30:
679:
demands are regulated by Part 5.4, Divisions 2 and 3 of the
Corporations Act, and the Courts require that the regime be strictly adhered to. Because a company will irrefutably be presumed to insolvent where a statutory demand is not complied with, the Court requires creditors to ensure that demands are expressed in clear, accurate and unambiguous terms. Even a small error may result in the statutory demand being set aside by the Court. The statute specifies the form of the demand, and requires that the demand must:
1249:. However a creditor is not entitled to claim the benefit of insolvency set-off if, at the time of giving or receiving credit to or from the company, the creditor had notice of the fact that the company was insolvent. Mutual debts are only capable of being set-off if each party is the beneficial owner of each debt (set-off is not available where the debt is owed to one person as agent for another, or where the debt has been assigned or secured in favour of a third party).
3669:
1261:(not being a floating charge), those claims will normally be enforced against the assets outside of (and in priority to) the liquidation process. The priority of unsecured claims to the assets of the company in a liquidation is regulated by section 556 of the Corporations Act. The rules are very detailed, but broadly they provide that:
1339:, a company may seek to enter into a non-liquidation arrangement. The two principal types are voluntary administration and deeds of company arrangement. These forms of administration are considered when the debtor company is insolvent or likely to become insolvent. Unlike receivership (which is usually initiated by a
1446:
to hand over any books in their possession. The directors are also required to provide the administrator with a statement about the company's business, property, affairs and financial circumstances within one week of the administrator being appointed, and must assist the administrator whenever reasonably required.
1942:, a director or other officer must exercise their powers and discharge their duties with the degree of care and diligence that a reasonable person would exercise if they (a) were a director or officer of a corporation in the corporation's circumstances; and (b) were in the same position as the director or officer.
958:, and the proceeds are subsequently applied to discharge all relevant debts and liabilities in accordance with the priorities set by law. Any balance which may remain after paying the costs and expenses of winding-up is then distributed among the members according to their respective rights and interests.
1909:
The liquidator also has a duty to investigate the company's officers and to determine whether there may be any liability for anything done by them prior to the company going into liquidation. Where the directors or officers have been guilty of either insolvent trading or misfeasance, this may provide
1873:
A transaction will be deemed an unreasonable director-related transaction if a reasonable person in the company's circumstances would not have entered into the transaction. Andrew Vosko was the founding father of unreasonable director-related transactions within the
Australian insolvency industry and
1804:
A transaction is an unfair preference if the company and the creditor are parties to the transaction and the transaction results in the creditor receiving from the company, in relation to an unsecured debt owed to the creditor, a greater amount than it would have received in relation to the debt in a
1628:
the benefit of transactions which the company undertook during the "twilight period" prior to the commencement of the winding-up. These are generally referred to as "voidable transactions". The aim of the division is to protect "the interests of unsecured creditors which might otherwise be prejudiced
1605:
When the voluntary administration of the company ends and the deed of company arrangement comes into effect, and the powers of the directors are resurrected. However, the deed of company arrangement binds the directors of the company. The deed of company arrangement also binds all creditors in so far
1445:
In carrying out these tasks the administrator acts as agent of the company. As such, the administrator has broad powers to deal with the company's property and carry on the company's business. The administrator is also entitled to the company's books and the officers of the company have an obligation
678:
A popular way for a creditor to prove that a company is insolvent is to serve a statutory demand pursuant to section 459E of the
Corporations Act. Issuing and serving a statutory demand is a relatively simple and inexpensive process when compared against proving actual financial insolvency. Statutory
1882:
The Court may not make an order against a party where it would materially prejudice a right or interest of a person who is able to bring themselves within the protective provision. Where the person defending the liquidator's claim was not a party to the voidable transaction, the protective provision
1860:
A liquidator may seek to avoid an unfair loan where the loan or loans were subject to interest or charges that are extortionate. In determining whether a loan is unfair, the Court will look at such things as the risk assumed by the company in lending, the value of any security in respect of the loan
1597:
The deed of company arrangement binds the deed administrator, the company and its officers and the members of the company and releases the company from its debts to the extent provided by the deed of company arrangement. If a creditor fails to lodge a proof of debt in the administration of a deed of
1562:
The primary benefit for the company's creditors is that there is a potential for a better dividend than what the creditors would otherwise receive if the company were to be broken up and wound-up by a liquidator. Other potential advantages of a deed of company arrangement for the company's creditors
1388:
Upon their appointment an administrator is obliged to lodge a notice of appointment with ASIC in order to provide notification that the company is under external administration. The administrator must also publish a notice of appointment in a newspaper. Once an administrator is appointed, any use of
1085:
In a compulsory winding up the Court will appoint the liquidator to the company. Generally it will act upon the nomination of the party making the application. In a voluntary winding up, the liquidator will be appointed by the members or creditors of a company. Liquidators are required to be members
1851:
Where it is not possible to categorise transactions as unfair preferences or uncommercial transactions, they may still be voidable even if entered into outside of the time periods usually applied to such transactions. This will be the case where transactions were entered into by the company for the
1842:
It is not necessary for the liquidator to demonstrate that the transaction was between the company and a creditor. The transaction can be between the company and any party. An uncommercial transaction can be voided if it was entered into during the 2 years prior to the relation-back day, or 4 years
1113:
Liquidators should exercise their powers and discharge their duties with the degree of care and diligence that a reasonable person would exercise if they were a director or officer of a corporation if the corporation's circumstances and occupied the office held by, and had the same responsibilities
1869:
A liquidator may seek to reclaim unreasonable payments made by companies to directors prior to liquidation, for example, by way of an excessive bonus. This provision extends to payments made to "close associates" of any director, conveyances, transfers, other dispositions of property, the issue of
1601:
The company is bound by the terms of the deed of company arrangement throughout the term of its operation. The company will also be required to change all public documents by inserting the words "(Subject To A Deed Of
Company Arrangement)" after its name. In exceptional circumstances the Court may
1537:
The main aim of a deed of company arrangement is to try and produce a better outcome for all parties than would result upon a liquidation. There are a number of advantages which can potentially arise from a consensual deed of company arrangement. The principal advantage for the company is normally
1524:
An administrator of the deed of company arrangement must be appointed, and this will usually be the former administrator from the voluntary administration continuing in office. The
Corporations Act permits a great deal flexibility in relation to the deed of company arrangement. The deed of company
1401:
An administrator must be a registered liquidator who gives consent in writing to accept their appointment. Various persons are disqualified from acting as a company's administrator, including creditors with an interest in the company over $ 5000, a director, secretary or employee of the company, a
1037:
A compulsory liquidation is usually the result of an action taken by one or more creditors of an insolvent company. Compulsory liquidation is a statutory procedure which enables a person to apply to the Court for an order that the affairs of a company be wound-up. A number of different people have
936:
On 19 October 2017 The
Australian Federal Parliament proposed a bill is to reduce the period of bankruptcy from three years to one year. According to this bill, after one year, a person will not be required to disclose his status as bankrupt . Furthermore, it states that after one year, a bankrupt
927:
If a company fails to satisfy a statutory demand, or have it set aside, then it is presumed to be insolvent. The company requires leave of the court to before it can challenge the debt in opposing an application to wind up the company. The effect of the presumption is that the company has to prove
1392:
Where the company is to survive as a going concern the aim of the voluntary administration process is the entering into of a deed of company arrangement. If a deed of company arrangement is executed it will lead to another administration, governed by the terms of the deed of company arrangement .
