Insolvency & Restructure

Toil And Trouble: Assigning A Liquidator’s Cause of Action – Is It A Practical Power Or Just Fancy Wizardry?

Liquidators have a long list of powers and hold a pivotal role in the lifetime of a company – a charmed life, perhaps? The spellbook Corporations Act has always enchanted a liquidator with the ability to deal with company property, including causes of action. Abracadabra, section 477! In the Land of Oz, thanks to [...]

The Paradox of a Bad Debt – Five Fun Facts

It's that time of year (again) when you have to decide whether you should “take the hit" and write-off that bad debt and (subject to complying with ATO requirements) claim a deduction OR keep chasing the debtor. You can do both of course, but often once the debt is off the books and not [...]

Seven Simple Steps to Gear Your Business for Success in 2017

We all start the new year with the usual well-intentioned resolutions (lose weight, get fit, find love…) but after a few weeks (or, sometimes, hours) we are back to our old habits. In 2017, more than any other year, the outlook both nationally and globally is uncertain. Will the Turnbull Government’s one seat majority [...]

Credit Applications in the Name of a Trust

It is very common these days to see Companies using trading Trusts as a vehicle to run their business. So how should you open an Account for your Customer if the Credit Application has been filled out in the name of a Trust? A couple of points should be made at the outset:- A Trust is [...]

PPSA – Is Conduct Enough to Accept Changed Terms and Conditions?

Readers will be aware that section 20 of the PPSA provides for the enforceability of security interests against third parties. An issue that has arisen in practice is, what happens if your security agreement has not been signed by your Customer (i.e. the Grantor). Section 20(2) provides that for written Security Agreements, collateral is covered [...]

PPSA Short Term Leases – Serial Numbered Goods

Serial numbered goods under the Person Property Security Act ("the PPSA") include motor vehicles, aircraft and vessels. Under the PPSA, leases of serial numbered goods for more than 90 days are deemed security interests, and therefore required registration. The Personal Property Securities Amendment (Deregulatory Measures) Act, which commenced on 1 October 2015, amends the PPSA so [...]