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Proposed Legislation to Combat Illegal Phoenix Activity

Illegal phoenix activity involves the deliberate and systematic stripping and transferring of assets from one company to another company to avoid paying liabilities, such as tax or superannuation.  In these circumstances, the company directors strip out the cash and assets, liquidate the company and then re-commence the same or a similar business through a new corporate entity.

Ipso Facto Reforms and the Need to Review Contractual Terms Dealing with Insolvency
The Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Act 2017 (Cth) amended the Corporations Act 2001 (Cth) from 1 July 2018 to impose a prohibition on the enforcement of rights against a company including contractual termination rights arising on the occurrence of an insolvency event in relation to that company.

Saturday 23 June 2018 / by Shane Roberts and Sam Marsh posted in Business, Corporate & Commercial Commercial Recovery & Insolvency Health Aged Care & Life Sciences

First published in Governance Directions, the official journal of Governance Institute and updated for the Health Law Bulletin June 2018 edition.

Despite concerns raised by liquidators and experts locally and abroad, the Federal court has confirmed its view that a set-off under section 553C of the Corporations Act can be utilised in an unfair preference claim. 

Wednesday 6 December 2017 / by Shane Roberts and Sam Marsh posted in Banking & Finance Business, Corporate & Commercial Commercial Recovery & Insolvency Franchising & Retail

Key Takeaways:

  • Insolvency legislation to create a safe harbour for directors from insolvent trading claims in certain circumstances has received royal assent.
  • A director will be entitled to claim the protection of the safe harbour upon developing a course of action reasonably likely to lead to a better outcome.
  • To utilise the safe harbour, a director should seek timely advice from an appropriately qualified professional.

Congratulations to our CFO, Magdalena Kosior-Molloy who has been selected as a finalist for the CFO of the Year award in the 2017 Executive of the Year awards. 

Holman Webb is delighted to announce 10 internal promotions across our Eastern Sea-Board offices, effective 1 July 2017.   These promotions span our commercial recovery and insolvency, corporate and commercial,  dispute resolution, insurance, property, and workplace relations practices.

Greg Malakou, Holman Webb CEO, speaks to Business First magazine about how innovation not only gives Holman Webb a competitive advantage in the market but is also fundamental to the firm’s growth strategy.

Holman Webb is delighted to announce 9 internal promotions across our Sydney and Melbourne office, effective 1 July 2016.   These promotions span across the workplace relations, insurance, property, commercial recovery and insolvency and ctp practices.

Holman Webb is delighted to announce that we have been selected as finalists in the following Australasian Law Awards 2016 categories:

  • Law Firm of the Year (up to 100 lawyers)
  • Insurance Specialist Firm of the Year

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