1520:
Where a deed of company arrangement is agreed to by creditors, it will normally result in a successful financial restructuring of the company. Alternatively, less commonly, the deed of company arrangement sometimes simply operates as a way to maximise the benefits of the creditors over the short
1117:
Upon the appointment of the liquidator, all of the powers of the directors are suspended and the company itself will cease to carry on business except to the extent that the liquidator believes it will assist the beneficial disposal of the business. The liquidator will take over operation of the
715:
Upon being served with a valid demand, the debtor may either pay the debt, or secure or compound the debt to the creditor's reasonable satisfaction. Failure to do so within 21 days (unless an extension is granted) will mean that insolvency of the debtor is presumed and the creditor may use that
1478:
while the company is in administration, the owner or lessor of property that is used or occupied by, or is in the possession of, the company cannot take possession of that property or otherwise recover it - except where a supplier of perishable property is entitled to recover those goods under
1474:
contracts with a company under administration are not automatically terminated - the appointment of an administrator does not reflect an intention on the part of the company to repudiate contracts already entered into, nor does it necessarily constitute a breach or repudiation of a continuing
2054:
A person who contravenes duties set out in sections 180-183 of the
Corporations Act may also be made subject to a civil penalty order of up to A$ 200,000 upon the application of ASIC. The success rate of ASIC when seeking civil penalties is extremely high. The director may be ordered to pay
1791:
it involved a situation where the company was a party to an unfair preference or uncommercial transaction in order to defeat, delay or interfere with the rights of any or all of its creditors and the transaction was entered into during the ten years immediately prior to the relation back
632:
to be insolvent without the need to actually prove financial insolvency. A company will be presumed to be insolvent if, during or after the three months preceding the day on which an application was made for the winding-up of the company, any one of the following six situations occurs.
1830:
An uncommercial transaction is an insolvent transaction (that is the company was insolvent at the time of the transaction or the transaction caused the company to become insolvent) that a reasonable person in the place of the company would not have entered into, taking into account:
1482:
creditors who have supplied goods to a company pursuant to a contract which includes a retention of title clause, and the company then goes into administration, are often unable to recover the goods because of the restriction of section 440C provided the company is using the
1777:
Insolvent transactions are transactions entered into by a company whilst insolvent, or transactions entered into by the company the result of which caused the company to become insolvent. An insolvent transaction may be voidable when one of the following conditions apply:
1521:
term. During the operation of the deed of company arrangement a company normally continues to trade, however any debts incurred after the execution of the deed of company arrangement are not covered by the deed, and are treated as expenses of the administration process.
2037:
may enable a liquidator to recover property from a director, or may give the liquidator a right to an account of profits. If a director removes or misuses company property, this would ordinarily be a breach of their duty of good faith, and may render the transaction
534:
regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is principally governed by the
1657:
Unfair preferences and uncommercial transactions are collectively referred to as "insolvent transactions" because of the requirement that the company must have been insolvent and the time they were entered into, or caused the company to become insolvent.
1606:
as they possess any claims arising before the effective date referred to in the deed of company arrangement. Creditor's claims are normally compromised to some degree under the terms of a deed of company arrangement in order to preserve the company as a
1044:
to initiate compulsory liquidation proceedings, including not only the company's creditors (who are the most common applicants), but also the company itself, the company's members, the liquidator, ASIC and (in respect of a general insurance company) the
1220:
The liquidator also has power to disclaim any onerous property or contracts of the company in liquidation with the leave of the Court. Any damages due to a counterparty to a contract which has been disclaimed may be proved as a debt in the winding-up.
1370:
Voluntary administration commences from the time when an administrator is appointed, and usually ends either upon the execution by the company of a deed of company arrangement or a resolution by the creditors that the company should be wound up.
1486:
where property is being used or occupied by the company in administration, but belongs to someone else, the administrator is only able to dispose of it in the ordinary course of business with the consent of the owner or with leave of the Court:
831:“offsetting claim” means a genuine claim that the company has against the respondent by way of counterclaim, set-off or cross-demand (even if it does not arise out of the same transaction or circumstances as a debt to which the demand relates).
2081:
directors use the information that they receive dishonestly with either the intention of gaining an advantage or causing the company to suffer a detriment, or acting recklessly as to whether they might gain an advantage or cause the company a
1211:
Any property of the company which is subject to a valid security interest is not considered part of the insolvent estate, and the insolvency process does not prevent a secured creditor from enforcing their rights over the relevant collateral.
29:
1422:
The administrator is also required to investigate the affairs of the company and consider any possible causes of action and report to creditors. As soon as practicable after the administration of a company begins, the administrator must:
1346:
Voluntary administrations and deeds of company arrangement are regulated under Part 5.3A of the
Corporations Act. The purpose is to provide for the business, property and affairs of an insolvent company to be administered in a way that:
835:
This means that any claim that you have against the person/company issuing the demand, can be used to set aside the demand. Especially if the offsetting claim means that the offset total of the demand drops below the statutory minimum.
1593:
Once a deed of company arrangement is executed, the administration of the company ends and the moratorium restrictions that apply to creditors come to an end and are replaced by the deed of company arrangement's moratorium provisions.
3654:
593:
A company, partnership, or trust with multiple trustees, is legally insolvent if it is not able to pay its their debts, as and when they become due and payable. Solvency and insolvency are defined so as to be mutually exclusive.
1499:
If the administrator, in good faith, makes a payment or enters into a transaction, that act is valid and effectual for the purposes of the
Corporations Act and cannot be set aside in a subsequent winding up of the company.
1076:
The liquidator is the principal officer of the company who is appointed to conduct the winding-up process. Where the company is insolvent, the liquidation will invariably be an accountant who is an insolvency professional.
1057:
In a compulsory winding up, the day on which the relevant Court order is made will constitute the date of the commencement of the winding up. The date on which the application to wind up the company was filed is called the
1983:
A person who obtains information in their position as a director or other officer or employee must not improperly use the information to (a) gain an advantage for themselves or someone else; or (b) cause detriment to the
1020:
A creditors' voluntary winding-up is also initiated by the members but (in contrast to a members' voluntary winding-up) where it has been determined that the company is insolvent. The process normally occurs where the
1567:
a dividend under a deed of company arrangement may be received more quickly than if the company was being wound up, and third parties may be willing to contribute funds to the company which would not otherwise be
1571:
the directors, related companies and some creditors may be willing to defer or waive their claims under a deed of company arrangement, increasing the funds available to the deed of company arrangement creditors;
1062:. Whether the liquidation process is initiated by an order of the Court or through a creditors' voluntary winding up, a liquidator will be appointed to administer the winding up of the affairs of the company.
1512:
it is not a standalone process. A deed of company arrangement is broadly a compromise agreement entered into between the company and its creditors that follows on from a voluntary administration, much like a
2021:
If a director is found to be in breach, then they may also be subject to a civil penalty application by ASIC. ASIC may also seek compensation orders on behalf of the creditors in addition to the liquidator.
1468:
meaning that legal proceedings, winding-up proceedings and execution against company property cannot be commenced or continued by creditors without written consent of the administrator or leave of the Court;
1354:
if it is not possible for the company or business to survive as a going concern, would result in a better return for the company's creditors and members than would result from an immediate winding up of the
999:
Where a liquidator who is appointed pursuant to a members' voluntary winding-up subsequently determines that the company is in fact insolvent in his opinion (contrary to the solvency declaration made by the
1029:, it may also be initiated by a liquidator was originally appointed pursuant to members voluntary winding-up where the liquidator has subsequently formed the opinion that the company is actually insolvent.
