Voidable transaction recoveries and set-off don’t mix

“There is no reason in logic or principle to exclude statutory debts from the compass of provisions such as s 553C” as quoted in Smith v Boné  (2015) FCA 319 (at 418) was relied upon in Stone v Melrose Cranes & Rigging Pty Ltd [2018] FCA 530 (at 282) although it appears to have its […]

Insolvency Tidbits

Personal insolvencies drop 9.7% nationally in September 2018 quarter Personal insolvencies = bankruptcies, debt agreements & personal insolvency agreements Personal insolvencies dropped in all states except NSW (rise of 0.4% due to a rise in debt agreements). Bankruptcies fell in all states except WA. Bankruptcies at record quarterly low in South Australia. Bankruptcies in Tasmania […]

Combating Illegal Phoenixing

The Government’s new Bill The Federal Government has recently issued its Exposure Draft of the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2018, which was open for comment until 27 September 2018. This proposed Bill is part of the Government’s ongoing reform of Australia’s corporate insolvency regime and is the Government’s third tranche of insolvency […]

“If you don’t want it, I’ll have it”

An interesting Federal Court of Australia decision on 1 August 2018 effectively supports the recent September 2017 insolvency law reforms regarding the assignment of causes of action (Rambaldi v Meletis, in the matter of Karas (Bankrupt) [2018] FCA 791). The brief facts of the matter were: In 2013 a company was placed into liquidation. In […]