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Australia
Worrells
Regarding corporate insolvency appointments, the economic impact of COVID-19 played out very differently to the GFC.
Worrells
The SBR process is not available to all companies and there are certain eligibility criteria to be met.
Worrells
The distribution of pre-CGT company profits would retain that CGT-exempt status when returned to shareholders.
Worrells
Early consultation with insolvency advisors is recommended for struggling businesses.
Worrells
The potential pitfalls for directors of companies facing liquidation are numerous and can have profound negative impacts.
Cathro & Partners
Discusses the complexities of insolvency law, sharing insights from extensive experience in various cases.
Cathro & Partners
A PIA is an alternative to bankruptcy, allowing debtors to negotiate a debt repayment plan with their creditors.
Cathro & Partners
Creditors can apply to the court to appoint a provisional liquidator if there is a risk of company assets being dissipated.
Corrs Chambers Westgarth
Complex and multinational schemes are likely to mean that liquidators require extra time to commence proceedings.
Rostron Carlyle Rojas
Liquidation should be a last resort to financial difficulties, so consider these steps first.
Worrells
The Small Business Restructuring (SBR) program was introduced to assist businesses facing financial difficulties.
Worrells
Issuing a DPN is one way the ATO seeks to compel a director to comply with tax and superannuation obligations.
Coleman Greig Lawyers
Phoenixing is liquidating a company to avoid debts and then resurrecting the business via a separate entity.
Worrells
Directors need to understand the personal ramifications if their company does not pay the DPN liability.
Worrells
Considerations from two SBR plans accepted by the ATO, as the sole or major creditor.
Bennett & Philp Lawyers
These decisions were all ex tempore but they provide useful guidance on the court process of company liquidation.
Holman Webb
Section 440J of the Corporations Act does not prohibit the lodgement of a caveat during administration.
KordaMentha
Link to article discussing innovative solvent restructure of business that prevented them going insolvent.
Cathro & Partners
Bankruptcy is often seen as a significant step to address insolvency, but it is not the only option available.
Corrs Chambers Westgarth
Factors to be considered in appointing a liquidator where an alternative proposed liquidator is nominated.
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