1972:
A director, secretary, other officer or employee of a corporation must not improperly use their position to (a) gain an advantage for themselves or someone else; or (b) cause detriment to the company.
1822:
If a transaction is held to constitute an unfair preference, the recipient will be required to repay the benefit received from the company to the liquidator for general distribution to all creditors.
1151:
To preserve the assets of the company by taking an inventory, insuring the assets, investing funds wisely and defending any claims initiated against the company to recover assets or claim for damages;
1233:
will not normally make a claim in the liquidation unless there is a shortfall in the collateral provided by the insolvent company. However, if a secured creditor wishes to do so, it may release its
988:
A members' voluntary winding-up is not technically an insolvency process. It is a voluntary liquidation entered into by the members where the company is not insolvent. The process is initiated by a
992:
of the company, and the creditors have no direct involvement and are repaid in full. The directors are required to give a declaration as to the solvency of the company which must be filed with the
1887:
and at the time there was no reasonable grounds for suspecting company insolvent. But if the person defending the liquidator's claim was a party to the voidable transaction then they must prove:
708:
a creditor may not serve a demand at the same time as taking proceedings against the debtors company's directors in relation to the same alleged debt as this would constitute an abuse of process;
712:
The demand must be served on the company by leaving it at its registered office, sending it by post to that office, or delivering a copy of the demand personally to the director of the company.
1102:
The liquidator's role has been described as a hybrid role with elements of fiduciary trustee, agent, officer of the corporation and in some instances officer of the Court. The liquidator owes
3357:
1160:
Administrative duties which require certain documents to be lodged with governmental bodies, and the keeping of accurate accounts and records of all matters relating to the liquidation.
2322:
1475:
contract. This will however, depend upon the terms of the particular contract. Unlike a liquidator, an administrator does not have any statutory power to disclaim onerous contracts;
1471:
the retention of the company's employees is ultimately within the administrator's discretion, and the administrator may terminate employees without incurring any personal liability;
1610:. Accordingly, a creditor who is bound by a deed of company arrangement will be unable to subsequently apply for a winding-up order against the company in respect of those claims.
1195:
aside from current assets, the liquidator can also recover property or money from other persons, or seek to enhance the pool of estates by pursuing claims on behalf of the company.
1538:
that it can continue to trade during the deed of company arrangement period and may be able to survive its financial difficulties. In addition, for the company and its directors:
1148:
To ascertain and take possession of all the assets of the company. The liquidator is empowered to take into custody all property which the company is or appears to be entitled to.
2046:
for the company. A director who breaches the duty to use reasonable care and diligence may also be liable for damages if the company suffered loss as a result of the breach.
1894:
that at the time they became a party to the transaction, they had no reasonable grounds for suspecting that the company was insolvent at that time or would become insolvent;
1812:
the transaction was an insolvent transaction (that is the company was insolvent at the time of the transaction or the transaction caused the company to become insolvent);
1327:" is defined in section 9 of the statute as (a) a contract of employment; or (b) a law, award, determination or agreement relating to terms or conditions of employment.
1008:
to the company, or (c) convene a meeting of creditors. If a meeting of the creditors is convened, then from the time of the meeting the winding-up will be treated as a
1805:
winding up of the company. The liquidator will be required to prove the various elements in order to retrieve the monies paid out by the company. These include that:
2078:
there is, in the use of directors' position, an element of dishonesty and either intention or recklessness in obtaining a gain or causing the company a detriment; or
1815:
the transaction occurred within six months of the relation back date or within four years of the relation back date if the transaction is with a related entity; and
1199:
Any property of the company which is disposed of after the deemed commencement of winding-up (other than by the liquidator in the exercise of his or her powers) is
1616:
can continue to deal with their own security and are generally not bound by the terms of a deed of company arrangement unless they have expressly consented to it.
1418:
may perform any function, and exercise any powers, that the company or any of its officers could perform or exercise if the company were not under administration.
1229:
Any creditor wishing to make a claim with respect to a debt due from the company must formally make and prove the claim in accordance with the regulations. A
2982:
1782:
It was entered into during the 6-month period immediately before the relation back day or during the period between the relation back day and the winding up;
891:
There are a number of cases in
Australia which have decided what a defect in a demand which will cause substantial injustice is. Some examples of this are:
1157:
A duty to report and investigate on the affairs of the company, including settling a list of contributories and ascertaining the liabilities of the company;
1321:" means an amount payable to the employee by virtue of an industrial instrument in respect of the termination of the employee's employment by the company.
1883:
requires that they must prove that they did not receive a benefit as a result of the transaction, or if a benefit was received, that it was received in
1106:
duties to the company, its creditors and members. The liquidator is required to act honestly, fairly and impartially at all times, and must avoid any
3361:
2055:
compensation to the company in addition if the Court is satisfied that the corporation has suffered some loss as a result of the director's breach.
1490:
creditors are required to obtain leave of the Court to enforce guarantees against directors, their spouses, de facto spouses or their relatives; and
2964:
993:
1461:
the company's officers lose the right to use their authority and can only exercise that authority with the written approval of the administrator;
1087:
905:
There are also cases in Australia which have decided that certain defects in the demand do not cause substantial injustice. Some examples are:
1598:
company arrangement, that creditor may be prevented from participating in any distribution of the fund created by deed of company arrangement.
2130:
1131:
to examine the circumstances which precipitated the liquidation and which may reveal improper dispositions of property and criminal offences.
333:
2093:
2199:
2114:
1910:
the basis for financial claims against them, which the liquidator can use to swell the assets available for distribution to the creditors.
1525:
arrangement may involve a simple moratorium for a fixed period, or a composition of creditors' claims whereby creditors agree to accept a
559:
and the wider community when debtors are unable to meet their financial obligations. The aim of the legislative provisions is to provide:
2747:
1046:
1245:
Where there are mutual debts between the company and any of its creditors when the company goes into winding-up then those debts will
551:
is used in relation to individuals. Insolvency law in Australia tries to seek an equitable balance between the competing interests of
1763:
A payment or transfer from the company to a director or associate that a reasonable person in those circumstances would not have made
389:
2017:
a reasonable person in the position of a director in the company's circumstances would have been aware of the company's insolvency.
318:
189:
2734:
2545:
2520:
2445:
445:
56:
1405:
The core role of the administrator is outlined in the legislation. Whilst a company is under administration, the administrator:
2011:
the company was insolvent at the time when the debt was incurred, or became insolvent as a result of the incurring of the debt;
1852:
purpose of defeating, delaying or interfering with the rights of creditors during the 10 years prior to the relation back day.
1004:), then the liquidator must either (a) apply to the Court for the company to be wound-up on an insolvent basis, (b) appoint an
1712:
Where a reasonable person would not have entered into the transaction taking into account the relative benefits and detriments
1384:
a chargee of the whole, or substantially the whole, of the company's property where the company is not already being wound up.
359:
1144:
to the company itself. In relation to the administration of the liquidation the statutory duties of the liquidator include:
1729:
Transactions entered into by the company for the purpose of defeating, delaying or interfering with the rights of creditors
518:
184:
1402:
director, secretary or employee of a company that is a mortgagee to the company's property, or an auditor of the company.
1393:
Although both administrations are dealt with under the same part of the statute, the two are actually separate processes.
1629:
by a company disposing of assets or incurring liabilities or entering into unrealistic loans shortly before winding up".
