#SVVoidables by Matthew Hudson
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No matter the size, reputation or ‘unquestionable solvency’ of a company, they still have to comply with a statutory demand (SD) – that is the message from the Victorian Supreme Court last week. The case is A G Coombs v M & V Consultants [2018] VSC 468. A G Coombs, a very large private company, has turnover…
A huge volume of PPS registrations are due to automatically expire over the next 18 months – is your business ready? AFSA (being the government department responsible for the #PPSR) has recently released a set of statistics showing the number of registrations that will automatically lapse, if you don’t take positive steps to renew your registrations.…
A very recent handy case summarises this for us (please note that these are only general in nature): 1. A liquidator who brings proceedings, and loses, may have recourse to the liquidated company’s pool of assets to meet the costs. 2. If the liquidator has acted unreasonably, they cannot rely upon no. 1. 3. If…
PMSI’s and trust companies, to ABN or to ACN? The introduction of the Personal Property Securities Register (PPSR) was meant to make life easier for secured creditors, credit managers, trading creditors and other stakeholders. But as many in the industry can attest too, this is rarely the case. At the recent presentations I gave at…
ASIC have just released their Enforcement Outcome report for the 6 month period ending June 2018. The key stats: ASIC commenced 67 investigations. ASIC only banned 20 people from being directors, despite the alleged $5bn that is being taken out of the economy due to illegal phoenix activity. Don’t forget the c3,700 entities that the ATO says…
A CPA and tax agent has today been announced as the latest causality in ASIC’s (and other Government agencies) ‘war’ on illegal phoenix activity. Mr Hammond has been banned from being a director of a corporation for 5 years (the current maximum sentence). T he most noticeable contravention: he engaged in activity that caused businesses his corporate entities owned…
An unlisted public company failed on Friday in its appeal to set aside a winding up order on ‘just and equitable grounds’ (s461(1)(k) Corporations Act). The Appeal Court found that the Judge correctly held that the misconduct of the previous board had outweighed the last minute ‘attempted’ reparations made by the new board. Here are some of the…
Travis Mitchell, Barrister at the Victorian Bar
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