S477(2B) of the Corporations Act –....

May 20, 2016

The purpose of s477(2B) of the Corporations Act 2001 (Cth) and the Court’s role was reiterated by his Honour Justice Black in the recent decision in the matter of Kevin Jacobsen Pty Limited (in liquidation) [2016] NSWSC 538. An application for approval pursuant...

Fully ASIC: Just and equitable winding u....

May 9, 2016

The Australian Securities and Investments Commission (ASIC) has recently brought proceedings against a number of companies involved in land banking schemes, including most recently, Bilkurra Investments Pty Limited (Bilkurra) and Foscari Holdings Pty Limited (Foscari)...

A vendor’s duty to notify a purcha....

May 9, 2016

Following our article concerning the decision of Jaswil Property ATF Jaswil Unit Trust v Barrak Corporation, the purchaser appealed and the Court of Appeal recently handed down a decision in Barrak Corporation v Jaswil Property. The case involved a sale of land where...

Unreasonable outcome? Liquidators beware....

Apr 20, 2016

Lately a liquidator lost costly litigation in the Court of Appeal in relation to suspected director-related transactions. It is worth considering what occurred in this case so that you can avoid history repeating. The decision in Crowe-Maxwell v Frost concerned an...

Directors Cut: Technical arguments fail....

Apr 18, 2016

The Corporations Act 2001 empowers the Australian Securities and Investments Commission (ASIC) to disqualify people from acting as directors in circumstances where they have been directors of two or more companies which have been wound up and as a result of the...