ASIC to revise RATA with launch of ROCAP

Next month, ASIC is expected to launch it’s Report on Company Activities and Property (ROCAP) which will have the effect of revising the existing RATA form.  It has been designed in response to law reform and industry consultation, and serves to enable insolvency practitioners to obtain better information about events leading up to an external administration, read more »

Postal Evidence Rule Extended to 7 Days

Last month, the Senate passed the Civil Law and Justice Legislation Amendment Bill 2018, which serves to improve the operation and clarity of civil justice legislation administered by the Attorney-General. Schedule 5 of the Bill introduces amendments to the Evidence Act 1995, by extending the postal evidence rule to accord with changes to Australia Post read more »

Banking Royal Commission Reveals Culture of ‘Greed and Dishonesty’

On the 28th of September, Kenneth Hayne, Head of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, published an interim report following months of investigations. The report reflects on the first four rounds of public hearings, which considered consumer lending, financial advice and small to medium enterprise loans. Commissioner Hayne’s findings read more »

Supreme Court of Queensland Issues Costs Guidelines

Practice Direction 22 of 2018 The Supreme Court of Queensland has for the first time issued guidance as to the appropriate percentage uplift to professional fees to be allowed pursuant to Item 1 of the Scale of Costs (the Scale) contained in Schedule 1 to the Uniform Civil Procedure Rules 1999 (UCPR). Background On 24 read more »

High Court of Australia rules that ‘Holding DOCAs’ are permissible in certain circumstances

Mighty River International Limited v Hughes; Mighty River International Limited v Mineral Resources Limited [2018] HCA 38. Background Mesa Minerals Limited (Mesa) is a listed mining company which owned a 50% joint venture interest in two manganese projects[1].  It was placed into Voluntary Administration on 13 July 2016[2]. Voluntary Administrations are governed by Part 5.3A read more »

High Court refuses special leave to appeal QCA’s decision in Linc Energy

On 26th March, we published an article summarising the Queensland Court of Appeal’s decision in Longley & Ors v Chief Executive, Department of Environment and Heritage Protection & Anor; Longley & Ors v Chief Executive, Department of Environment and Heritage Protection [2018] QCA 32 (the Linc Energy decision). At the time of publication, it was read more »

HCA Publishes Reasons for Confirming Validity of Holding DOCAs

The High Court recently released the reasons for decision in dismissing the appeal in Mighty River International Ltd v Hughes & Ors [2018] HCA 38. This decision confirms the validity of employing a certain form of deeds of company arrangement (“DOCAs”), known as a “holding DOCA” as a restructuring tool. The case centers around a read more »

Naming Wrong Employer Invalidates Fair Work Claim

The recent case of Lili Sinden v HDR Inc. T/A HDR [2018] FWC 5643 provides a reminder that when bringing a claim against employers, any would be applicant must ensure they name the correct entity in their application. The applicant in this case, Ms Lili Sinden a HR manager, attempted to file a general protections read more »

New Zealand Set to Reform Insolvency Laws

With the Insolvency Practitioners Bill currently before the New Zealand Parliament, the nation’s insolvency laws are set to undergo a significant transformation. The bill was first introduced to parliament in April 2010, and sought to introduce a ‘negative licensing system’ for insolvency practitioners. In doing so, the initial bill afforded the Registrar of Companies power to read more »

NSWSC: Liquidators Must Not Use Casting Vote to Veto Their Removal

In a recent judgment delivered by the Supreme Court of New South Wales, the court found in favour of a creditor who sought to remove its liquidator, despite previously failing to do so at a meeting convened pursuant to the Insolvency Practice Schedule (Corporations). Background The case involved The Owners – Strata Plan 84741 (Strata read more »