#SVVoidables by Matthew Hudson
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Victorian Court of Appeal has just slammed the use of the ‘’sequential trial model’ (STM) in a bitter family dispute involving breaches of trust and fiduciary duties. Hoh v Ying Mui Pty Ltd [2019] VSCA 203 The STM was proposed by the trial Judge due to what he described as the extraordinary breadth of issues in dispute and…
Justice Jackson from the WA Federal Court had just poured ice cold water on mothership proceedings for unfair preference claims. Despite many cases backing mothership proceedings (including SVP’s very own Bias Boating case in the NSW Supreme Court), Jackson J, in effect, says that if the plaintiff Liquidators do not take steps to validate the…
Does this work? Amending the trust deed before a liquidator or administrator is appointed to a company in external administration (“EA“) so that the appointee can sell trust assets. Not according to 2 new Federal Court cases delivered last Friday (see the bottom of the page for the links). The Court prefers that in all…
A Directors Penalty Notice (DPN) issued on a c$19m tax liability ‘guestimate’ by the #ATO has landed a related party director in hot water. Although the amount was later reduced to c$4m (once the ATO issued an amended Estimate Notice), the Court found ([2019] FCA 1086) that the timing to comply with the DPN was…
Another case on trusts and insolvent corporate trustees was handed down recently, this time by Derrington J in the Federal Court. Much longer decision than the Amerind, High Court, one recently! Main things to take away: — sham unit trust created when members of a community put money together for the purpose of purchasing properties —…
Justice Wigney (Federal Court) has held on Friday that it is at least reasonably arguable that the Commissioner of Taxation (ie #ATO) owed the applicant taxpayer a duty of care at common law. What does this mean? It allows the taxpayer to press ahead with its case that the ATO was allegedly negligent when it…
Does it pay to ask for forgiveness rather than permission? The curious case of (an unknown) bankrupt director appointing an insolvency practitioner (“IP“) to his insolvent company, and the Court validating the appointment. This is a bit fact heavy, so bare with me – imagine the following: Accountant realises a client company is in financial trouble and approaches…
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