1433:
whether it would be in the interests of the company's creditors for the company to execute a deed of company arrangement;
3721:
2895:
1861:
and the term of the loan. The unfair loan provisions do not require that the transaction be an insolvent transaction.
1479:
section 441G or where the owner/lessor can obtain the administrator's written consent or the leave of the Court under;
686:
require the debtor company to pay the debt within 21 days (or 6 months during COVID-19 as part of temporary measures);
683:
state the debt claimed, or if the demand relates to two or more debts it must specify the total amount of the debts;
3726:
2944:
604:
81:
1958:
1169:
The liquidator is entitled to all the assets belonging to the company at the commencement of the winding up. But:
584:
providing for the examination of insolvent companies and their representatives, and the reasons for their failure.
2042:. Accordingly, the liquidator may attempt to recover the property from the director, who is deemed to hold it on
888:
However, a simple defect is not enough to allow the demand to be set aside, it must cause substantial injustice.
414:
2629:
1493:
during the period of administration, the administrator controls all financial and other dealings of the company.
1315:" means a liquidator or provisional liquidator, administrator or administrator of a deed of company arrangement.
3504:
1897:
that a reasonable person in the recipient's circumstances would have had no such grounds for so suspecting; and
1025:
has determined that the company is insolvent and then recommended to the members that it be wound up. However,
613:
Poor relationship with bank or other financial institution culminating in an inability to borrow further funds;
597:
The common law has also established various indicators of insolvency. These indicators include amongst others:
384:
1514:
409:
404:
369:
61:
3561:
3545:
1900:
that valuable consideration was provided or that they changed their position in reliance on the transaction.
1580:
the administrator of a deed of company arrangement will not have the power to seek recovery with respect to
3524:
3483:
3460:
3437:
399:
3641:
3402:
3386:
3344:
3328:
3312:
3293:
3277:
3261:
3245:
3226:
3141:
3125:
3106:
3074:
2911:
2600:
2584:
2398:
2382:
2366:
2347:
2284:
2268:
2075:
or intentional dishonesty and powers are not exercised in good faith in the best interests of the company;
1874:
has successfully recovered numerous claims against directors across his 14 year span within the industry.
750:
Various cases in Australia have decided what a genuine dispute is, and is not. A genuine dispute should:
3697:
3625:
3609:
3593:
3577:
3189:
3173:
3157:
3090:
3058:
3005:
2227:
2014:
there were reasonable grounds for believing that the company was insolvent or would become insolvent; and
1351:
maximises the chances of the company, or as much as possible of its business, continuing in existence; or
644:
execution process issued on a judgment in favour of a creditor was returned wholly or partly unsatisfied;
3205:
3029:
2931:
2839:
2799:
2779:
2706:
2616:
2504:
1796:
There are two categories of insolvent transactions: unfair preferences, and uncommercial transactions.
846:
because of a defect in the demand, substantial injustice will be caused unless the demand is set aside.
1415:
may terminate or dispose of all or part of that business, and may dispose of any of that property; and
1049:(APRA). But in most cases compulsory liquidation will normally be commenced by one or more creditors.
2987:
2480:
2247:
1577:
deed of company arrangement administrators can be selected based on relevant industry experience; and
1189:
465:
1555:
the company may be able to carry forward tax benefits as deductions against any future earnings; and
2134:
1999:
724:
A debtor company can also apply to set aside a statutory demand on various grounds. These include:
511:
394:
379:
364:
349:
235:
1118:
company and can deal with the property of the company. The functions of the liquidator are to:
575:
to ensure claims against the insolvent company are resolved with the minimum of delay and expense;
2949:
2171:
2097:
619:
Suppliers placing the company on COD or otherwise demanding ransom payments for continual supply.
492:
482:
435:
323:
261:
112:
91:
2450:
2411:
3417:"Challenging fraudulent transactions and unfair loans as voidable pre-liquidation transactions"
3416:
2678:
2658:
2150:
1939:
1641:
225:
2815:
2564:
2034:
1184:
the liquidator is not entitled to goods in the company's possession that the company holds as
3025:
3021:
2871:
2775:
2771:
2702:
2525:
2500:
1509:
1297:
818:(1) This section applies where, on an application under section 459G, the Court is satisfied…
536:
430:
328:
220:
204:
158:
137:
132:
2927:
2891:
2835:
2795:
2698:
2496:
2476:
2297:
2243:
1788:
it was a related entity transaction during the 4-year period prior to the relation back day;
2875:
2819:
2682:
2662:
2568:
1529:, or a plan to pay creditors in deferred instalments, or some combination of these things.
1365:
1296:
All ordinary unsecured creditors ranks equally between themselves, and within each rank of
1107:
1005:
440:
46:
1785:
it was an uncommercial transaction entered into during 2 years prior to relation back day;
8:
3716:
3655:
Multinational Gas and Petrochemical Co v Multinational Gas and Petrochemical Services Ltd
1953:
A director or other officer must exercise their powers and discharge their duties (a) in
1458:
the company's business, property and affairs come under the control of the administrator:
504:
374:
705:
the debt must be due and payable - it cannot be contingent, prospective or unliquidated;
2855:
2072:
2043:
1336:
1154:
A duty to liquidate and realise the value of the assets for the benefit of the company;
1022:
1001:
989:
460:
251:
168:
2063:
Officers of a company who breach sections 180-183 of the Corporations Act may also be
2004:
A director of an insolvent company may be personally liable for insolvent trading if:
1913:
The Corporations Act codifies several duties into sections 180 to 183 of the statute.
1427:
investigate the company's business, property, affairs and financial circumstances; and
738:
where there is a defect in the demand and substantial injustice will be caused; and/or
667:
a person was appointed to enter into possession or assume control of company property.
3673:
1636:
1558:
the company may redevelop its business during the deed of company arrangement period.
1549:
1335:
If the company is potentially salvageable with a realistic prospect of surviving its
1258:
1234:
1174:
487:
470:
455:
302:
230:
122:
71:
2323:"Corporations Regulations Form 509H Creditor's statutory demand for payment of debt"
1838:
the respective benefits to the other parties involved and any other relevant matter.
2008:
he or she was director of the company at the time when the company incurred a debt;
1613:
1465:
1340:
1230:
1071:
955:
540:
297:
266:
163:
127:
1843:
prior to the relation-back day if a related entity is a party to the transaction.
1545:
creditors of the company will no longer place pressure for payment on the company;
1508:
A deed of company arrangement is also a type of administration. However, unlike a
1343:) these two forms of administration are normally initiated by the company itself.
1309:" means, broadly, the fees and expenses properly incurred by a relevant authority.
648:
282:
66:
1870:
securities, and the incurring of an obligation to enter into these obligations.
961:
A company may be wound up on either a voluntary basis or on a compulsory basis.
1439:
whether it would be in the creditors' interests for the company to be wound up.
1141:
954:
is the process whereby the assets of a company are collected and realised by a
2965:"Proposed Changes to the Bankruptcy Act – Term Reduced from 3 Years to 1 Year"
1542:
the officers will not be seen as officers of a company that is in liquidation;
1436:
whether it would be in the creditors' interests for the administration to end;
1389:
the company's name must be followed by the words "(Administrator Appointed)".
3710:
1818:
the creditor received more than it would have in a winding-up of the company.
1607:
1246:
1091:
732:
578:
to rehabilitate financially distressed companies and businesses where viable;
199:
2064:
1746:
Where a loan was subject to interest or other charges that are extortionate
1040:
844:
A statutory demand can also be set aside pursuant to section 459J(1)(a) if
807:
You may also set aside a statutory demand if you have an offsetting claim.
