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Company fails to avoid liquidation by appointing last minute administrators

During 2020, the Commonwealth Government introduced restrictions on the issuing of creditor’s statutory demands for payment of debt to debtor companies, increasing the threshold for debts from $2,000 to $20,000 and the time for compliance from 21 days to 6 months.
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Exposing breaches of privacy – mandatory notification of data breach scheme approaching for NSW

For over two years, the NSW Government has considered whether a mandatory reporting scheme for data breaches should be adopted under the State’s privacy framework.
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ASIC extends relief on virtual meetings

The recent lockdown in Brisbane is a timely reminder that a return to ‘business as usual’ is still uncertain.  This article explores the Australian Securities and Investments Commission (ASIC)’s ‘no action’ position, which is intended to facilitate businesses to hold their meetings effectively despite restrictions on gatherings and travel.
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A Backward Stride for COVID-19 bankruptcy measures

As the extension of the temporary relief and protection provided by the Corporations and Bankruptcy Legislation Amendment (Extending Temporary Relief for Financially Distressed Businesses and Individuals) Regulations 2020 during the outbreak of COVID-19 came to an end on 31 December 2020, as of 1 January 2021:
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Proportionate Liability Regime: NSW Supreme Court clarifies how to properly identify potential concurrent wrongdoers

Since the introduction of the proportionate liability regime in the Civil Liability Act 2002 (NSW) over 15 years ago, there has been a series of cases which have contributed to how the regime operates, including in the High Court of Australia decision of Hunt & Hunt Lawyers v Mitchell Nominees[2013] HCA 10.
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Compliance is essential for winding up applications during COVID

Late in 2020, In the matter of Ryals Hotels Pty Ltd [2020] NSWSC 1906, the Supreme Court of New South Wales was required to examine various restrictions brought into support businesses through the COVID period and what impact they had on an application by a landlord to wind up a commercial tenant.
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Landlord’s attempt to avoid COVID restrictions for commercial tenant a costly exercise

During 2020, as part of the National Cabinet’s response to COVID-19, a number of measures were put in place to assist businesses to continue to trade including:
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Corporate Insolvency Reforms. New Year, New Scheme - What you need to know.

As the temporary relief and protection for businesses impacted by COVID-19 comes to an end on 31 December 2020, insolvency experts brace for a potential floodgate of insolvency administrations. Parliament clarifies the new provisions under the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) (Bill) which will commence on 1 January 2021.
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5 things you should know: Insolvency Reforms for Small Business

On 24 September 2020, the Australian Government announced its proposed major reforms to insolvency laws to support small business recovery and to streamline the insolvency process. The reforms are expected to commence on 1 January 2021, subject to the passing of legislation. The reforms will adopt features from Chapter 11 of the United States Bankruptcy Code, being a “debtor in possession” corporate insolvency model.
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Rethinking unfair preferences through echoes of the past

Before being placed into voluntary administration, Eliana Construction and Developing Group Pty Ltd (Company) and Mad Brothers Earthmoving Pty Ltd (Mad Brothers) executed a settlement agreement in which the Company agreed to pay Mad Brothers $220,000 for a debt the Company owed Mad Brothers. A payment of $220,000 (Payment) was made to Mad Brothers by Rock Investments Pty Ltd (Rock) from a loan facility Rock had with Nationwide Credit Pty Ltd.  
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Signed, attached and emailed: The court’s take on electronic signatures and recent temporary COVID-19 amendments to the Corporations Act regarding electronic execution

As part of the response to the COVID crisis, temporary measures have been introduced to facilitate the electronic execution of documents. In this blog we consider whether those measures would have changed the decision in the Bendigo Case and the extent to which they are likely to remain temporary.  
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Demise of the Phoenix – new identification requirements for directors

In recent years, the Commonwealth Government has made efforts to deter and penalise phoenix activity in order to protect those who are negatively affected.  One of those efforts is the DIN requirement for directors, which is poised to disrupt phoenixing and deliver additional benefits.
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Bushfires Disaster Emergency Declaration – Privacy Act

In response to recent bushfires, on 20 January 2020 the Attorney-General made the Privacy (Australian Bushfires Disaster) Emergency Declaration (No. 1) 2020 (“Declaration”).   This Declaration was made under section 80J of the Privacy Act 1988 (Cth) (“Privacy Act”). This section allows the Australian government to make a declaration when an emergency or a disaster of national significance affecting Australians has occurred.  
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Can you hear me now? Facebook, Microsoft, Google and Amazon have admitted to listening in on users’ conversations.

Facebook, Microsoft, Google and Amazon have admitted to eavesdropping. It was recently revealed the industry giants paid hundreds of contractors to manually transcribe users’ conversations in an attempt to improve speech recognition technology and artificial intelligence algorithms. This revelation has left many users reeling.  
  • 24 Sep 2019

Blog

Grab a copy! Australian Institute of Company Directors publishes its 10th report into governance and performance in the not-for-profit sector

In 2010, the Australian Institute of Company Directors (AICD) launched the “not-for-profit governance and performance study” (originally called the “directors social impact study”). The study focused on key trends in the not for profit (NFP) sector and issues affecting NFP directors at that time. Ten years on, the AICD published its most recent findings in the latest edition of the study titled “the 2019 not-for-profit governance and performance study: 10 years on”. The report provides valuable insight into current challenges faced by the sector and its director counterparts.

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