“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 […]

Creativity vs morals

Do we, and should we, extend “special licence” to those outstanding people, in particular our creative geniuses, who contribute in an extraordinary way to their field of interest but are nevertheless actually deeply flawed people. Of course, we are all flawed in some way, to some degree. For better or worse. But what if that […]

A matter of trust

(The cold remains of what began with a passionate start… Billy Joel) Two recent important decisions have clarified whether or not trust assets held by an insolvent corporate trustee should be distributed pursuant to the priority regime for unsecured creditors in the Corporations Act 2001 (Cth) [1]. On 28 February 2018 the Victorian Supreme Court […]

Think you’ve got problems with your credit card debt? You’re not alone.

A very recent report [i] from the Australian Securities & Investments Commission (“ASIC”), released on 4 July 2018, found that one in six credit card consumers (18.5%) is struggling with their credit card debt. At June 2017 there were over 14 million open credit card accounts in Australia with total outstanding balances of almost $45 […]

GST at settlement for purchasers

Purchasers of new residential property will be required to pay GST directly to the ATO from 1 July 2018. The legislation to introduce GST withholding on the settlement of new residential property purchases or subdivision of potential residential land passed both houses of parliament on 28 March 2018, received assent on 29 March 2018 and […]