Public Commentary – #SVVoidables by Matthew Hudson

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March 25, 2020COVID-19, Public Commentary

Mortgages vs Leases – time for a moratorium?

The National Cabinet is meeting tonight to finalise plans on how to deal with leases and tenancies due to the economic turmoil. A careful balance must be struck between tenants, landlords and their creditors (like banks, body corporates, land taxes, rates, utilities, etc). A moratorium on commercial leases and any attaching personal guarantee is strongly…

March 24, 2020COVID-19, Public Commentary

10 out of 11 COVID-19 Bills passed in 1 day

Pretty amazing to see what happens when Federal politicians work together to pass legislation that is (in the most part) in the best interest of Australians. Last night 10 out of 11 Coronavirus Bills were passed by the House of Reps and the Senate. Awesome work to all involved, especially as these 11 Bills were…

March 24, 2020Bankruptcy, Constitutional law, COVID-19, Fiduciary Duties, Insolvency, Public Commentary, Statutory Demands, Workouts

$20k court wind-ups and 6 months to respond

Mix of my LinkedIn Articles from Sunday 22/3/2020 and Monday 23/3/2020 … BREAKING 22/3/2020: The government has just announced (in its stimulus package) an increase to the threshold at which a creditor can take action to initiate insolvency from $2,000 to $20,000 and giving companies six months instead of 21 days to respond. It probably…

March 10, 2020Insolvency, Public Commentary, Registered Office, Statutory Demands, Voidable Transactions

Insolvency and the Biosecurity Act

In January 2020 the COVID-19 coronavirus was declared a Listed Human Disease, meaning the Biosecurity Act 2015 (Cth) can now be used by Government to its full effect. It means (amongst other things) a person can be directed or forced to self-isolate for an indefinite period of time. In the context of the insolvency profession…

March 9, 2020Bankruptcy, Public Commentary, Remuneration

More holes than a block of swiss cheese

Registered bankruptcy trustee remuneration is in the news again, thanks to the annual report produced by Australian Financial Security Authority (AFSA). It really should not be! AFSA have concluded that the remuneration system doesn’t appear to be working effectively and that the level of dissatisfaction with remuneration is higher than the yearly number of complaints…

March 4, 2020Insolvency, PPSA, Priority entitlements, Public Commentary

SPER registering PMSI’s

Anecdotally we are noticing an uptick in QLD State Penalties Enforcement Registry actions whereby personal property (like trucks and motor vehicles) are having security interests registered against them by SPER for relatively small debts (say less than $10k). According to SPER, their enforcement action rights include the ability to register a security interest on the…

February 27, 2020DPN's, Public Commentary

DPN’ing the corporate veil

Directors may start being held personally liable for ATO debts owed by their company from 1 April 2020. Any remnants of the corporate veil, are now well and truly gone. The move comes after the Government introduced new legislation designed to tackle illegal phoenix activities. I previously warned last year about this new legislation. When…