655:
581:
to engage with key stakeholders in the resolution of insolvency issues; and
563:
an orderly and fair procedure to handle the affairs of insolvent companies;
96:
76:
2587:
Determination of application where there is a dispute or offsetting claim.
1412:
may carry on that business and manage that property and those affairs; and
1094:. They must be an independent person and be seen to be fully independent.
2542:
Chadwick Industries (South Coast) Pty Ltd v Condensing Vaporisers Pty Ltd
1574:
the creditors of a company may elect to retain the company as a customer;
1280:
Wages, superannuation contributions and superannuation guarantee charges;
951:
946:
629:
256:
86:
2888:
Noy's Works Pty Ltd (Formerly Noy's Castings Pty Ltd) v Allcast Pty Ltd
2031:
1954:
1884:
1200:
1173:
the liquidator is not entitled to property which is subject to a valid
568:
548:
544:
476:
51:
21:
1695:
Where a creditor received more than it would have done in a winding-up
1265:
Properly incurred liquidation expenses are paid out first; followed by
1625:
1526:
1178:
1128:
to distribute the company's assets equitably among its creditors; and
1103:
839:
792:
Be so devoid of substance that no further investigation is warranted;
194:
1274:
Expenses properly incurred by any "relevant authority" (as defined);
741:
where there is some other reason why the demand should be set aside.
716:
presumption in order to make a winding-up application to the Court.
2924:
Ace Contractors & Staff Pty Ltd v Westgarth Development Pty Ltd
2039:
1185:
556:
292:
153:
117:
2768:
Kalamunda Meat Wholesalers Pty Ltd v Reg Russell and Sons Pty Ltd
728:
where there is a genuine dispute about the existence of the debt;
1409:
has control of the company's business, property and affairs; and
763:
Truly exist in fact, and contain a serious question to be tried;
1268:
If the Court so order, the costs of the winding-up application;
552:
450:
2473:
TR Administration Pty Ltd v Frank Marchetti & Sons Pty Ltd
1257:
Where any of the assets of the company are subject to a valid
915:
The omission of an address for service for interstate demands;
1864:
1835:
the relevant benefits and the detriments to the company; and
1632:
There are several different types of voidable transactions:
3042:
2695:
Topfelt Pty Limited v State Bank of New South Wales Limited
1809:
there was a transaction between the company and a creditor;
287:
3670:"The Use of Civil Sanctions for Breaches of Corporate Law"
2133:. Australian Debt Solvers. 10 October 2015. Archived from
1891:
that they became a party to the transaction in good faith;
1588:
689:
must be in writing in the prescribed form (Form 509H); and
2200:"Australia: An Introduction To Insolvency Law - Part One"
1140:
Liquidators are subject to a number of duties, including
1052:
2945:"Bankruptcy Amendment (Enterprise Incentives) Bill 2017"
1957:
in the best interests of the corporation; and (b) for a
1009:
912:
Whether the demand is so defective it becomes a nullity;
1454:
The principal effects of voluntary administration are:
1624:
The liquidator of a company may in some cases seek to
1026:
864:“defect“, in relation to a statutory demand, includes:
766:
Be something more than mere bluster or mere assertion;
1449:
1430:
form an opinion about each of the following matters:
760:
Be in good faith and show a prima facie plausibility;
701:
In relation to the debt to which the demand relates:
2983:"Caution over bankruptcy and insolvency law changes"
1289:
Retrenchment payments payable to employees; and then
1114:
within the corporation as, the director or officer.
918:
The omission of a signature from a statutory demand.
879:(c) a misdescription of a debt or other matter; and
827:
Then goes on to define an offsetting claim to mean:
786:
Be spurious, hypothetical, illusory or misconceived;
754:
Show a plausible contention requiring investigation;
661:
an order was made for the appointment of a receiver;
2675:
Condor Asset Management Ltd v Excelsior Eastern Ltd
1602:order that this requirement may be dispensed with.
1237:, and claim in the winding-up for the full amount.
795:
Be merely spurious claim, bluster or assertion; and
772:
Have a sufficient degree of cogency to be arguable;
719:
572:
equal distribution of the assets amongst creditors;
1125:ascertain and recover the property of the company;
1015:
937:would be able to travel without prior permission.
840:Defect in the Demand Causing Substantial Injustice
2561:Cgi Information Systems v Apra Consulting Pty Ltd
2493:Scanhill Pty Ltd v Century 21 Australasia Pty Ltd
1552:claims against the directors cannot be commenced;
1271:Any claims of an administrator to be indemnified;
616:An inability to raise further equity capital; and
547:is usually used with reference to companies, and
3708:
1286:Amounts due because of an industrial instrument;
994:Australian Securities and Investments Commission
983:
664:a person assumed control of company property; or
3041:Subject to any claim the company may have to a
2537:
2535:
2412:"Setting Aside a Statutory Demand in Australia"
2197:
2112:
1503:
1464:the appointment of an administrator leads to a
1088:Institute of Chartered Accountants of Australia
969:There are three different types of winding-up:
692:must be signed by or on behalf of the creditor.
2115:"Australia: An Introduction To Insolvency Law"
1581:
909:Where the notes and warning have been deleted;
874:(b) a misstatement of an amount or total; and
2825:
2298:"Sending a Statutory Demand :: Litigant"
823:(b) that the company has an offsetting claim.
623:
512:
2832:Inter Mining Pty Ltd v Lake Johnston Pty Ltd
2532:
1825:
1619:
884:(d) a misdescription of a person or entity.
2556:
2554:
2468:
2466:
2464:
2462:
2460:
1653:Unreasonable director-related transactions.
1548:because the company is not in liquidation,
1359:
1135:
3667:
3537:
3535:
3533:
3496:
3494:
3492:
2785:
1865:Unreasonable director-related transactions
1846:
1754:Unreasonable director-related transactions
1692:6 months, or 4 years for connected persons
1381:a liquidator or provisional liquidator; or
1206:
1047:Australian Prudential Regulation Authority
519:
505:
3516:
3514:
3512:
3475:
3473:
3471:
3469:
3452:
3450:
3448:
3446:
2881:
2761:
2358:
2356:
1772:
1709:2 years, or 4 years for connected persons
1097:
895:Misstatement of a Debt, Amount, or Total;
628:In certain circumstances a debtor may be
3358:"What is a deed of company arrangement?"
3304:
3302:
3237:
3235:
3218:
3216:
3214:
3117:
3115:
2845:
2551:
2457:
2437:
2435:
2433:
1330:
1300:, the preferred creditors rank equally.
1032:
769:Be a claim that may have some substance;
3551:
3530:
3489:
3414:
2805:
2731:Scandon Pty Ltd v Dome Supplies Pty Ltd
2193:
2191:
2189:
1589:Effect of a deed of company arrangement
964:
3709:
3509:
3466:
3443:
3427:
2861:
2603:Setting aside demand on other grounds.
2517:Re Morris Catering (Australia) Pty Ltd
2388:
2372:
2353:
2260:
2258:
2256:
2094:"Australia's Bankrupt Insolvency Laws"
1374:An administrator may be appointed by:
1053:Commencement of winding-up proceedings
778:Have sufficient factual particularity.
638:
3631:
3392:
3376:
3334:
3318:
3299:
3283:
3267:
3251:
3232:
3211:
3131:
3112:
3096:
3064:
2590:
2574:
2430:
2337:
2240:ASIC v Plymin, Elliott & Harrison
2219:
2217:
2153:". Litigant. Retrieved 9 August 2020.
