It is not uncommon for we long-suffering Insolvency Practitioners to have the following conversation with a company director: Director: “Rather than spend money to wind up my company, can I just deregister it?” Insolvency Practitioner: “You can voluntarily deregister your company only if it is effectively dormant with less than $1,000 in assets and no liabilities” (there are some other conditions, but we won’t bore you with those here). Director: “Oh, but apart from...

SV Partners is proud to welcome Joshua Robb to the NSW Director Team as an Associate Director. Joshua has joined the Newcastle team and will be servicing local and surrounding areas in addition to the Central Coast.The addition of Joshua brings the Newcastle team to 7 and provides a foundation on which to continue to grow the success the firm has seen in Newcastle over the past 9 years.Joshua has...

The changing face of voidable transactions and insolvent trading claimsOn 28 March 2017, the Australian Treasury released, for public consultation, the draft Bill containing (amongst other things) the proposed ‘Safe Harbour’ laws (the safe harbour laws),[1] which are said to be coming into effect by the end of 2017. The Explanatory Memorandum accompanying the safe harbour laws argues that “current insolvent trading laws put too much focus on stigmatising and...

Many people would assume that for a business to be undergoing a due diligence process that a transaction must be about to occur – a merger, an acquisition, a divestment; but that is not necessarily true. Sure, each of these will trigger a due diligence process of some shape or form, but perhaps it’s time for us to broaden our understanding of due diligence and start to consider it as...

We previously discussed the ruling in Forge Group Power Pty Limited (in liquidation)(receivers and managers appointed) v General Electric International Inc [2016] 304 FLR 101 in our March 2016 article. It was held that four turbines leased by Forge from General Electric vested in Forge upon the appointment of external administrators. The case centred on whether General Electric was regularly engaged in the business of leasing goods, and whether the turbines...

More than just satisfying the board and the bankWith the new financial year almost upon us, most businesses are turning their thoughts to finalising next year’s budget and being prepared for that all important presentation to the board or meeting with the bank. Regardless of size, it is important for any business to understand how much money it makes and how much money it spends in any given period. Budgets...