A Corporate Trustee in Liquidation May Not Retain the Power of Sale

It is well established that if a trustee company goes into liquidation then: The company retains: its right to indemnity out of the assets of the trust for liabilities incurred on behalf of the trust an equitable ...

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Limiting an Administrator’s Liability- Section 447A of the Corporations Act

Although section 443A(1) of the Corporations Act ("the Act") provides that Administrators are liable for the debts they incur in the performance of their functions as Administrators, a recent Western Australian judgment discusses ...

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Application for Examination Summons – Full and Frank Disclosure is a Fundamental Requirement

A recent Western Australian judgment confirms and sets out the requirements for, full and frank disclosure when seeking orders for examination[1]. Griffin was the wholly owned subsidiary of Devereaux Holdings Pty Ltd. The Deed ...

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Administrators use s447D to Allow the Sale of Unclaimed Plant and Equipment

The evidence before the court established that: there were 995 registrations on the Personal Property Securities Register ("PPSR") even after writing to all creditors who had an interest recorded in the PPSR about 80% of s...

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A Charge may be Rectified after the Debtor has been Placed in Liquidation or Administration

In Saraceni v Mentha [No.2] [2012] WASC 336 a director sought to challenge the appointment of receivers to Westgem Investments Pty Ltd ("Westgem") under a fixed and floating charge ("the Charge").  In 2008 Westgem entered into a ...

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Directors’ Personal Liability for Company PAYG and Superannuation Obligations

On 29 June 2012 the Tax Laws Amendment (2012 Measures No. 2) Act 2012 received royal assent. The legislation has been introduced to expand the director penalty regime; making directors now personally liable for their company’s u...

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