2058:
1904:
1252:
1240:
610:Overdue commonwealth and state taxes;
3687:
3615:
3599:
3583:
3567:
3179:
3163:
3147:
3080:
3048:
3018:Sydloq Pty Ltd v TG Kotselas Pty Ltd
2995:
2901:
2186:
2025:
1993:
1799:
1396:
673:
637:the company failed to comply with a
2274:
2253:
2151:Common Applications in a Winding Up
2131:"Guide to Liquidation in Australia"
1215:
1164:
1122:wind-up the affairs of the company;
901:Defect in the Names of the Parties;
802:
13:
2748:"Setting Aside a Statutory Demand"
2214:
2049:
1450:Effect of voluntary administration
931:
789:Be plainly vexatious or frivolous;
745:
28:
14:
3738:
3424:(1995) 2(1) Deakin Law Review 53.
2096:. Levitt Robinson. Archived from
2086:
1663:Overview of voidable transactions
1065:
2630:"Setting Aside Statutory Demand"
1188:or which are subject to a valid
720:Setting aside a statutory demand
3661:
3647:
3408:
3350:
3195:
3035:
3011:
2975:
2957:
2937:
2917:
2740:
2724:
2712:
2688:
2668:
2648:
2622:
2606:
2510:
2486:
2404:
2198:Swaab Attorneys (18 May 2009).
2113:Swaab Attorneys (18 May 2009).
1855:
1283:Claims for injury compensation;
1203:unless validated by the Court.
1016:Creditors' voluntary winding-up
1010:creditors' voluntary winding-up
976:creditors' voluntary winding-up
898:Incorrect Interest Calculation;
757:Be bona fide, genuine and real;
696:
2719:Re Macro Constructions Pty Ltd
2442:Eyota Pty Ltd v Hanave Pty Ltd
2315:
2290:
2233:
2164:
1080:
940:
782:A genuine dispute should not:
1:
1532:
1515:company voluntary arrangement
1292:Ordinary unsecured creditors.
984:Members' voluntary winding-up
973:members' voluntary winding-up
798:Be merely fanciful or futile.
775:Have objective existence; and
588:
2852:Re Ad-a-Cab Holdings Pty Ltd
2655:LSI Australia v LSI Holdings
2503:451 (15 December 1993),
2172:"A Guide to Bankruptcy Laws"
2157:
1986:
1974:
1963:
1944:
1765:
1759:
1756:
1748:
1742:
1739:
1731:
1725:
1722:
1714:
1708:
1705:
1697:
1691:
1688:
1504:Deeds of company arrangement
1303:In the relevant provisions:
7:
2705:226 (7 December 1993),
1918:Statutory director's duties
1877:
10:
3743:
2838: (10 September 2013),
1997:
1363:
1069:
944:
810:Section 459H(1)(b) of the
624:Presumptions of insolvency
3722:Insolvency law by country
2988:The Sydney Morning Herald
2874: (11 February 2000),
2681: (10 November 2005),
2679:[2005] NSWSC 1139
2659:[2007] NSWSC 1406
1929:
1926:
1923:
1826:Uncommercial transactions
1703:Uncommercial transactions
1680:
1677:
1674:
1671:
1668:
1642:Uncommercial transactions
1620:Avoidance of transactions
1224:
1190:retention of title clause
922:
869:(a) an irregularity; and
731:where the company has an
532:Australian insolvency law
466:History of bankruptcy law
2816:[2009] NSWSC 783
2661: (6 December 2007),
2565:[2003] NSWSC 728
2000:Trading whilst insolvent
1647:Fraudulent transactions;
1360:Voluntary administration
1136:Duties of the liquidator
236:Voidable floating charge
3727:Australian business law
3022:[1996] FCA 1384
2950:Parliament of Australia
2894: (23 August 2005),
2892:[2005] WASC 185
2872:[2000] NSWSC 35
2868:Daewoo v Suncorp-Metway
2772:[1994] FCA 1059
1847:Fraudulent transactions
1720:Fraudulent transactions
1672:Insolvency requirement?
1207:Collateral for security
483:Pre-packaged insolvency
436:Bankruptcy alternatives
324:Cross-border insolvency
262:Trading while insolvent
113:Insolvency practitioner
92:Provisional liquidation
3360:. ASIC. Archived from
2928:[1999] FCA 728
2836:[2013] FCA 915
2818: (4 August 2009),
2796:[2011] QCA 117
2778:446 (4 May 1994),
2699:[1993] FCA 589
2567: (8 August 2003),
2497:[1993] FCA 618
2477:[2008] VSCA 70
2244:[2003] VSC 123
1940:business judgment rule
1773:Insolvent transactions
1337:financial difficulties
1177:, or which is held on
1098:Role of the liquidator
226:Undervalue transaction
33:
3694:Corporations Act 2001
3638:Corporations Act 2001
3622:Corporations Act 2001
3606:Corporations Act 2001
3590:Corporations Act 2001
3574:Corporations Act 2001
3558:Corporations Act 2001
3542:Corporations Act 2001
3521:Corporations Act 2001
3501:Corporations Act 2001
3480:Corporations Act 2001
3457:Corporations Act 2001
3434:Corporations Act 2001
3399:Corporations Act 2001
3383:Corporations Act 2001
3341:Corporations Act 2001
3325:Corporations Act 2001
3309:Corporations Act 2001
3290:Corporations Act 2001
3274:Corporations Act 2001
3258:Corporations Act 2001
3242:Corporations Act 2001
3223:Corporations Act 2001
3202:Corporations Act 2001
3186:Corporations Act 2001
3170:Corporations Act 2001
3154:Corporations Act 2001
3138:Corporations Act 2001
3122:Corporations Act 2001
3103:Corporations Act 2001
3087:Corporations Act 2001
3071:Corporations Act 2001
3055:Corporations Act 2001
3002:Corporations Act 2001
2908:Corporations Act 2001
2613:Corporations Act 2001
2597:Corporations Act 2001
2581:Corporations Act 2001
2395:Corporations Act 2001
2379:Corporations Act 2001
2363:Corporations Act 2001
2344:Corporations Act 2001
2281:Corporations Act 2001
2265:Corporations Act 2001
2224:Corporations Act 2001
1582:voidable transactions
1510:scheme of arrangement
1331:Restructuring options
1325:Industrial instrument
1108:conflicts of interest
1033:Compulsory winding-up
979:compulsory winding-up
812:Corporations Act 2001
537:Corporations Act 2001
431:Anti-deprivation rule
329:Insolvency Regulation
221:Fraudulent conveyance
205:Scheme of arrangement
159:Preferential creditor
138:Trustee in bankruptcy
133:Referee in Bankruptcy
32:
2798: (3 June 2011),
1930:Statutory provision
1681:Statutory provision
1675:Vulnerability period
1466:statutory moratorium
1366:Administration (law)
1319:Retrenchment payment
965:Types of liquidation
928:that it is solvent.
2479: (5 May 2008),
2302:www.litigant.com.au
1920:
1665:
1298:preferred creditors
1181:for another person;
185:Administration (UK)
2991:. 8 December 2015.
2971:. 8 December 2017.
2953:. 19 October 2017.
