This media release was sourced from Australian Financial Security Authority. Media release: NSW (ROSENBERG) Mr Gary Steven Rosenberg of St Ives, New South Wales, was sentenced on 21 February 2017 after pleading guilty to an offence of materially contributing to his insolvency by gambling. Mr Rosenberg filed for voluntary bankruptcy in June 2014. Between June […]
This article was sourced from Corrs Chambers Westgarth. BACKGROUND In the recent Court of Appeal decision of Primary Securities Ltd v Willmott Forests Limited, liquidators had been appointed to an insolvent company which was the responsible entity of a managed investment forestry scheme. Later, the Appellant replaced the company as the responsible entity of […]
This article was sourced from Mintez Levin. Article by Charles W. Azano. There are numerous reasons why a company might use more than one entity for its operations or organization: to silo liabilities, for tax advantages, to accommodate a lender, or for general organizational purposes. Simply forming a separate entity, however, is not enough. Corporate formalities […]
This article was sourced from JD Supra Business Advisor. Article by Leah Fiorenza McNeill. Most restructuring practitioners are aware, either vaguely or through punishing experience, of the power of PACA creditors. PACA (or the Perishable Agricultural Commodities Act, 7 U.S.C. § 499a et seq. for those who hate brevity) requires that buyers of produce hold such […]
This article was sourced from Insolvency Interface. Article by Peter Keenan. Some of the changes to the Australia’s bankruptcy legislation approved when the Insolvency Law Reform Act was passed in 2016 will commence on 1 March 2017. The Australian Financial Security Authority (AFSA), the regulator of the Bankruptcy Act, has issued a table listing those […]
This article was sourced from Business Insider Australia. Article by Chris Pash. Fashion clothing brands Herringbone and Rhodes & Beckett have gone into voluntary administration, joining a growing list of retailers seeing customer support fade. They have 29 stores with 140 employees. Insolvency group Cor Cordis has been appointed administrator. They follow fashion labels Marcs and […]
This article was sourced from Sourceable. Article by Anne Paten. If you walk around any construction site across the country, it’s immediately apparent that sub-contractors are the backbone of Australia’s building and construction industry. They enter into contracts, do the work and have a fundamental legal right to be paid. But in this industry, all small business […]
This article was sourced from The Australian Business Review. Article by Bridget Carter and Scott Murdoch. Fashion labels Marcs and David Lawrence have gone in to voluntary administration, citing deteriorating sales, general market conditions and poor cash flow. They are the latest in a string of players in the retail sector, under pressure from online trading […]
This article was sourced from Mondaq. Article by William Clement and Ian Currie. Liquidators can face significant issues when appointed over companies that operate under the licensing regime of the Therapeutic Goods Administration (TGA). The TGA is a Commonwealth Government agency administered by the Department of Health. It’s responsible for regulating the supply, import, export, manufacturing and […]