock) highlights the need for liquidators to review current practices when paying priority creditors (e.g. employee entitlements).
Recent events, such as the Queensland Rugby Club going into liquidation and Darrell Lea entering into voluntary administration, have shown that Australian companies are not immune from the fall-out from the difficult global economic environment.
In disputes over unpaid debts, it is a common debtor strategy to send the creditor a cheque for less than the total amount claimed together with a letter saying that the amount tendered is in full and final settlement of the debt.
Lenders in New South Wales breathed a sigh of relief earlier this month when the Supreme Court ruled in Bank of Western Australia Ltd v. Primanzon [2010] NSWSC 862 that two part-time commercial property investors could not claim relief under the Contracts Review Act 1980 (NSW) because the loans advanced
It is not uncommon in shareholder disputes involving allegations of oppression under section 232 of the Corporations Act 2001 (Cth) for the aggrieved shareholder to seek to wind up the company as part of a wider strategy seeking a buy-out order.
The New South Wales Supreme Court recently handed down a controversial decision which highlights the importance of keeping registered office details up to date and ensuring legal notices are brought to the attention of recipients.
On 19 January 2010, in response to perceptions of inflexibility in Australia’s corporate insolvency regime, Chris Bowen, the Minister for Financial Services, Superannuation and Corporate Law, announced a major review of Australia’s insolvency laws.
Cooper Grace Ward acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Fast, accurate and flexible entities including companies, self-managed superannuation funds and trusts.