What is a bare trustees' power of sale of trust assets and to make distributions to creditors in insolvency?
If you are considering entering into a form of insolvency of a trading trust, or if you are an insolvency practitioner and have been appointed over a trading trust, it is essential that you have obtained the relevant legal advice pertaining to your circumstances.
Company directors need to understand the differences between receivership, voluntary administration and liquidation in case they are faced with the difficult situation of having to deal with a company in financial distress.
The recent case of Nanevski Developments Pty Limited (No 2)  NSWSC 1217 removes any doubt as to whether an accompanying affidavit sworn before the date of a statutory demand constitutes “some other reason” to set aside a demand under the Corporations Act.
A new clause in the Corporations Act establishes a safe harbour for company directors against personal liability for insolvent trading in certain prescribed circumstances.
Recent changes to improve Australia’s corporate insolvency laws are set to come into effect in 2017 and aim to encourage entrepreneurship and innovation by protecting creditors and promoting reasonable risk-taking.
The recent decision of the High Court in the case, Australian Competition and Consumer Commission v Flight Centre Travel Group Ltd  HCA 49, has qualified the application of restrictive trade practices in relation to agency arrangements and confirmed that a principal and agent may be considered competitors in certain circumstances.