ANZ wins penalty shoot out in the High C....

Aug 8, 2016

Two years ago we reported on the Federal Court decision of Paciocco v ANZ which found that late fees charged by ANZ were constituted unenforceable penalties which were “extravagant, exorbitant and unconscionable charges”.    An appeal to the full bench of the Federal...

White Knight ASIC Liquidates Companies t....

Aug 8, 2016

Not infrequently, directors abandon insolvent companies in circumstances where that company may owe a significant amount to its employees by way of wages and other entitlements. Ordinarily, where any insolvent company is placed into liquidation (either by the...

“See Something, Say Something....

Aug 7, 2016

In a recent press release, the ATO has asked employees of corporations to be on the look out for the tell tale signs of illegal phoenix activity and to report suspicious activity to the multi agency Phoenix Taskforce, which has been set up to identify and take action...

ERA Legal saves the environment

Jul 25, 2016

On 20 July 2016, ERA Legal made an application on behalf of the Administrators of a number of companies for an order under section 447A of the Corporations Act 2001 (Cth) (the Act)  to modify the requirements of section 439A of the Act. Pursuant to section 439A of the...

Personal insolvencies rise

Jul 22, 2016

On 13 July 2016, The Australian Financial Security Authority (AFSA) reported an annual rise in personal insolvency for 2015-2016 financial year compared to the previous financial year. According to AFSA this is the first annual rise since the 2009-2010 financial year....