2792:McElligott v Boyce
2137:on 5 November 2015
2059:Criminal liability
2044:constructive trust
1980:Use of information
1935:Care and diligence
1916:
1905:Director liability
1661:
1637:Unfair preferences
1313:Relevant authority
1277:Deferred expenses;
1253:Priority of claims
1241:Insolvency set-off
1023:board of directors
1002:board of directors
990:special resolution
854:defines the word "
601:Continuing losses;
461:Financial distress
334:UNCITRAL Model Law
252:Fraudulent trading
169:Unsecured creditor
34:
3674:Monash University
2969:Bankruptcy Expert
2634:Debt Recovery Qld
2065:criminally liable
2035:directors' duties
2026:Common law duties
1994:Insolvent trading
1991:
1990:
1800:Unfair preference
1770:
1769:
1686:Unfair preference
1650:Unfair loans; and
1614:Secured creditors
1550:insolvent trading
1397:The administrator
1307:Deferred expenses
1259:security interest
1175:security interest
1060:relation-back day
850:Section 9 of the
674:Statutory demands
647:in relation to a
529:
528:
488:Sovereign default
471:List of bankrupts
441:Creditors' rights
303:Security interest
231:Unfair preference
213:Avoidance regimes
123:Regulatory agency
3734:
3701:
3691:
3685:
3684:
3682:
3680:
3668:Michelle Welsh.
3665:
3659:
3651:
3645:
3635:
3629:
3619:
3613:
3603:
3597:
3587:
3581:
3571:
3565:
3555:
3549:
3539:
3528:
3518:
3507:
3505:s 588FE(5).
3498:
3487:
3477:
3464:
3454:
3441:
3431:
3425:
3423:
3421:
3412:
3406:
3396:
3390:
3380:
3374:
3373:
3371:
3369:
3354:
3348:
3338:
3332:
3322:
3316:
3306:
3297:
3287:
3281:
3271:
3265:
3255:
3249:
3239:
3230:
3220:
3209:
3199:
3193:
3183:
3177:
3167:
3161:
3151:
3145:
3135:
3129:
3119:
3110:
3100:
3094:
3084:
3078:
3068:
3062:
3052:
3046:
3039:
3033:
3015:
3009:
2999:
2993:
2992:
2979:
2973:
2972:
2961:
2955:
2954:
2941:
2935:
2921:
2915:
2905:
2899:
2885:
2879:
2865:
2859:
2849:
2843:
2829:
2823:
2812:Randall v Chepan
2809:
2803:
2789:
2783:
2765:
2759:
2758:
2752:
2744:
2738:
2728:
2722:
2716:
2710:
2692:
2686:
2672:
2666:
2652:
2646:
2645:
2643:
2641:
2626:
2620:
2610:
2604:
2594:
2588:
2578:
2572:
2558:
2549:
2539:
2530:
2529:
2514:
2508:
2490:
2484:
2470:
2455:
2454:
2439:
2428:
2427:
2425:
2423:
2408:
2402:
2392:
2386:
2376:
2370:
2360:
2351:
2341:
2335:
2334:
2332:
2330:
2319:
2313:
2312:
2310:
2308:
2294:
2288:
2278:
2272:
2262:
2251:
2237:
2231:
2221:
2212:
2211:
2209:
2207:
2195:
2184:
2183:
2181:
2179:
2168:
2146:
2144:
2142:
2126:
2124:
2122:
2109:
2107:
2105:
1921:
1915:
1666:
1660:
1341:secured creditor
1231:secured creditor
1216:Onerous property
1165:Company property
1142:fiduciary duties
1072:Liquidator (law)
852:Corporations Act
803:Offsetting Claim
733:offsetting claim
639:statutory demand
605:Liquidity ratios
521:
514:
507:
298:Second lien loan
267:Wrongful trading
164:Secured creditor
18:
17:
3742:
3741:
3737:
3736:
3735:
3733:
3732:
3731:
3707:
3706:
3705:
3704:
3692:
3688:
3678:
3676:
3666:
3662:
3652:
3648:
3636:
3632:
3620:
3616:
3604:
3600:
3588:
3584:
3572:
3568:
3556:
3552:
3540:
3531:
3519:
3510:
3499:
3490:
3478:
3467:
3455:
3444:
3432:
3428:
3419:
3413:
3409:
3397:
3393:
3381:
3377:
3367:
3365:
3356:
3355:
3351:
3339:
3335:
3323:
3319:
3307:
3300:
3288:
3284:
3272:
3268:
3256:
3252:
3240:
3233:
3221:
3212:
3200:
3196:
3184:
3180:
3168:
3164:
3152:
3148:
3136:
3132:
3120:
3113:
3101:
3097:
3085:
3081:
3069:
3065:
3053:
3049:
3045:over the goods.
3040:
3036:
3016:
3012:
3000:
2996:
2981:
2980:
2976:
2963:
2962:
2958:
2943:
2942:
2938:
2922:
2918:
2906:
2902:
2886:
2882:
2866:
2862:
2850:
2846:
2830:
2826:
2810:
2806:
2800:Court of Appeal
2790:
2786:
2766:
2762:
2755:Stonegate Legal
2750:
2746:
2745:
2741:
2729:
2725:
2717:
2713:
2693:
2689:
2673:
2669:
2653:
2649:
2639:
2637:
2628:
2627:
2623:
2611:
2607:
2595:
2591:
2579:
2575:
2559:
2552:
2540:
2533:
2524:
2515:
2511:
2491:
2487:
2481:Court of Appeal
2471:
2458:
2449:
2440:
2431:
2421:
2419:
2418:. 15 April 2018
2416:Stonegate Legal
2410:
2409:
2405:
2393:
2389:
2377:
2373:
2361:
2354:
2342:
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2328:
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2320:
2316:
2306:
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2296:
2295:
2291:
2279:
2275:
2263:
2254:
2238:
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2222:
2215:
2205:
2203:
2196:
2187:
2177:
2175:
2170:
2169:
2165:
2160:
2140:
2138:
2129:
2120:
2118:
2103:
2101:
2100:on 26 June 2015
2092:
2089:
2061:
2052:
2050:Civil penalties
2028:
2002:
1996:
1969:Use of position
1938:Subject to the
1907:
1880:
1867:
1858:
1849:
1828:
1802:
1775:
1622:
1591:
1535:
1506:
1452:
1399:
1368:
1362:
1333:
1322:
1316:
1310:
1304:
1255:
1243:
1227:
1218:
1209:
1167:
1138:
1100:
1083:
1074:
1068:
1055:
1035:
1018:
986:
967:
949:
943:
934:
932:Bankruptcy Term
925:
842:
805:
748:
746:Genuine Dispute
722:
699:
676:
649:floating charge
626:
591:
525:
319:Chapter 15 (US)
283:Floating charge
190:Chapter 11 (US)
67:Conservatorship
12:
11:
5:
3740:
3730:
3729:
3724:
3719:
3703:
3702:
3686:
3660:
3646:
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3598:
3582:
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3508:
3488:
3465:
3442:
3426:
3407:
3391:
3375:
3364:on 4 July 2015
3349:
3333:
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3298:
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3250:
3231:
3210:
3194:
3178:
3162:
3146:
3130:
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2936:
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2900:
2880:
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2784:
2760:
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2723:
2711:
2687:
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2589:
2573:
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2509:
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2185:
2162:
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2159:
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2127:
2110:
2088:
2087:External links
2085:
2084:
2083:
2079:
2076:
2060:
2057:
2051:
2048:
2030:The breach of
2027:
2024:
2019:
2018:
2015:
2012:
2009:
1998:Main article:
1995:
1992:
1989:
1988:
1985:
1981:
1977:
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1970:
1966:
1965:
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1959:proper purpose
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1070:Main article:
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1066:The liquidator
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1027:as noted above
1017:
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658:was appointed;
645:
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614:
611:
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541:Australian law
527:
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509:
501:
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496:
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490:
485:
480:
473:
468:
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458:
453:
448:
446:Chapter 9 (US)
443:
438:
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410:United Kingdom
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107:
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101:
100:
99:
94:
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84:
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74:
69:
64:
59:
57:Chapter 7 (US)
54:
49:
47:Administration
41:
40:
36:
35:
25:
24:
9:
6:
4:
3:
2:
3739:
3728:
3725:
3723:
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3699:
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3595:
3591:
3586:
3579:
3575:
3570:
3563:
3562:s 588FGB
3559:
3554:
3547:
3546:s 588FDA
3543:
3538:
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3497:
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3462:
3458:
3453:
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3415:Andrew Keay.
