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Insolvency Articles
Enforcing a judgment through bankruptcy proceedings
Obtaining a judgment against your debtor does not mean you get paid immediately. The debtor may be unable or unwilling to satisfy the judgment debt for a variety of reasons. He or she may be having financial difficulties, other debts, or may be ignorant or careless of the circumstances. One of the > Read More
Top Priority – A Recent Decision of the Federal Court of Appeal
From their roots in the twelfth and thirteenth centuries, mortgages have been, and remain, an important means of capital raising for individuals and companies alike. The protection offered by a registered mortgage, and the right to a priority payment upon the liquidation of the secured asset above unsecured creditors, is accepted as > Read More
Deeds of Company Arrangement
Part 5.3A of the Corporations Act 2001 (Cth) was developed in 1993 upon recommendations from Australian Law Reform Commission for the need for a quick, flexible and cheap way of dealing with a company’s affairs before a prospective winding up occurs. Deeds of Company Arrangement, or DOCAs, are designed to allow a > Read More
Alert: ASIC changes insolvency-related notice requirements
On 1 July 2012 ASIC has launched a new online service to assist insolvency practitioners. This service has been rolled out as part of the insolvency law reform. From now on all insolvency-related notices must be published online, as a replacement for former print media advertising requirement. Although proposed amendments to the > Read More
Has your company been served with a Statutory Demand?
If your company has been served with a creditors statutory demand for payment you must act with urgency, as allowing it to expire can cause irrevocable harm. The most simple way that a company can be wound up and liquidators appointed is when an application is brought after the expiry of a > Read More
Definition of Corporate Insolvency
In Australia there is a ‘one size fits all’ approach to determining the definition of corporate insolvency. The absence of a clear cut definition can lead to ramifications in the practical management of companies that are in financial distress. Section 95A of the Corporations Act 2001 (Cth), attempts to provide a statutory > Read More
Increases In Insolvency Statistics and Trends from ITSA and ASIC
The Insolvency and Trustee Service Australia (ITSA) released its quarterly insolvency statistics on 12 April 2012, and the results show that the first three months of 2012 were indicative of continued economic pressures, seeing an increase across the board in bankruptcies and debt agreements. These statistics reflect a number of interesting points. > Read More
