Stay up to date and receive our latest insights directly to your inboxSubscribe Now

Filter by
Blog

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.
Firm News

Hicksons appoints Lachlan Wilson as partner in Newcastle office

Leading commercial law firm Hicksons has appointed Lachlan Wilson as a partner in the Newcastle office, building upon its strong regional presence.
Blog

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.
Blog

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.  
Blog

Amendment to the Corporations Act - technology use

The law now allows technology use for company meetings and execution of documents. This change was made in response to the social distancing and health requirements amid the Covid-19 pandemic.
Blog

New laws in flight to combat the rise of the phoenix

The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (Cth) is in full flight, which has put in place key changes aimed at enhancing disruption of phoenix activity and powers to prosecute directors and other professional advisors who engage in or facilitate phoenix activity.  
Blog

Insolvency Laws to change amidst unprecedented times

The Federal Government has announced proposed changes to insolvency laws to assist with efforts to help vulnerable Australians and businesses in these unprecedented times.  
Blog

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.  
Blog

Receiver vs Liquidator: who is to distribute under s561 of the Corporations Act?

The decision in Kirman, In the matter of RWE Robinson & Sons Pty Ltd [2019] FCA 372 (Kirman) has clarified and confirmed that receivers, in a concurrent liquidation and receivership situation, have the ability to make payments under section 561 of the Corporations Act 2001 (Cth) (Act).
Blog

Proposed reform to protects honest directors attempting to hold their companies together in dire straits

On 28 March 2017, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, released draft legislation proposing changes to Australia’s insolvency laws. The release also included an explanatory memorandum and explanatory statement for public consultation in relation to the reforms which, if passed, are scheduled to become effective on 1 January 2018.

Subscribe to Our Blog

Keeping you connected, Hicksons regularly publishes articles to keep you up to date on the latest developments. To receive these updates via email, please subscribe below and indicate which areas of law you would like to receive information on.

Top