What are the grounds to set-aside a statutory demand?
Under the Corporations Act 2001 (Cth) there are 4 grounds that can be relied upon in an application to set-aside a statutory demand.
What is the difference between a deed and an agreement?
Deed is a formal document that gives the clear indication that a person or entity gives its most sincere promise that they will fulfil contractual obligations.
Applications to wind up a company in insolvency
Pursuant to section 459C(2) of the Act, an application to wind up a company in insolvency must be done within 3 months of the date that a company is presumed to be insolvent.
Creditor’s statutory demand for payment of debt
In this article we look at perhaps the most powerful weapon in the creditor’s arsenal: the statutory demand for payment of debt.
I received a Director Penalty Notice: what do I do?
Receiving a Director Penalty Notice (DPN) will be a confronting experience for any company director.
Sewell & Kettle becomes preferred supplier for US Consulate in Australia
Sewell & Kettle Lawyers have been added to the preferred supplier list for the US Consulate to assist US citizens and companies doing business in Australia.
Insolvency seminars for law groups
Last week was a busy week for educating and meeting solicitors in Sydney and Melbourne. Lots of solicitors are interested in finding out more about the new safe harbour from insolvent trading (section 588GA Corporations Act). So the firm is…
What ASIC v Plymin tells us
The case of ASIC v Plymin is significant for lawyers because it sets out a list of indicators that can help us understand when a company will be found to be insolvent. The general rule in law is that company insolvency is proven by a cash-flow test not a balance sheet test.
Has your equipment become a fixture? PPSR hot topic
A dispute over a linear accelerator sounds like a James Bond movie but such dispute went to Court recently. A landlord, an equipment supplier, an administrator and bank all claimed an interest in the $9 million medical equipment and the eventual winner was the equipment supplier who sold the linear accelerator on credit. Fixtures are […]
Using the PPSR to Defend Unfair Preference Claims
Whenever a business considers lending money or selling goods it should consider whether it might be worthwhile to protect that lending with a personal property security, such as a PMSI. This will place the business in a much better position if the debtor goes bust. However, if you are creditor (or former creditor) and end up receiving a demand from a liquidator relating to an unfair preference, don’t despair.
What is an AllPAAP and how can security agreements protect you from non-payment?
In article: When a business provides finance or goods or services on credit, they need to consider how best to protect themselves from non-payment by their debtor. One important way of doing this is by registering a personal property security.…
What is a PMSI – new security for PPSA
The Personal Property Securities Act (PPSA) has implemented a single national register that applies to all personal property security interests. The PPSA has also provided us with a set of priority rules to determine disputes between competing security interests. Of particular note is the Purchase Money Security Interest (or PMSI). A PMSI is a security […]