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Just and equitable wind-up of a solvent incorporated association

A recent peculiar case from the QLD Court of Appeal (COA) is a timely reminder that a Court will only wind-up a solvent incorporated association on just and equitable (J&E) grounds ūüö® AS A LAST RESORT ūüö® despite a legal war between two camps. The Association: Congregational Christian Church In Samoa-Australia (Ipswich Congregation) Camp 1:…

Receiver’s, think first before charging a margin on top of your consultant’s time charges

Should Receivers charge a margin on top of their consultants time when conducting Receiverships? The Federal Court has today¬†said no; even labelling it “an error of judgment or oversight”. The case involved a very¬†difficult and complex¬†Receivership, spanning 30+ months and $hundreds of millions in assets. The consultant in question had been¬†engaged for the¬†some 3,154 hours…

R&M reduction in notice requirements

According to a new Bill introduced into parliament this morning, Part 5 of the Corporations Act, as it relates to Receivers and Controllers, may be getting a small change. That change is said to save $1.8m in regulatory compliance costs. So what is the proposed change? Where Receivers and Controllers¬†are appointed, the Company would no…