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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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Thank you, High Court: some certainty created around Insolvency and Corporate Trustees

The High Court in Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth [2019] HCA 20 has clarified and confirmed that in the winding up of an insolvent corporate trustee, trust assets to which the company is entitled (via its right of indemnity) are property of the company, and the statutory priority regime under the Corporations Act 2001 (Cth) (Act) applies in terms of the distribution of the trust assets.  

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