In light of ongoing lockdowns and work from home arrangements making it impractical for legal documents to be signed and witnessed in ‘wet’ ink, the Federal and State Governments have passed...
ASIC Once Again Is Successfully Prosecuting Company Officers For Non-Compliance
On 16 August 2021, ASIC released news of its prosecution of persons failing to assist liquidators in the course of their duties. The Statistics In ASIC’s media release, the corporate regulator...
Statutory Demand Threshold Increased to $4000 from 1st July 2021
The Corporations Amendment (Statutory Minimum) Regulations 2021 increase the threshold at which a creditor can issue a statutory demand on a company from $2,000 to $4,000. The increase will come into...
Ready for the end of the Financial Year?
In the lead up to the end of the financial year, there is always a rush to get matters finalised and for loose ends to be tied up. In this rush, it can be easy for tasks to be missed. To assist in...
Case Update: Unfair preferences – DOCA defence by ATO unsuccessful
In the March 2021 case, In the matter of Western Port Holdings Pty Ltd (receivers and managers appointed) (In Liq) [2021] NSWSC 232, the NSW Supreme Court has confirmed when payments made to the ATO...
Case Update: Unfair Preferences Payments made by Third Parties
Under section 588FA of the Corporations Act 2001 (Cth), a liquidator is entitled to claw back payments made by a company in the lead up to its liquidation that unfairly prefer or prejudice the...
COVID-19 Financial Assistance for Small and Medium Businesses in 2021
On 11 March 2021, the Federal Government announced the SME Recovery Loan Scheme (Recovery Loan Scheme), which will come into effect on 1 April 2021 and operate until 31 December 2021 and aims to...
Director Resignations: New Laws Apply from 18 February 2021
From 18 February 2021 a company director will not be able to backdate their resignation more than 28 days or resign and leave a company without a director. Backdating resignations was a...
Three Ways to Ensure your Business is Viable Post COVID-19
In 2020, COVID-19 forced most Australian businesses to change how they operate and to seek assistance, with 55% accessing wage subsidies and 38% accessing other government support measures. Given...
What Happens When Your Company Becomes Insolvent?
When your company becomes insolvent, you can expect a number of things outside your control to happen that you might want to know about and understand your rights. You Receive Invoices or Demands for...