3411:
3404:
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3379:
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3030:Federal Court
3027:
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3019:
3014:
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2989:
2984:
2978:
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2940:
2933:
2932:Federal Court
2929:
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2897:
2896:Supreme Court
2893:
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2877:
2876:Supreme Court
2873:
2869:
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2857:
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2848:
2841:
2840:Federal Court
2837:
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2820:Supreme Court
2817:
2813:
2808:
2801:
2797:
2793:
2788:
2781:
2780:Federal Court
2777:
2773:
2769:
2764:
2756:
2749:
2743:
2736:
2732:
2727:
2720:
2715:
2708:
2707:Federal Court
2704:
2700:
2696:
2691:
2684:
2683:Supreme Court
2680:
2676:
2671:
2664:
2663:Supreme Court
2660:
2656:
2651:
2636:. 20 May 2018
2635:
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2569:Supreme Court
2566:
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2557:
2555:
2547:
2543:
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2506:
2505:Federal Court
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2248:Supreme Court
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2016:
2013:
2010:
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1982:
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1968:
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1608:going concern
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1127:
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1120:
1119:
1115:
1111:
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1095:
1093:
1092:CPA Australia
1089:
1078:
1073:
1063:
1061:
1050:
1048:
1043:
1042:
1030:
1028:
1024:
1013:
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1007:
1006:administrator
1003:
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493:Subordination
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415:United States
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200:Restructuring
198:
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177:Restructuring
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44:
43:
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38:
37:
31:
27:
26:
23:
20:
19:
16:
3693:
3689:
3677:. Retrieved
3663:
3653:
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3461:s 588FA
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3366:. Retrieved
3362:the original
3352:
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3289:
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3024:, (1996) 65
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2774:, (1994) 51
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2754:
2742:
2730:
2726:
2718:
2714:
2701:, (1993) 47
2694:
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2633:
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2560:
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2499:, (1993) 47
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2415:
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2166:
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2135:the original
2119:. Retrieved
2102:. Retrieved
2098:the original
2073:recklessness
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2029:
2020:
2003:
1984:corporation.
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1841:
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1732:s.588FE(5)
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566:to ensure a
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3227:s 437A
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3126:s 554E
3107:s 553D
3075:s 471C
2912:s 459S
2619:Dictionary.
2601:s 459J
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2367:s 459H
2348:s 459H
2325:. CCH iKnow
2285:s 459E
2269:s 459C
2174:. Fox Symes
1927:Description
1678:Description
1081:Appointment
952:Liquidation
947:Liquidation
941:Liquidation
860:" to mean:
543:, the term
405:Switzerland
257:Misfeasance
87:Liquidation
72:Dissolution
3717:Bankruptcy
3711:Categories
3698:s 184
3626:s 183
3610:s 182
3594:s 181
3578:s 180
3190:s 559
3174:s 555
3158:s 556
3091:s 568
3059:s 468
3006:s 491
2733:(1995) 17
2640:20 October
2544:(1994) 13
2519:(1993) 11
2444:(1994) 12
2228:s 95A
2141:27 October
2082:detriment.
2032:common law
1955:good faith
1950:Good faith
1885:good faith
1766:s.588FDA
1568:available;
1533:Advantages
956:liquidator
589:Insolvency
569:pari passu
549:bankruptcy
545:insolvency
477:Pari passu
342:By country
128:Liquidator
52:Bankruptcy
22:Insolvency
2721:2 Qd R 31
2526:"LawCite"
2451:"LawCite"
2158:Footnotes
2071:there is
1749:s.588FD
1715:s.588FB
1698:s.588FA
1626:claw back
1527:cram down
1104:fiduciary
557:creditors
380:Hong Kong
355:Australia
195:Cram down
146:Claimants
105:Officials
39:Processes
3206:s 9
2617:s 9
2202:. Mondaq
2117:. Mondaq
2040:voidable
1878:Defences
1743:Any time
1726:10 years
1355:company.
1235:security
996:(ASIC).
656:receiver
630:presumed
607:below 1;
539:. Under
350:Anguilla
293:Mortgage
275:Security
244:Offences
154:Creditor
118:Tribunal
3679:29 June
3368:28 June
2401:(1)(b).
2385:(1)(a).
2369:(1)(b).
2350:(1)(a).
2329:25 June
2206:25 June
2178:28 June
2121:25 June
2104:25 June
1987:s.183
1975:s.182
1964:s.181
1945:s.180
1760:4 years
1247:set-off
1086:of the
553:debtors
456:Default
390:Ireland
3696:(Cth)
3658:Ch 258
3640:(Cth)
3624:(Cth)
3608:(Cth)
3592:(Cth)
3576:(Cth)
3560:(Cth)
3544:(Cth)
3523:(Cth)
3503:(Cth)
3482:(Cth)
3459:(Cth)
3436:(Cth)
3401:(Cth)
3385:(Cth)
3343:(Cth)
3327:(Cth)
3311:(Cth)
3292:(Cth)
3276:(Cth)
3260:(Cth)
3244:(Cth)
3225:(Cth)
3204:(Cth)
3188:(Cth)
3172:(Cth)
3156:(Cth)
3140:(Cth)
3124:(Cth)
3105:(Cth)
3089:(Cth)
3073:(Cth)
3057:(Cth)
3004:(Cth)
2910:(Cth)
2878:(NSW).
2822:(NSW).
2802:(Qld).
2685:(NSW).
2665:(NSW).
2615:(Cth)
2599:(Cth)
2583:(Cth)
2397:(Cth)
2381:(Cth)
2365:(Cth)
2346:(Cth)
2307:9 July
2283:(Cth)
2267:(Cth)
2250:(Vic).
2226:(Cth)
1483:goods;
1225:Claims
1186:bailee
923:Effect
857:defect
451:Debtor
395:Russia
370:Cayman
365:Canada
3420:(PDF)
3028:234,
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1563:are:
1192:; and
1179:trust
423:Other
385:India
375:China
3681:2015
3370:2015
3043:lien
2858:115.
2856:Qd R
2735:ACSR
2642:2018
2546:ACSR
2523:601
2521:ACSR
2448:785
2446:ACSR
2424:2018
2331:2015
2309:2020
2208:2015
2180:2015
2143:2015
2123:2015
2106:2015
2067:if:
1924:Type
1792:day.
1669:Type
1201:void
288:Lien
3026:FCR
2776:FCR
2737:662
2703:FCR
2548:37.
2501:FCR
1706:Yes
1689:Yes
1090:or
360:BVI
82:IVA
62:CVA
3713::
3672:.
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3468:^
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