Recovery and restructuring insight

RECOVERY AND RESTRUCTURING INS

Stay or termination of a winding up - review of recent case law

At times, it may suit to have a company, which is in liquidation removed from liquidation and be able to conduct business affairs. A liquidator, creditor or a contributory to a company which has been wound up has the right to seek an order from the Court terminating or staying the winding up pursuant to section 482(1) of the Corporations Act...

Update in relation to Civil Dispute Resolution Act 2011 (Cth)

This article is written by way of update to our article dated 24 May 2011 on the Civil Dispute Resolution Act 2011 (‘the Act’). For a copy of our previous article please click here. When does the Act commence The Act is now set to commence by Proclamation on 1 August 2011. Certain types of proceedings excluded from...

Civil Dispute Resolution Act 2011 - Excluded proceedings

Excluded proceedings (a) Proceedings for an order imposing a pecuniary penalty for a contravention of a civil penalty provision. (b) Proceedings brought by or on behalf of the commonwealth or a commonwealth authority for an order connected with a: i. criminal offence or the possible commission of a criminal offence; or ii....

New steps required prior to commencing proceedings in Federal Magistrates Court and Federal Court

The Civil Dispute Resolution Act 2011 (Cth) (‘the Act’) received royal assent on 12 April 2011, and will come into effect on a day to be fixed by proclamation, or on about 13 October 2011 (whichever occurs sooner). The object of the Act is to ensure that, as far as possible, people take genuine steps to resolve disputes...

Director penalty notices

As we reported in July 2010, the Tax Laws Amendment (Transfer of Provisions) Act 2010 essentially transferred Director Penalty Notice (DPN) provisions from the Income Tax Assessment Act 1936 (ITAA) to the Taxation Administration Act 1953 (the Act). The Act now authorises the ATO to collect outstanding tax from company directors personally....

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