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Our legal experts will keep you up to date on all relevant and current developments.

Revenge of the Zombie Company?

Revenge of the Zombies is a 1943 horror film in which zombies exact revenge on their mad scientist creator.

Although there are not many mad scientists on the scene in 2020, there are many zombie companies which, if subject to liquidation, are likely to create an influx of preference claims being brought by liquidators and which will cause grief to credit managers in the coming months and years.


Temporary Remote Witnessing Changes Extended to 2021
Thursday 15 October 2020 / by Courtney Tran posted in Commercial Recovery & Insolvency Document Witnessing COVID-19

In March 2020, the New South Wales Government enacted the COVID-19 Legislation Amendment (Emergency Measures) Act 2020 to prepare New South Wales for the impacts of COVID-19 in line with health advice, and to take immediate steps to address existing barriers in our laws that were incompatible with social distancing policies.  This included amending the Electronic Transactions Act 2000 ('the Act') to create a regulation-making power that would allow for regulations to provide for alternative mechanisms for signing and witnessing documents.

Pursuant to these powers, the New South Wales Attorney-General introduced the Electronic Transactions Amendment (COVID-19 Witnessing of Documents) Regulation 2020, which allows for documents to be signed by one person in one place, and witnessed by another person in another place using facilities such as Microsoft Teams, Zoom or FaceTime.


New Insolvency Regime to be Introduced From 1 January 2021

From 1 January 2021 new insolvency regimes will be introduced which will involve:

  1. a new insolvency process for small businesses whereby financially distressed but viable companies can restructure their existing debts and continue to trade; and
  2. a simplified liquidation process which will allow for faster and lower-cost liquidation.

Legal Lockdown - Episode 10: Debt Recovery and COVID-19

In Episode 10 of Legal Lockdown, Adriana Giometti speaks with Chris Hadley, Partner within Holman Webb's Commercial Recovery and Insolvency Group, to discuss a range of COVID-19-related changes brought about in the debt recovery space.

Topics include:

  • Has there been a surge in insolvencies and bankruptcies?
  • What can we expect to see moving forward?
  • Government relief measures
  • Changes to statutory demands
  • Director's liability in light of the changes

Statutory Demands in the COVID-19 Era
Wednesday 13 May 2020 / by Shane Roberts & Sam Marsh posted in Commercial Recovery & Insolvency COVID-19

Recent legislative changes have been made by the federal government in response to the COVID-19 pandemic. Parts of these changes affect the Australian insolvency regimes, including the rules surrounding the issuing of statutory demands by creditors.

This article discusses the recent changes to statutory demands, and provides a timely recap of the important principles relating to statutory demands in Australia.


PPSA and COVID-19: Act Promptly in the Road Ahead!

With financially distressed businesses on the rise, secured parties must ensure that they have registered their security interests on the Personal Property Securities Register within time.  This is crucial in order to avoid losing the security altogether, if the borrower/grantor commences insolvency.


Significant Changes to Insolvency/Bankruptcy Regime
Monday 23 March 2020 / by Chris Hadley posted in Commercial Recovery & Insolvency COVID-19

In response to the impacts of COVID-19 on the economy, the Federal Government has introduced temporary changes to rules affecting insolvency and bankruptcy processes.


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.


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