#SVVoidables by Matthew Hudson
This blog is designed to capture the large volume of my LinkedIn posts. To follow me on LinkedIn search #SVVoidables.
This is a big reform for debt administrators and will be phased in over the next 9-12 months. What are the main changes (in summary) **more details to come soon: 1. to utilise debt agreements, the maximum asset limit has been doubled to $223,350; 2. debtor contributions through the debt agreement must now be payable…
Purchase Money Security Interests (“PMSI”) really do have a super power, according to a Full South Australian Court decision handed down on Friday. Case name: Samwise Holdings v Allied Distribution Finance [2018] SASCFC 95 The Court granted a PMSI holder a priority over 40 motorcycles above a first-in-time registered general security holder. The facts were:…
Can a bankruptcy notice (BN) use pseudonyms? Yes, according to a Federal Court case handed down on Thursday. Imagine, you receive a notice of an application to make you a bankrupt and all the notice says is: – your name is LF DB – the creditors name is Ms S M – you owe $6.55…
The postal evidence rule, which presumes when post is served on someone under the Cth Evidence Act, is changing to 7 days! Last night, the Senate past the Civil Law and Justice Legislation Amendment Bill 2018. Buried deep in this non-descript Bill is Schedule 5 – Amendment of the Evidence Act 1995 (Cth). Per s…
Earlier today I announced on LinkedIn that the High Court had released its reasons for why it confirmed the validity of a Holding DOCA (“HDOCA”), in the Mighty River case. Their Honours were (surprisingly) split 3:2. I say “surprising” because the matter only took 5 minutes in Court. Here is a link to the case.…
I was recently inspired to read the newly proposed phoenix law in full after seeing an announcement from ASIC about Mr Paul Joshua Flackmorr; a director recently convicted of illegal pheonixing. Under the current law, a criminal offence of illegal pheonixing carries with it a maximum penalty of 100 penalty units or 2 year imprisonment, or…
When a lawyer is instructed to set aside a company’s liquidation (under section 482 Corporations Act), who do they owe a duty of care to? The company, the instructing shareholder/director or both? Don’t forget that because the company is in liquidation, it can’t be the client of the lawyer. In a recent Tasmanian Supreme Court decision,…
Next Friday will mark an important day in the jurisprudence of QLD insolvency, mining tenement and environmental laws with the Linc Energy High Court (HC) case being heard by the QLD Government seeking special leave. The case simply boils down to whether or not a liquidator can disclaim mining land, mineral development licences and environmental authorities,…
Travis Mitchell, Barrister at the Victorian Bar
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