Bankruptcy can be a daunting prospect for individuals, especially when it comes to the fate of their family home. Many people wonder if their home is protected from being seized to pay off creditors. This article explains what usually occurs to family homes and what individuals, whether the bankrupt or the non-bankrupt spouse/partner, can expect...
Determining whether a company is insolvent at a particular point in time is often a difficult task. A liquidator is required to undertake this analysis as a necessary element which must be proved for a claim under Part 5.7B of the Corporations Act 2001 (Act) in respect of ‘insolvent transactions’ which can be either an...
The Australian business landscape has undergone significant changes in recent years, with economic conditions creating new challenges for companies of all sizes. One area that has been particularly affected is insolvency, with an increasing number of businesses facing financial difficulties. One of the key factors contributing to the rise in insolvency in Australia is the...
In simple terms, insolvency is when a company is unable to pay its debts as and when they become due and payable. This does not necessarily mean that a company is or will become insolvent if they are unable to pay all of their debts at a particular point in time, or if their liabilities...
Settlement offers are common at all stages of a dispute. “Without prejudice” offers are often made when proceedings are anticipated (but not yet commenced), and formal offers under the Uniform Civil Procedure Rules 1999 (Qld) (the UCPR) can be made at any point when proceedings are on foot (including during the course of a trial). But what is...
Whilst insolvent companies are the subject of the majority of winding ups, solvent companies can also be wound up on the initiation of its directors and shareholders (ie members). This may take place when members no longer wish to retain the current structure of the company or the company is no longer needed and not...
A creditor (assignor) can transfer their rights to receive and seek payment of a debt to a third party (assignee). Once the transfer of their rights has occurred, the assignor can then seek payment of that debt from the debtor. Once assigned, the assignee has the legal right to such debt and has the power...
We have received many enquiries from both individuals and businesses who are concerned about the inevitable breaches of contractual obligations stemming from the outbreak of the COVID-19. This article will provide general information on the law relating to this subject matter. If you are concerned that you, your business, your customers or your suppliers may...
The Powers of Attorney Act 2014 (Vic) (the Act) provides strict rules that attorneys under an enduring power of attorney (POA) are subject to. Conflict Transactions Section 64 of the Act provides that an attorney for financial matters under a POA is under a duty not to enter into a conflict transaction. A ‘conflict transaction’ is defined...
The Federal Circuit Court has recently dismissed a bankrupt’s application for review of sequestration orders. See the recent case of Commonwealth Bank of Australia Ltd v Jordanou [2018] FCCA 2972. The application for review was based on the High Court’s decision in Ramsay Health Care Australia Pty Ltd v Compton (2017) 261 CLR 132. The bankrupt tried to explain...
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