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Insolvency Law Reforms 2020


As the economy continues to recover from the Coronavirus pandemic and the associated lockdown measures across the country, the Morrison Government has announced changes to Insolvency laws to aid businesses in the recovery process.  These changes are to commence on the 1st January 2020. The Australian Restructuring Insolvency & Turnaround Association (ARITA) has released an announcement today (29/09/2020) regarding the COVID-19 temporary insolvent trading protection measures for company directors. What...

Tags: 2020

September 24, 2020


Director’s Duties in the COVID Environment


Reading Time: 3 minutes Coronavirus has had a significant impact on many aspects of our lives. Businesses around the world have been heavily hit, which has resulted in Australia’s economy entering its first recession in nearly 30 years. To help combat the impact the virus will have on our economy, the State and Federal governments have introduced several measures to assist individuals and businesses, including stimulus packages, loans and other...

Tags: 2020

September 3, 2020


Zombie Businesses Set to Continue with JobKeeper 2.0


Reading Time: 4 minutes In March 2020, the Government’s early response to the economic consequences of COVID-19 included temporarily suspending Australia’s Insolvency Laws under the Coronavirus Economic Response Package Omnibus Act 2020, with an expiration date of 25 September 2020. On 7 September 2020, the Federal Government announced the extension of the temporary relief for financially distressed businesses which included the extension of the temporary insolvency and bankruptcy protections until...

Tags: 2020


Presumption of Advancement – The Importance of Documentation in Property Purchases


Reading Time: 3 minutes In Australia one the most common assets held by individuals is real estate, and in particular the family home. As a result, when administering bankrupt estates it is common that Trustees are required to deal with real property and the competing interests in the property held by the bankrupt and other parties, often family members. Recently SV Partners has dealt with a number of bankrupt estates...

Tags: 2020


Decisions, Decisions – Obligations & the Decision Making Process for Insolvency Practitioners


Reading Time: 3 minutes Practitioners strike a balance between legal obligations, interests of stakeholders and commercial considerations when selling assets and pursuing legal claims. If a decision is not taken with care to get the best possible price or to claim only for the amount that fairly represents the interest in or value of the asset or transaction, it can be of significant adverse financial impact on creditors and other...

Tags: 2020


Do Retention of Title Clauses Stack Up in the Current Environment?


Reading Time: 4 minutes Retention of Title (RoT) clauses are a common method by which suppliers of goods seek to protect their interests in the event that a customer is subject to an insolvency event. RoT clauses may fall into one of the following categories: Simple RoT clauses – the supplier is entitled to recover specific unpaid goods. All Monies RoT clauses – same as for Simple RoT clauses, however,...

Tags: 2020


Building and Construction Industry


Voluntary Administration to Official Liquidation   The Situation SV Partners were appointed as Voluntary Administrator of the largest remedial earthworks company in Tasmania with approximately 75 employees. The company had a large secured facility including debtor factoring through a financial services company. The Solution SV Partners entered into a licence agreement for management and ongoing trading of the business with a view of to selling the company’s business and assets…

Tags: 2020


Hospitality Industry


Voluntary Administration   The Situation SV Partners were appointed Voluntary Administrators to a company which owned and operated two cafe franchise stores in Queensland. One in Clifford Gardens and the other in Sherwood. A contract was executed prior to our appointment for the Clifford Gardens store. The Solution Due to an existing franchisee contract on the Clifford Gardens store, we continued trading for an extended period of time to allow settlement. In…

Tags: 2020


Wholesale/Retail Industry


Voluntary Administration   The Situation The business commenced from a residential garage with 1 employee and grew within a period of approximately 6 years to employ approximately 600 staff both in a wholesale and retail environment. The business, after 6 years, owned and ran approximately 25 retail stores across Australia, had many franchise stores and supplied from it’s wholesale business many retail customers both in Australia and New Zealand. The Solution…

Tags: 2020


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