As the end of the year is fast approaching, it is a good opportunity to reflect on 2017 and forecast for the year ahead. A key theme to 2017 for our industry can be summed up in one C word - ‘change’. Often the word ‘change’ has negative connotations, however managed properly; change can lead to positive outcomes for businesses....

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Two recent cases have led me to ask the question.  “Why would any bankrupt in their right mind hand in their passport to their Trustee in Bankruptcy?” In both cases, I thought it was a no-brainer; the Trustee should retain the passport, but in each case I got it wrong; the Court ordered for the passport to be returned to the bankrupt. Here we look...

Court liquidation appointments have always carried out-of-pocket costs for an appointed liquidator; searches, advertising and internal disbursement charges. That is all regardless of whether there are any monetary recoveries in the liquidation. The recent introduction by ASIC of its User Pays industry funding model has made some changes in this area, to assist ASIC achieving its self-funding goal. Unfortunately, these changes add further costs onto those that must already be paid...

SV Partners is pleased to announce the expansion of our services to Perth as of the 13th of September. New to the SV Partners team, Director Malcolm Field, will be leading our Perth office alongside his established insolvency team. With over 15 years’ experience in insolvency, we are confident Malcolm will bring a demonstrated level of knowledge and skill to the team that will be a success to our Perth establishment. Malcolm...

The appointment of a Liquidator by the Court is a common conclusion to the process of debt recovery action initiated by one or more creditors. The preceding events typically encompass: Service of a Creditors Statutory Demand (CSD) on the debtor company; The failure to comply with (ordinarily, pay the sum demanded) in the CSD and hence a “presumption of insolvency”; and An application to the Court for the company to be wound up...

You are a solicitor acting for a client who is owed money from a corporate debtor. You have issued a statutory demand which has expired and now it’s time to take the next step and commence winding up proceedings. Does it matter which liquidator you approach to obtain their consent to act? You could be forgiven for assuming that it makes no difference who you choose (other than who’s Christmas card...