Your fellow members; Broadhurst LLC the exclusive Insolvency Member in the Cayman Islands, is pleased to announce an addition of a new practice area of Corporate Law to their IR Global membership. This new position adds further strength to their membership and offers further support for fellow members in the area. Kyle Broadhurst will be the […]
In the recent decision of Deputy Commissioner of Taxation v Ausmart Services Pty Ltd [2018] FCA 1912, the Australian Taxation Office (ATO) has been successful in their application to have provisional liquidators appointed for eight labour hire businesses after they entered liquidation or were deregistered without paying their outstanding tax liabilities. Scott Shi was the head of […]
In 2003, the Victorian Supreme Court considered the case of ASIC v Plymin, Elliot & Harrison [2003] VSC 123, in which it was found that a number of companies had traded whilst insolvent. As a result, the associated directors were liable to compensate the creditors $1.4 million for debts incurred in the insolvent period. The case […]
On 12 February 2019, the Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 was passed in Parliament, introducing a number of laws designed to improve the integrity of the Superannuation Guarantee system and pay as you go (PAYG) withholding tax compliance. Of the changes, the most significant include new penalties for employers who fail to comply […]
Recently, in The Matter of 1st Fleet Pty Ltd (in liq) [2019] NSWSC 6, the New South Wales Supreme Court offered guidance on the scope and operation of the Insolvency Practice Schedule (Corporations)(IPSC), which provides rules on when creditors can request and are entitled to recover specified information and documents from external administrators. On 22 May 2012, […]
Following an investigation into the affairs of Cap Coast Telecoms Pty Ltd, ASIC has charged a company director and two pre-insolvency advisers with dealing with proceeds of crime, alleging the trio were complicit in the removal of almost $750 000 in company funds. On 1 March 2019, the trio appeared in the Brisbane Magistrates Court […]
Until recently, Australia had some of the strictest insolvent trading laws in the world. Those laws were designed to lift the corporate veil so that those in control of a corporation could be held liable for debts incurred while the corporation is unable to pay its debts as and when they are due. Section 588G […]
Until the Court of Appeal’s recent decision in Michael Wilson & Partners Ltd v Emmott [2019] EWCA Civ 219 a commonplace feature of worldwide freezing orders has been the exemption permitting the respondent whose assets are otherwise frozen to continue making payments in the ordinary course of business. This exception is known as the “Angel Bell” exception. […]
Following criticism in the wake of the Hayne Royal Commission, ASIC has vowed to crack down on increasing business misconduct by implementing a new ‘litigate-first’ strategy. In doing so, the corporate regulator has committed to placing a greater emphasis on litigation, warning that it will ‘move more quickly to, and accordingly conduct more, civil and criminal […]
In the recent decision of Roberts and Secretary of Jobs and Small Business [2019] AATA 64, the Administrative Appeals Tribunal (AAT) reviewed a decision made by the Secretary of the Department of Jobs and Small Business that the Applicant was not eligible to claim an advance under the Fair Entitlements Guarantee Act 2012 (Cth) (‘FEG Act’). The FEG Act establishes a scheme which enables employees who have lost their job as a result […]
U.S. Department of Justice official John C. Demers, who heads the Department’s National Security Division, announced yesterday that Brandon Van Grack will now lead the team that enforces the Foreign Agents Registration Act (“FARA”). Mr. Demers described the appointment as signalling a shift “from treating FARA as an administrative obligation and regulatory obligation to one […]
Washington Governor Jay Inslee announced late last week that he is running for President, making him the first sitting governor in the 2020 presidential field. Inslee’s entrance into the presidential race while simultaneously holding his gubernatorial office represents a new risk for investment advisers subject to the Securities & Exchange Commission’s “Pay-to-Play” Rule. The SEC’s […]