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UPDATE: NEW DEBT AGREEMENT LEGISLATION

Newsletter

by Paul Gidley26.09.18

The changes to the legislation are set to impose stricter practice standards for debt agreement administrators and allows the regulator additional investigative power to address misconduct.

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blog article

DIRECTOR PENALTY REGIMES AND INSOLVENT TRADING – THEN, NOW, THE FUTURE

by Paul Gidley31.08.18

The draft of the latest tranche of insolvency law reform announced in the May 2018 budget has beefed up director penalties, created new offences to tackle illegal phoenixing.

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blog article

SG NEWS FLASH: ATO MEAN BUSINESS!

by Paul Gidley03.08.18

The ATO has been making it known that disruption of illegal phoenix operations is a key agenda item for the Commissioner of Taxation.

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blog article

WILL THE “IPSO FACTO” STAY REALLY HELP SMES TRADE OUT OF DIFFICULTIES?

by Paul Gidley31.07.18

Contractual “ipso facto” clauses historically allowed a party to a contract to unilaterally terminate or modify the contract in response to an insolvency event affecting the counterparty.

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blog article

WILL CHANGES TO GST WITHHOLDING ON RESIDENTIAL PROPERTY SALES FOIL ILLEGAL ‘PHOENIXING’?

by Paul Gidley28.06.18

After several failed attempts to prevent illegal ‘phoenixing’ regarding GST in the property development industry, the ATO has settled on a broad-brush legislative solution

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blog article

LIQUIDATORS ASSIST ASIC IN DIRECTOR PROSECUTIONS FOR PHOENIX ACTIVITY

by Paul Gidley02.05.18

According to recent information released by ASIC, it has won some minor battles in its ongoing war in combatting illegal phoenix activity, resulting in several convictions and disqualifications.

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blog article

KNOCKED OVER BY A FEATHER(STONE)!

by Paul Gidley11.11.17

Recent Court rulings in Queensland may be the beginning of a paradigm shift by the legislature in favor of liquidators’ recovery powers.

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blog article

ARE PROPOSED ‘ILLEGAL PHOENIXING’ REFORMS COUNTERPRODUCTIVE?

by Paul Gidley20.10.17

Given the fine line between ‘illegal phoenixing behaviour’ and legitimate restructuring activities, the jury’s out on whether planned reforms can deliver the right outcomes.

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blog article

INSOLVENCY FIGURES ON THE RISE

by Paul Gidley30.09.17

The Australian Securities and Investments Commission (ASIC) and the Australian Financial Security Authority (AFSA) have released their Insolvency Statistics for the 2015 – 2016 financial year.

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blog article

SAFE HARBOUR FOR GENUINE RESTRUCTURING

by Paul Gidley27.09.17

Having incorporated some modification, of successful lobbying, the Treasury Laws Amendment (2017 Enterprise Incentives No.2) Bill 2017 – set to commence on 1 July 2018 – provides a ‘safe harbour

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blog article

WARNING: DANGERS OF DIRECTOR LOAN ACCOUNTS

by Paul Gidley27.08.17

One trick which directors may be tempted to resort to when cashflow is tight, is to take funds from their company in the form of a loan rather than paying themselves a wage.

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blog article

MAKING SENSE OF INSOLVENCY RISK

by Paul Gidley25.08.17

Any Australian business that only managed to stay afloat by using their debts due to the Australian Tax Office (ATO) as a type of unofficial/unauthorised overdraft facility.

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blog article

SURVIVING THE RISING INTEREST RATE AND ATO ONSLAUGHT

by Paul Gidley24.07.17

Revelations that Melbourne Cup day could herald the first in a new cycle of interest rises, plus heightened collection efforts by the Australian Tax Office (ATO).

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