ARITA set to publish 4th Code of Professional Practice

Late last year ARITA released a consultation draft for the 4th edition of its Code of Professional Practice for Insolvency Practitioners, which serves to educate ARITA members as to their professional responsibilities and provide a reference for stakeholders to gauge the conduct of practitioners. Of the changes, perhaps the most significant is to the format read more »

AAT remits claim for advance under FEG Act after finding applicant was an employee

In the recent decision of Roberts and Secretary of Jobs and Small Business [2019] AATA 64, the Administrative Appeals Tribunal (AAT) reviewed a decision made by the Secretary of the Department of Jobs and Small Business that the Applicant was not eligible to claim an advance under the Fair Entitlements Guarantee Act 2012 (Cth) (‘FEG Act’). The FEG Act establishes a scheme which enables employees who have lost their job read more »

ASIC vows to crack down on corporate misbehavior by prioritising litigation

Following criticism in the wake of the Hayne Royal Commission, ASIC has vowed to crack down on increasing business misconduct by implementing a new ‘litigate-first’ strategy. In doing so, the corporate regulator has committed to placing a greater emphasis on litigation, warning that it will ‘move more quickly to, and accordingly conduct more, civil and read more »

FCA: Income protection payments not exempt in bankruptcy 

In the matter of Gittens v Field (Trustee) [2018] FCA 976, the Federal Court of Australia has held that income protection payments from personal injury are assessable income under the Bankruptcy Act. Having owned and operated a dental practice for almost 25 years, John Gittens had retained two income protection policies which sought to protect his livelihood read more »

QSC: Video recording sufficient to constitute will

In the recent decision of Radford v White [2018] QSC 306, the Queensland Supreme Court held that a video recording was sufficient to constitute a deceased man’s will. On 24 January 2018, Jay Schwer passed away from an accidental overdose after self-administering pain killers prescribed to him after surgery. At the time of his death, Mr read more »

The importance of claiming privilege in s19 examinations

Have you been served with a Compulsory Examination Notice under section 19 of the Australian Securities and Investments Commissions Act? Here’s a short guide through the process and the reasons why claiming privilege against self-incrimination is important. Compulsory Examination A compulsory examination, or a section 19 examination, grants ASIC the power to ask questions about read more »

VSC approves remuneration after liquidator incurs $7k fee justifying $34k

In the recent decision of Custometal Engineering Pty Ltd (in liquidation) [2018] VSC 726, two liquidators incurred almost $7,000 in fees whilst seeking to justify their $34,000 remuneration. The case ensued after Custometal Engineering Pty Ltd entered voluntary administration on 21 September 2017, with Sam Kaso and Daniel Juratowitch appointed as administrators. On 11 October 2017, the read more »

HCA allows ASIC v Lewski appeal

In the matter of Australian Securities & Investments Commission v Lewski & Anor, the High Court has partly allowed an appeal by the corporate regulator, after it alleged the directors of Australian Property Custodian Holdings Pty Ltd (APCHL) breached their duties by amending the constitution of a failed aged care and retirement trust. In December read more »

VSC orders review of liquidator’s conduct and fees

In the recent decision of Westpoint Corporation Pty Ltd (in liq) v Yeo [2018] VSC 705, Westpoint Corporation (WPC) have been successful in having the Victorian Supreme Court inquire into the remuneration of the liquidators of Westpoint Finance (WPF). WPC is the major unsecured creditor of WPF. The case ensued after WPC alleged that WPF’s liquidators ‘failed to read more »

PPSR: Your registrations may be expiring soon!

The Personal Properties Securities Register (PPSR) is a vital risk minimisation tool for both businesses and consumers in buying, selling, leasing, renting and hiring transactions. However, over 120,000 registrations are set to expire on 31 January 2019! It is imperative that you ensure any lapsing registrations are extended to protect your interests. Why you should read more »