Insolvency safe harbour reforms

In a bid to make Australia more entrepreneurial, draft legislation introduced to Federal Parliament in March has caused a lot of discussion around the proposed insolvent trading safe harbour provisions. The Australian Government’s National Innovation and Science agenda proposals contained two key law reforms relating to insolvent trading and ‘ipso facto’ clauses.

Construction Industry - Boom and Doom

Faced with an unprecedented doubling of vacancy rates in the past year alone, Queensland’s construction and property boom may be under pressure.

Insolvency – is it for me?

There are a number of occasions during the life of a company in which it will face financial hardship to varying degrees of severity. Sometimes, during these positions of pressure it may be important to consider insolvency as an option.

What is the Personal Property Securities Act 2009?

Coming into effect in early 2012, the Personal Property Securities Act 2009 has been one of the most seminal changes to commercial law in recent history. The Act establishes law about security interest in personal property, that being all forms of property other than real estate. Previously over 70 separate Acts regulated personal property securities in Australia, which caused many separate registration requirements, inconsistencies and cross-border anomalies. This Act has been designed to streamline the legislation and help with

Trading while insolvent

As a company director a number of fiduciary duties are expected of the role, one such is the obligations set out in the Corporations Act 2001 s 588G to ensure the company is solvent when incurring debt. Generally, a company is considered insolvent when it cannot pay its debts as and when they are due and payable.

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