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Getting out of Bankruptcy: Annulments
Reading Time: 4 minutes As daunting as it may be, if you have been declared bankrupt, there are options available to you to seek to end your bankruptcy earlier than would otherwise occur (ordinarily, bankruptcy lasts 3 years from the date of lodgment of a Bankruptcy Form). For instance, you may seek to obtain an annulment of your bankruptcy. The term “annulment” is commonly used to describe the end brought...
June 22, 2021
Registering Security Interests for Cryptocurrencies
Reading Time: 3 minutes Practitioners and their clients should be aware that the recent decision by El Salvador to legislate Bitcoin as legal currency tender may soon mean that (at least for Bitcoin) Australian cryptocurrency finance will require security interest registrations on the Personal Property Securities Act 2009 (Cth) (PPSA). Let me explain… The Personal Property Securities Act (PPSA) came into effect on 30 January 2012 brings into effect the...
10 years of the Personal Property Securities Act (PPSA)
Reading Time: 4 minutes The Personal Property Securities Act (PPSA) came into effect on 30 January 2012. For those not aware, the PPSA brings into effect the Personal Properties Securities Register (PPSR) which serves as a notice board for entities with interests in property in the possession of another entity. This includes suppliers of goods, financiers etc. The PPSA and the PPSR have been around for almost 10 years now....
Debt Collection Methods
Reading Time: 3 minutes As part of the Federal Government’s response to the pandemic, the threshold for issuing statutory demands and bankruptcy notices to debtors temporarily increased to $20,000. The timeframe for responding to such demands and notices was also temporarily extended from 21 days to 6 months. Those protections expired at the end of December 2020 and creditors can now: issue statutory demands to companies for amounts of not...
Trapped Franking Credits
Reading Time: 3 minutes As you would now be aware, corporate tax rates for companies that are base rate entities (BRE), have been progressively reducing from the historical 30 percent to 25 percent in the 2022 financial year. Companies that are not considered to be a BRE, will continue to have a corporate tax rate of 30 percent. What is a Base Rate Entity? Section 23AA of the Income...
Loan Accounts
Reading Time: 4 minutes Frequently in corporate insolvency administrations, the company’s financial statements disclose that there are related party loans (usually provided to or by directors or shareholders). The two primary forms of loans are: Debit loans – loans owed to the company by the recipient; and Credit loans – loans where the company owes the provider of the funds. Debit Loans In our experience, the most common debit loans...
Proposals to Creditors
Reading Time: 5 minutes Restructuring a viable but insolvent company will usually involve formulating a proposal to creditors, either informally or via a formal insolvency process. Informal Proposals Informal proposals to creditors are more likely to be successful when: creditors with small amounts due are paid in full. This enables the directors to focus on negotiations with major creditors; the directors are upfront with major creditors as to the cause...
The Secured Creditor Salad
Reading Time: 6 minutes Voluntary Administration, Deeds of Company Arrangement and Secured Creditor Rights The Law The Voluntary Administration process was designed to give a company and its creditors flexible and collaborative alternatives to satisfy the company’s debts. Voluntary Administrations are governed by Part 5.3A of the Corporations Act 2001 (Cth) (Act), the purpose of which is to provide a “fresh start” to companies by restraining creditors from enforcing...
Where’s my money? I want to be paid and that means now!!!
Reading Time: 6 minutes There is no doubt 2020 was a year that turned the world upside down, inside out and changed the way the word “unprecedented” will be used forever. Initially, there was good reason to be patient and allow debtors further time to pay their debts. It was after all “unprecedented” and this is what Mr. Morrison PM so politely asked us to do… Fast-forward into 2021, many...
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